SEC proposes Series 79, 86 and 87 licenses as accredited-investor designations

The Securities and Exchange Commission issued a notice (Release No. 33-11449; File No. 4-935) proposing to issue an order designating the Investment Banking Representative license (Series 79) and the Research Analyst licenses (Series 86 and Series 87) as each independently qualifying natural persons for accredited-investor status.

The notice cites Rule 501(a)(10), which permits the Commission to recognize professional certifications or designations as a basis for accreditation. Adding the three FINRA licenses would allow individuals who hold them to meet the natural-person accreditation criteria without satisfying the net-worth, income, or other professional-credential thresholds currently required.

The comment period runs until Dec 4 2026. Comments may be submitted electronically via the SEC's internet comment form or by email, referencing File 4-935, or on paper to Vanessa A. Countryman, Secretary, at 100 F Street NE, Washington, DC 20549-1090. The Commission will post all comments on its public-comments website and may redact or withhold material that is obscene or subject to copyright protection.

For further information, contact John Byrne, Office Chief; Kenisha D. Nicholson, Senior Special Counsel; or Max Corey, Special Counsel, Office of Small Business Policy, Division of Corporation Finance, at 202-551-3460. Submissions should not contain personally identifiable information.

The proposal does not amend the existing accredited-investor definition but would expand the set of professional designations that automatically satisfy the natural-person qualification under Rule 501(a)(10). The Commission has not provided a timeline for a final order.