,i  #aacth ,,congress  #b;d ,session    
,h4 ,r4 #degj  ,,in ,,the ,,house ,,of  
,,representatives  ,may #f1 #bjad ,mr4  
,garrett 7for himself and ,mr4          
,mc,henry7 introduced the following     
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to direct the ,securities and  
,exchange ,commission to revise         
,regulation ,d relating to exemptions   
from registration requirements for      
certain sales of securities4  #a4 ,short
 title ,this ,act may be cited as the   
,private ,placement ,improvement ,act of
 #bjad4  #b4 ,revisions to ,,sec        
,regulation ,d ,not later than #de days 
following the date of the enactment of  
this ,act1 the ,securities and ,exchange
 ,commission shall revise ,regulation ,d
 7#ag ,c4,f4,r4 #eja et seq47 in        
accordance with the following3  7#a7    
,the ,commission shall revise ,form ,d  
filing requirements to require an issuer
 offering or selling securities in      
reliance on an exemption provided under 

,rule #ejf of ,regulation ,d to file    
with the ,commission a single notice of 
sales containing the information        
required by ,form ,d for each new       
offering of securities no earlier than  
the date of first sale of securities in 
the offering4 ,the ,commission shall not
 require such an issuer to file any     
notice of sales containing the          
information required by ,form ,d except 
for the single notice described in the  
previous sentence4  7#b7 ,the           
,commission shall make the information  
contained in each ,form ,d filing       
available to the securities commission  
7or any agency or office performing like
 functions7 of each ,state and territory
 of the ,united ,states and the         
,district of ,columbia4  7#c7 ,the      
,commission shall not condition the     
availability of any exemption for an    
issuer under ,rule #ejf of ,regulation  
,d 7#ag ,c4,f4,r4 #bcj4ejf7 on the      
issuer's or any other person's filing   
with the ,commission of a ,form ,d or   

any similar report4  7#d7 ,the          
,commission shall not require issuers to
 submit written general solicitation    
materials to the ,commission in         
connection with a ,rule #ejf7;c7        
offering1 except when the ,commission   
requests such materials pursuant to the 
,commission's authority under section   
#h;,a or section #bj of the ,securities 
,act of #aicc 7#ae ,u4,s4,c4 #gg;h-#a or
 #ggt7 or section #i1 #aj7;b71 #ba;,a1  
#ba;,b1 or #ba;,c of the ,securities    
,exchange ,act of #aicd 7#ae ,u4,s4,c4  
#gh;i1 #gh;j7b71 #ghu-#a1 #ghu-#b1 or   
#ghu-#c74  7#e7 ,the ,commission shall  
not extend the requirements contained in
 ,rule #aef to private funds4  7#f7 ,the
 ,commission shall revise ,rule #eja7;a7
 of ,regulation ,d to provide that a    
person who is a knowledgeable employee  
of a private fund or the fund's         
investment adviser1 as defined in ,rule 
#c;c-#e7;a77#d7 7#ag ,c4,f4,r4          
#bgj4c;c-#e7;a77#d771 shall be an       
accredited investor for purposes of a   

,rule #ejf offering of a private fund   
with respect to which the person is a   
knowledgeable employee4