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The examination must include a difficulty level that sophisticated individuals are unlikely to fail and must assess competency across securities types, applicable securities-law disclosure requirements, corporate governance, financial statements, and risks tied to unregistered and private fund investments, including conflicts of interest and valuation subjectivity.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/equal-opportunity-for-all-investors-act-of-2025-bill-text/203375/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/equal-opportunity-for-all-investors-act-of-2025-bill-text/203375.png","ImageObject",300,407,{"name":92,"@type":93},"Ophelia","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-07","2026-09-04",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",11,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What change does the Act make to the definition of “accredited investor”?","Question",{"text":113,"@type":114},"It directs the Commission to revise the Regulation D definition so a natural person may be included if certified through the new examination required by the Act.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"When must the Commission establish the certification examination?",{"text":118,"@type":114},"The Commission must establish the examination no later than one year after the Act’s enactment date.",{"name":120,"@type":111,"acceptedAnswer":121},"Who administers and how is the examination offered to the public?",{"text":122,"@type":114},"Beginning no later than 180 days after the examination is established, it must be administered and offered free of charge by a registered national securities association.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},203375,1788560396,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":19,"language":140,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":141,"faqs":142,"seo_title":143,"seo_description":67,"update_tm":130,"read_time":52},7971461741311,"https://ap-avatar.wpscdn.com/avatar/74000253aff267980c6?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779345379180704826","I  \n119TH CONGR1ST SESSIOENSS H. R. 3339  \nTo require certification examinations for accredited investors, and for other  \npurposes.  \nIN THE HOUSE OF REPRESENTATIVES  \nMAY 13, 2025  \nMr. FLOOD (for himself, Mr. FIELDS, Mr. LAWLER, Ms. MCBRIDE, and Mr. THANEDAR) introduced the following bill; which was referred to the Committee on Financial Services  \nA BILL  \nTo require certification examinations for accredited investors,  \nand for other purposes.  \n1 Be it enacted by the Senate and House of Representa- 2 tives of the United States of America in Congress assembled, 3 SECTION 1. SHORT TITLE.  \n4 This Act may be cited as the ‘‘Equal Opportunity for 5 All Investors Act of 2025’’.  \n6 SEC. 2. CERTIFICATION EXAMINATIONS FOR ACCREDITED  \n7 INVESTORS.  \n8 (a) IN GENERAL.—The Commission shall revise the  \n9 definition of ‘‘accredited investor’’ under Regulation D  \n10 (section 230.500 et seq. of title 17, Code of Federal Regu-  \n2  \n1 lations) to include any natural person who is certified  \n2 through the examination required under subsection (b) .  \n3 (b) ESTABLISHMENT OF EXAMINATION.—Not later  \n4 than 1 year after the date of the enactment of this Act, 5 the Commission shall establish an examination (including  \n6 a test, certification, or examination program)—  \n7 (1) to certify an individual as an accredited in- 8 vestor; and  \n9 (2) that—  \n10 (A) is designed with an appropriate level of  \n11 difficulty such that an individual with financial  \n12 sophistication would be unlikely to fail; and  \n13 (B) includes methods to determine whether  \n14 an individual seeking to be certified as an ac- 15 credited investor demonstrates competency with  \n16 respect to—  \n17 (i) the different types of securities;  \n18 (ii) the disclosure requirements under  \n19 the securities laws applicable to issuers  \n20 and offerings of securities exempt from  \n21 registration under section 5 of the Securi- 22 ties Act of 1933 as compared to issuers  \n23 and offerings of securities subject to such  \n24 section 5;  \n25 (iii) corporate governance;  \n3  \n1 (iv) financial statements and the com- 2 ponents of such statements;  \n3 (v) aspects of unregistered securities, 4 securities issued by private companies, and  \n5 investments into private funds, including  \n6 risks associated with—  \n7 (I) limited liquidity;  \n8 (II) limited disclosures;  \n9 (III) subjectivity and variability  \n10 in valuations and the analytical tools  \n11 investors may use to assess such valu- 12 ations;  \n13 (IV) information asymmetry;  \n14 (V) leverage risks;  \n15 (VI) concentration risk; and  \n16 (VII) longer investment horizons;  \n17 (vi) potential conflicts of interest, 18 when the interests of financial profes- 19 sionals and their clients are misaligned or  \n20 when their professional responsibilities may  \n21 be in conflict with financial motivations;  \n22 and  \n23 (vii) other criteria the Commission de- 24 termines necessary or appropriate in the  \n4  \n1 public interest or for the protection of in- 2 vestors.  \n3 (c) ADMINISTRATION.—Beginning not later than 180  \n4 days after the date the examination is established under  \n5 subsection (b), such examination shall be administered  \n6 and offered free of charge to the public by a registered  \n7 national securities association under section 15A of the  \n8 Securities Exchange Act of 1934 (15 U. S.C. 78o–3) .  \n9 (d) COMMISSION DEFINED.—In this section, the term  \n10 ‘‘Commission’’ means the Securities and Exchange Com- 11 mission.  \nÆ","cbCaifhQg4mW0qp0","https://ap.wps.com/l/cbCaifhQg4mW0qp0","pdf",246476,"English","# Short title\n# Certification examinations for accredited investors\n## In general\n## Establishment of examination\n## Administration\n## Commission defined","[{\"question\":\"What change does the Act make to the definition of “accredited investor”?\",\"answer\":\"It directs the Commission to revise the Regulation D definition so a natural person may be included if certified through the new examination required by the Act.\"},{\"question\":\"When must the Commission establish the certification examination?\",\"answer\":\"The Commission must establish the examination no later than one year after the Act’s enactment date.\"},{\"question\":\"Who administers and how is the examination offered to the public?\",\"answer\":\"Beginning no later than 180 days after the examination is established, it must be administered and offered free of charge by a registered national securities association.\"}]","Equal Opportunity for All Investors Act of 2025 - Bill Text | PDF"]