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House Bill 2773
118th Congress(2023-2024)
To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes.
Introduced
Introduced
Introduced in House on Apr 20, 2023
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Introduced in House 
Apr 20, 2023
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Introduced in House(Apr 20, 2023)
Apr 20, 2023
No Linkage Found
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 2773 (Introduced-in-House)


118th CONGRESS
1st Session
H. R. 2773


To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

April 20, 2023

Mr. McHenry introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the definition of an accredited investor to include individuals receiving advice from certain professionals, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. Accredited investors include individuals receiving advice from certain professionals.

(a) Securities Act of 1933.—Section 2(a)(15) of the Securities Act of 1933 (15 U.S.C. 77b(a)(15)) is amended—

(1) by striking “(15) The term ‘accredited investor’ shall mean—” and inserting the following:

“(15) ACCREDITED INVESTOR.—

“(A) IN GENERAL.—The term ‘accredited investor’ means—”;

(2) in clause (i), by striking “or” at the end;

(3) in clause (ii), by striking the period at the end and inserting “; or”;

(4) by adjusting the indentation of clauses (i) and (ii) by moving such clauses 2 ems to the right; and

(5) by adding at the end the following:

“(iii) any individual receiving individualized investment advice or individualized investment recommendations with respect to the applicable transaction from an individual described under section 203.501(a)(10) of title 17, Code of Federal Regulations.

“(B) DEFINITIONS.—In subparagraph (A)(iii):

“(i) INVESTMENT ADVICE.—The term ‘investment advice’ shall be interpreted consistently with the interpretation of the phrase ‘engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities’ under section 202(a)(11) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a)(11)).

“(ii) INVESTMENT RECOMMENDATION.—The term ‘investment recommendation’ shall be interpreted consistently with the interpretation of the term ‘recommendation’ under section 240.15l–1 of title 17, Code of Federal Regulations.”.

(b) Conforming changes to regulations.—The Securities and Exchange Commission shall revise section 203.501(a) of title 17, Code of Federal Regulations, and any other definition of “accredited investor” in a rule of the Commission in the same manner as such definition is revised under subsection (a).