,i  #aad? ,,congress  #a/ ,session  ,h4 
,r4 #ahci  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #af1 #bjae ,mr4
 ,mc,henry introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,act ( #aicc to exempt c]ta9
 transactions involv+ pur*ases by       
accr$it$ inve/ors1 & = o!r purposes4    
#a4 ,%ort title ,?is ,act may be cit$ z 
! ,re=m+ ,access = ,inve/m5ts 9 ,/>tup  
,ent]prises ,act ( #bjae or ! ,,raise   
,act ( #bjae4  #b4 ,exempt$ transactions
  7a7 ,exempt$ transactions ,section #d 
( ! ,securities ,act ( #aicc 7#ae       
,u4,s4,c4 #gg;d7 is am5d$--  7#a7 9     
subsection 7a71 by add+ at ! end !      
foll[+ new p>agraph3  7#g7 transactions 
meet+ ! requirem5ts ( subsection 7d74  2
  7#b7 by r$esignat+ ! second subsection
 7b7 7relat+ to securities (f]$ & sold 9
 compliance ) ,rule #ejf ( ,regulation  
,d7 z subsection 7c72 &  7#c7 by add+ at
 ! end ! foll[+3  7d7 7#a7 ,!           
transactions ref]r$ to 9 subsection     

7a77#g7 are transactions :]e--  7,a7 ea*
 pur*as] is an accr$it$ inve/or1 z t t]m
 is def9$ 9 section #bcj4eja7;a7 ( title
 #ag1 ,code ( ,f$]al ,regulations 7or   
any successor !reto72 &  7,b7 if any    
securities sold 9 reliance on subsection
 7a77#g7 are (f]$ by means ( any g5]al  
solicitation or g5]al adv]tis+1 all su* 
sales are made ?r\gh a plat=m available 
only to accr$it$ inve/ors4  7#b7        
,securities sold 9 reliance on          
subsection 7a77#g7 %all be deem$ to h   
be5 acquir$ 9 a transaction n involv+   
any public (f]+4  7#c7 ,! exemption     
provid$ by ?is subsection %all n be     
available = a transaction :]e ! sell]   
is--  7,a7 an issu]1 its subsidi>ies or 
p>5t2  7,b7 an und]writ] act+ on behalf 
( ! issu]1 its subsidi>ies or p>5t1 :i* 
receives comp5sation f ! issu] ) respect
 to su* sale2 or  7,c7 a deal]4  7#d7 ,a
 transaction meet+ ! requirem5ts ( ?is  
subsection %all be deem$ n to be a      
di/ribution = purposes ( section        
#b7;a77#aa74  4  7b7 ,exemption 9       

connection ) c]ta9 exempt (f]+s ,section
 #ah7;b77#d7 ( ! ,securities ,act (     
#aicc 7#ae ,u4,s4,c4 #ggr7b77#d77 is    
am5d$-- 7#a7 by r$esignat+ ! second     
subp>agraph 7,d7 & subp>agraph 7,e7 z   
subp>agraphs 7,e7 & 7,f71 respectively2 
7#b7 9 subp>agraph 7,e71 z s r$esignat$1
 by /rik+ 2 or & ins]t+ a semicolon2    
7#c7 9 subp>agraph 7,f71 z s r$esignat$1
 by /rik+ ! p]iod & ins]t+ 2 or2 &  7#d7
 by add+ at ! end ! foll[+ new          
subp>agraph3  7,g7 section #d7;a77#g74  
4