H.R. 3339: Equal Opportunity for All Investors Act of 2025

This bill, known as the Equal Opportunity for All Investors Act of 2025, proposes changes to the definition of "accredited investor" as it currently stands under U.S. financial regulations. An accredited investor is someone permitted to invest in certain high-risk financial products that are not registered with financial authorities. The key provisions of the bill are as follows:

1. Revision of the Accredited Investor Definition

The act mandates the Securities and Exchange Commission (SEC) to revise its definition of an accredited investor. The new definition will include individuals who pass a specific certification examination designed by the SEC.

2. Establishment of Certification Examination

The SEC is required to create an examination program within one year of the bill's enactment. This examination will:

• Certify individuals: Individuals who pass this examination will be recognized as accredited investors.
• Test Competency: The examination will focus on a range of topics intended to ensure that candidates have adequate financial knowledge. Subjects may include:
• Different types of securities
• Disclosure requirements related to securities laws
• Corporate governance
• Financial statements
• Risks associated with unregistered securities and investments in private funds, such as liquidity risk and information asymmetry
• Understanding potential conflicts of interest in financial advisory relationships

3. Difficulty Level of the Exam

The examination will be designed such that individuals with a reasonable level of financial sophistication should find it manageable, indicating that it should not be overly difficult to pass.

4. Free Examination Administration

The exam will be administered free of charge, beginning no later than 180 days after it has been established. This will be done by a registered national securities association as designated under existing securities laws.

5. Regulatory Framework

The bill emphasizes that the SEC will have authority over determining the specific content and administration of the examination, aligning with the public interest and investor protection goals.

Relevant Companies

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