IAA Accredited Investor Proposal Included in Bill Approved by House Financial Services Committee
May 1, 2023
IAA VP of Communications & Marketing Janay Rickwalder.
The IAA has long advocated that the definition of accredited investor be expanded to provide greater opportunities for retail clients to invest in private offerings. We believe this would be best accomplished and provide an appropriate level of investor protection by deeming as accredited a retail investor whose assets are managed by a fiduciary investment adviser.
For this reason, the IAA is pleased that language making clients of investment advisers “accredited investors” was included as Section 3501 in Financial Services Committee Chairman Patrick McHenry’s 40-page “Expanding Access to Capital Act” that was approved on April 26 in a 28-21 vote.
–Neil Simon, IAA VP of Government Relations