Informed Investor Access Act
- Bill Number
- H.R. 9574
- Origin Chamber
- House
- Congress
- 119th Congress, Session 2
- Status
- Introduced
- Latest Action
- 2026-07-02: Referred to the House Committee on Financial Services.
- Last Updated
- 2026-07-06T13:38:28Z
AI-Generated Summary
Informed Investor Access Act (H.R. 9574)
Purpose
This legislation amends the definition of an "accredited investor" under federal securities law to expand eligibility for certain private investment opportunities. It aims to allow individuals who receive personalized advice from qualified financial professionals to participate in transactions previously limited to those meeting specific income or net worth thresholds.
Key Provisions
- Amends the Securities Act of 1933: Revises Section 2(a)(15) to add a new category of accredited investor.
- Any natural person reasonably believed by the issuer to be receiving personalized investment advice or recommendations for the transaction from:
- A registered investment adviser or its supervised person.
- A registered broker or dealer, or an associated person acting on its behalf.
- Defines key terms: "Investment advice" aligns with the Investment Advisers Act of 1940; "recommendation" aligns with existing SEC rules under Regulation Best Interest.
- Requires regulatory updates: Directs the Securities and Exchange Commission (SEC) to revise its rules (including 17 C.F.R. § 230.501(a)) to match the statutory change.
Significant Changes to Existing Law
- Broadens the accredited investor definition beyond current criteria (such as income exceeding $200,000 or net worth over $1 million) by adding a professional-advice pathway.
- Introduces a new clause (iii) to the definition, with conforming adjustments to indentation and structure in the statute.
- Applies only to the specific transaction and requires the issuer to have a reasonable belief about the advice received.
Potential Impacts
- On government agencies: Increases SEC oversight responsibilities for updating and enforcing the revised definition; may require guidance or rulemaking.
- On citizens: Expands access for retail investors to private securities offerings, potentially increasing investment options for those working with advisers or brokers.
- On international relations: No direct effects identified in the legislation.
Main Stakeholders Affected
- Individual investors seeking private market opportunities.
- Registered investment advisers, brokers, and their associated persons.
- Issuers of securities relying on the accredited investor exemption.
- The Securities and Exchange Commission as the primary regulator.
Notable Legal, Constitutional, or Political Implications
- Represents a statutory expansion of regulatory exemptions under the Securities Act, shifting from purely financial thresholds to a hybrid model incorporating professional involvement.
- Raises no apparent constitutional issues; operates within Congress's authority to regulate securities markets.
- May prompt future SEC interpretations or litigation regarding the scope of "personalized" advice in specific transactions.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Cosponsors (2)
Rep. Lawler, Michael [R-NY-17], Rep. Moore, Tim [R-NC-14]
Recent Actions
- 2026-07-02: Referred to the House Committee on Financial Services.
- 2026-07-02: Introduced in House
- 2026-07-02: Introduced in House
Bill Versions
- Informed Investor Access Act — issued 2026-07-02 — PDF (4 pages)