HouseH.R. 9574119th Congress
Informed Investor Access Act
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[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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