[Federal Register Volume 85, Number 197 (Friday, October 9, 2020)]
[Rules and Regulations]
[Page 64234]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-19188]



[[Page 64233]]

Vol. 85

Friday,

No. 197

October 9, 2020

Part II





 Securities and Exchange Commission





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17 CFR Parts 230 and 240





Order Designating Certain Professional Licenses as Qualifying Natural 
Persons for Accredited Investor Status and Accredited Investor 
Definition; Final Rules

  Federal Register / Vol. 85, No. 197 / Friday, October 9, 2020 / Rules 
and Regulations  

[[Page 64234]]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 230

[Release No. 33-10823]


Order Designating Certain Professional Licenses as Qualifying 
Natural Persons for Accredited Investor Status

AGENCY: Securities and Exchange Commission.

ACTION: Order.

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SUMMARY: The Commission is issuing an order designating the General 
Securities Representative license (Series 7), the Private Securities 
Offerings Representative license (Series 82), and the Investment 
Adviser Representative license (Series 65) as qualifying natural 
persons for accredited investor status.

DATES: This Order is effective December 8, 2020.

FOR FURTHER INFORMATION CONTACT: Charlie Guidry, Special Counsel, 
Office of Small Business Policy, at (202) 551-3460, Division of 
Corporation Finance, U.S. Securities and Exchange Commission, 100 F 
Street NE, Washington, DC 20549.

SUPPLEMENTARY INFORMATION: Order designating certain professional 
licenses as qualifying natural persons for accredited investor status 
pursuant to Rule 501(a)(10) under the Securities Act of 1933 
(``Securities Act'').
    After consideration of public comments and for the reasons set 
forth in the adopting release for Rule 501(a)(10),\1\ the Commission 
hereby finds that the following professional licenses meet the 
attributes to qualify natural persons holding such licenses in good 
standing as accredited investors under Rule 501(a)(10): General 
Securities Representative license (Series 7),\2\ Private Securities 
Offerings Representative license (Series 82),\3\ and Investment Adviser 
Representative license (Series 65).\4\ Our determination that these 
three licenses meet the attributes specified in Rule 501(a)(10) may be 
subject to reconsideration should any significant modifications occur 
to the applicable licensing requirements.
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    \1\ See Amending the ``Accredited Investor'' Definition, Release 
Nos. 33-10824; 34-89669 (Aug. 26, 2020).
    \2\ The Financial Industry Regulatory Authority, Inc. 
(``FINRA'') developed and administers the Series 7 examination. An 
individual must be associated with a FINRA member firm or other 
applicable self-regulatory organization member firm to be eligible 
to take the exam and be granted a license. See https://www.finra.org/registration-exams-ce/qualification-exams/series7.
    \3\ FINRA developed and administers the Series 82 examination. 
An individual must be associated with and sponsored by a FINRA 
member firm or other applicable self-regulatory organization member 
firm to be eligible to take the exam. See https://www.finra.org/registration-exams-ce/qualification-exams/series82.
    \4\ The North American Securities Administrators Association 
developed the Series 65 examination, and FINRA administers it. An 
individual does not need to be sponsored by a FINRA member firm to 
take the exam. Successful completion of the exam does not convey the 
right to transact business prior to being granted a license or 
registration by a state. See https://www.nasaa.org/exams/study-guides/series-65-study-guide.
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    Accordingly, pursuant to Rule 501(a)(10) of Regulation D under the 
Securities Act, it is hereby ordered that the General Securities 
Representative license (Series 7), the Private Securities Offerings 
Representative license (Series 82), or the Investment Adviser 
Representative license (Series 65) shall qualify natural persons 
holding such licenses in good standing as accredited investors under 
Rule 501(a)(10).

    By the Commission.

    Dated: August 26, 2020.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020-19188 Filed 10-8-20; 8:45 am]
BILLING CODE 8011-01-P


