Equal Opportunity for All Investors Act of 2021

This bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors.

Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination

• must ensure that to be designated as an accredited investor, an individual understands and appreciates the risks of investing in private companies;
• must be designed to ensure that an individual with financial sophistication or training would be unlikely to fail; and
• may be administered by a registered national securities association.

Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.