Informed Investor Access Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9574 Introduced in House (IH)]

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119th CONGRESS
  2d Session
                                H. R. 9574

     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

                              July 2, 2026

Mr. Downing (for himself, Mr. Lawler, and Mr. Moore of North Carolina)
 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. SHORT TITLE.

    This Act may be cited as the ``Informed Investor Access Act''.

SEC. 2. 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 natural person that the issuer
                        reasonably believes is receiving personalized
                        investment advice or personalized investment
                        recommendations with respect to the applicable
                        transaction from--
                                    ``(I) an investment adviser
                                registered with the Commission under
                                the Investment Advisers Act of 1940, or
                                a supervised person of such investment
                                adviser (as defined in section 202(a)
                                of the Investment Advisers Act of
                                1940); or
                                    ``(II) a broker or dealer
                                registered with the Commission under
                                the Securities Exchange Act of 1934, or
                                a natural person who is an associated
                                person of a broker or dealer (as
                                defined in section 3(a) of the
                                Securities Exchange Act of 1934) acting
                                on behalf of such broker or dealer, in
                                each case with respect to the
                                applicable transaction.
                    ``(B) Definitions.--In subparagraph (A)(iii):
                            ``(i) Investment advice.--The term
                        `investment advice' shall be interpreted
                        consistent with the phrase `for compensation,
                        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) Recommendation.--The term
                        `recommendation' shall be interpreted
                        consistent with 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 230.501(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).
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