Legislation to increase the investment thresholds to qualify as an accredited investor will be up for a vote on the House floor Friday, as part of the Expanding Access to Capital Act of 2023.
Neil Simon, vice president of government relations for the Investment Adviser Association in Washington, said the package, introduced by House Financial Services Committee Chairman Patrick McHenry, R-N.C., is a "big package of private equity favorable provisions."
A provision in the bill would "deem all of an [advisor's] natural indvidual clients to be accredited, notwithstanding their net worth, by virtue of their having a fiduciary investment advisor managing their assets," Simon said Thursday at IAA's compliance conference, held in Washington.
The bill will likely pass the chamber on a party-line vote, so it's unlikely to become law, Simon relayed.
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