,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #degj  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #f1 #bjad ,mr4   
,g>rett 7= himself & ,mr4 ,mc,henry7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to direct ! ,securities &      
,ex*ange ,commission to revise          
,regulation ,d relat+ to exemptions f   
regi/ration requirem5ts = c]ta9 sales ( 
securities4  #a4 ,%ort title ,?is ,act  
may be cit$ z ! ,private ,placem5t      
,improvem5t ,act ( #bjad4  #b4          
,revisions to ,,sec ,regulation ,d ,n   
lat] ?an #de days foll[+ ! date ( !     
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all revise        
,regulation ,d 7#ag ,c4,f4,r4 #eja et   
seq47 9 accordance ) ! foll[+3  7#a7 ,! 
,commission %all revise ,=m ,d fil+     
requirem5ts to require an issu] (f]+ or 
sell+ securities 9 reliance on an       
exemption provid$ "u ,rule #ejf (       
,regulation ,d to file ) ! ,commission a
 s+le notice ( sales conta9+ ! in=mation

 requir$ by ,=m ,d = ea* new (f]+ (     
securities no e>li] ?an ! date ( fir/   
sale ( securities 9 ! (f]+4 ,!          
,commission %all n require su* an issu] 
to file any notice ( sales conta9+ !    
in=mation requir$ by ,=m ,d except = !  
s+le notice describ$ 9 ! previ\s s5t5ce4
  7#b7 ,! ,commission %all make !       
in=mation conta9$ 9 ea* ,=m ,d fil+     
available to ! securities commission 7or
 any ag5cy or (fice p]=m+ l functions7 (
 ea* ,/ate & t]ritory ( ! ,unit$ ,/ates 
& ! ,di/rict ( ,columbia4  7#c7 ,!      
,commission %all n condition !          
availability ( any exemption = an issu] 
"u ,rule #ejf ( ,regulation ,d 7#ag     
,c4,f4,r4 #bcj4ejf7 on ! issu]'s or any 
o!r p]son's fil+ ) ! ,commission ( a ,=m
 ,d or any simil> report4  7#d7 ,!      
,commission %all n require issu]s to    
submit writt5 g5]al solicitation        
mat]ials to ! ,commission 9 connection )
 a ,rule #ejf7;c7 (f]+1 except :5 !     
,commission reque/s su* mat]ials        
pursuant to ! ,commission's au?ority "u 

section #h;,a or section #bj ( !        
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;h-#a or #ggt7 or section #i1        
#aj7;b71 #ba;,a1 #ba;,b1 or #ba;,c ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;i1 #gh;j7b71 #ghu-#a1     
#ghu-#b1 or #ghu-#c74  7#e7 ,!          
,commission %all n ext5d ! requirem5ts  
conta9$ 9 ,rule #aef to private funds4  
7#f7 ,! ,commission %all revise ,rule   
#eja7;a7 ( ,regulation ,d to provide t a
 p]son :o is a kn[l$geable employee ( a 
private fund or ! fund's inve/m5t       
advis]1 z def9$ 9 ,rule #c;c-#e7;a77#d7 
7#ag ,c4,f4,r4 #bgj4c;c-#e7;a77#d771    
%all be an accr$it$ inve/or = purposes (
 a ,rule #ejf (f]+ ( a private fund )   
respect to :i* ! p]son is a kn[l$geable 
employee4