,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #deed  ,,in ,,the ,,house ,,of  
,,representatives  ,may #a1 #bjad ,mr4  
,mulvaney 7for himself and ,mrs4        
,wagner7 introduced the following bill2 
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend the securities laws to improve    
private market offerings1 and for other 
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,restricted         
,securities ,relief ,act of #bjad4  #b4 
,improving private market offerings  7a7
 ,revisions to regulations ,the         
,securities and ,exchange ,commission   
shall--  7#a7 revise section            
#bcj4add7;d77#a77;i7 of title #ag1 ,code
 of ,federal ,regulations1 to change the
 holding period for restricted          
securities issued by an issuer that is1 
and has been for a period of at least   
#ij days immediately before the sale1   
subject to the reporting requirements of
 section #ac or #ae7;d7 of the          
,securities ,exchange ,act of #aicd from

 #f months to #c months2 and  7#b7      
revise section #bcj4add7;i7 of title    
#ag1 ,code of ,federal ,regulations1 to 
permit an issuer of securities that was 
described under paragraph 7#a7 of such  
section #bcj4add7;i7 that has ceased to 
be an issuer described under such       
paragraph to sell such securities       
7subject to the requirements of such    
section7 after two years has elapsed    
from the date that the issuer files a   
,form #h-,k with the ,commission stating
 that the issuer is no longer described 
under paragraph 7#a7 of such section4   
7b7 ,covered securities ,section #ah7;b7
 of the ,securities ,act of #aicc 7#ae  
,u4,s4,c4 #ggr7b77 is amended by adding 
at the end the following3  7#e7         
,securities offered or sold under ,rule 
#add;,a ,a security is a covered        
security if it is offered or sold in    
compliance with the conditions set forth
 in section #bcj4add;,a of title #ag1   
,code of ,federal ,regulations4  4