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protection of investors, in the public interest, and in light of the economy. (B) ADJUSTMENT OR MODIFICATION.—Upon completion of a review under subparagraph (A), the Commission may, by notice and comment rulemaking, make such adjustments to the definition of the term ‘‘accredited investor’’, excluding adjusting or modifying the requirement relating to the net worth standard described in subsection (a), as such term applies to natural persons, as the Commission may deem appropriate for the protection of investors, in the public interest, and in light of the economy. (2) SUBSEQUENT REVIEWS AND ADJUSTMENT.— Deadlines. (A) SUBSEQUENT REVIEWS.—Not earlier than 4 years after the date of enactment of this Act, and not less fre- quently than once every 4 years thereafter, the Commission shall undertake a review of the definition, in its entirety, of the term ‘‘accredited investor’’, as defined in section 230.215 of title 17, Code of Federal Regulations, or any successor thereto, as such term applies to natural persons, to determine whether the requirements of the definition should be adjusted or modified for the protection of inves- tors, in the public interest, and in light of the economy. (B) ADJUSTMENT OR MODIFICATION.—Upon completion of a review under subparagraph (A), the Commission may, by notice and comment rulemaking, make such adjustments to the definition of the term ‘‘accredited investor’’, as defined in section 230.215 of title 17, Code of Federal Regulations, or any successor thereto, as such term applies to natural persons, as the Commission may deem appro- priate for the protection of investors, in the public interest, and in light of the economy.

SEC. 414. RULE OF CONSTRUCTION RELATING TO THE COMMODITIES
EXCHANGE ACT.
The Investment Advisers Act of 1940 (15 U.S.C. 80b–1 et seq.)
is further amended by adding at the end the following new section:

15 USC 80b–18c. ‘‘SEC. 224. RULE OF CONSTRUCTION RELATING TO THE COMMODITIES
EXCHANGE ACT.
‘‘Nothing in this title shall relieve any person of any obligation
or duty, or affect the availability of any right or remedy available
to the Commodity Futures Trading Commission or any private
party, arising under the Commodity Exchange Act (7 U.S.C. 1
et seq.) governing commodity pools, commodity pool operators, or
commodity trading advisors.’’.

SEC. 415. GAO STUDY AND REPORT ON ACCREDITED INVESTORS.
The Comptroller General of the United States shall conduct
a study on the appropriate criteria for determining the financial
thresholds or other criteria needed to qualify for accredited investor
status and eligibility to invest in private funds, and shall submit
a report to the Committee on Banking, Housing, and Urban Affairs

LAWS of the Senate and the Committee on Financial Services of the House of Representatives on the results of such study not later than 3 years after the date of enactment of this Act.PUBLIC with on anorris VerDate Nov 24 2008 15:19 Aug 04, 2010 Jkt 089139 PO 00203 Frm 00204 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203