Equal Opportunity for All Investors Act of 2025

The Equal Opportunity for All Investors Act of 2025 would change who can qualify as an accredited investor by requiring certification through a new exam. The U.S. Securities and Exchange Commission (SEC) would revise Regulation D’s accredited investor definition to include any natural person who is certified via this exam. The Act also tasks the SEC with establishing the exam within one year, ensuring it is appropriately challenging and covers a broad set of topics related to securities markets, corporate governance, financial statements, and the risks and disclosures associated with private and unregistered securities. The exam would be administered and offered free of charge to the public by a registered national securities association (such as FINRA) within 180 days after the exam is established. In short, if enacted, individuals who pass the certification would qualify as accredited investors for purposes of private placements and exemptions from registration. The measure aims to increase investor protection through education while potentially expanding access to private investment opportunities to those who demonstrate financial sophistication, rather than relying solely on net worth or income thresholds.