The Securities and Exchange Commission voted unanimously on September 30, 2026, to approve new pathways for individuals to qualify as accredited investors, a move aimed at broadening participation in private securities offerings, including many early-stage digital asset and crypto ventures that rely on Reg D exemptions.
Under the updated framework, the existing financial thresholds will remain in place—generally $200,000 in annual income for an individual, $300,000 for joint income, or a net worth exceeding $1 million excluding a primary residence. However, the Commission introduced five new professional qualification pathways based on credentials and licenses: CFA, CFP, CPI, the FINRA Investment Banking Representative license (Series 79), and the FINRA Research Analyst license (Series 86/87).
In addition, the SEC approved a FINRA-administered accredited investor exam available to anyone over 18. The test will be modeled on the Securities Industry Essentials exam, contain 75 multiple-choice questions, and allow two hours for completion. It will cost approximately $100, with testing centers expected to be within 60 miles for most of the population. A passing result remains valid for ten years. Topics covered include securities structures, investment risks, disclosures, financial statements and ratios, conflicts of interest, and corporate governance.
Chairman Paul Atkins and Commissioners Mark Uyeda and Hester Peirce welcomed the changes. Uyeda noted that public pensions have long accessed private investments generating outsized returns, while Peirce reiterated her view that government should not restrict individual investment decisions and asked whether other entities might be permitted to provide accredited investor exams. SEC staff indicated the door was open for interested parties to engage.
The new rules will be open for public comment for 60 days after publication in the Federal Register. The Commission also approved two additional proposals designed to improve retail access to private securities through regulated funds and investment advisor frameworks.
