,i  #aadth ,,congress  #ast ,session    
,h4 ,r4 #ahci  ,,in ,,the ,,house ,,of  
,,representatives  ,april #af1 #bjae    
,mr4 ,mc,henry introduced the following 
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to amend the ,securities ,act  
of #aicc to exempt certain transactions 
involving purchases by accredited       
investors1 and for other purposes4  #a4 
,short title ,this ,act may be cited as 
the ,reforming ,access for ,investments 
in ,startup ,enterprises ,act of #bjae  
or the ,,raise ,act of #bjae4  #b4      
,exempted transactions  7a7 ,exempted   
transactions ,section #d of the         
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;d7 is amended--  7#a7 in subsection
 7a71 by adding at the end the following
 new paragraph3  7#g7 transactions      
meeting the requirements of subsection  
7d74  2  7#b7 by redesignating the      
second subsection 7b7 7relating to      
securities offered and sold in          
compliance with ,rule #ejf of           

,regulation ,d7 as subsection 7c72 and  
7#c7 by adding at the end the following3
  7d7 7#a7 ,the transactions referred to
 in subsection 7a77#g7 are transactions 
where--  7,a7 each purchaser is an      
accredited investor1 as that term is    
defined in section #bcj4eja7;a7 of title
 #ag1 ,code of ,federal ,regulations 7or
 any successor thereto72 and  7,b7 if   
any securities sold in reliance on      
subsection 7a77#g7 are offered by means 
of any general solicitation or general  
advertising1 all such sales are made    
through a platform available only to    
accredited investors4  7#b7 ,securities 
sold in reliance on subsection 7a77#g7  
shall be deemed to have been acquired in
 a transaction not involving any public 
offering4  7#c7 ,the exemption provided 
by this subsection shall not be         
available for a transaction where the   
seller is--  7,a7 an issuer1 its        
subsidiaries or parent2  7,b7 an        
underwriter acting on behalf of the     
issuer1 its subsidiaries or parent1     

which receives compensation from the    
issuer with respect to such sale2 or    
7,c7 a dealer4  7#d7 ,a transaction     
meeting the requirements of this        
subsection shall be deemed not to be a  
distribution for purposes of section    
#b7;a77#aa74  4  7b7 ,exemption in      
connection with certain exempt offerings
 ,section #ah7;b77#d7 of the ,securities
 ,act of #aicc 7#ae ,u4,s4,c4           
#ggr7b77#d77 is amended-- 7#a7 by       
redesignating the second subparagraph   
7,d7 and subparagraph 7,e7 as           
subparagraphs 7,e7 and 7,f71            
respectively2  7#b7 in subparagraph     
7,e71 as so redesignated1 by striking 2 
or and inserting a semicolon2  7#c7 in  
subparagraph 7,f71 as so redesignated1  
by striking the period and inserting 2  
or2 and  7#d7 by adding at the end the  
following new subparagraph3  7,g7       
section #d7;a77#g74  4