,,ib  ,union ,cal5d> ,no4 #bac  #aad?   
,,congress  #a/ ,session  ,h4 ,r4 #ahci 
,report ,no4 #aad-bha  ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,april #af1 #bjae 
,mr4 ,mc,henry introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,octob] #f1 #bjae   
,additional sponsor3 ,mr4 ,s*weik]t     
,octob] #f1 #bjae,report$ ) an am5dm5t1 
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union1 & ord]$ to be   
printed,strike out all aft] ! enact+    
clause & ins]t ! "p pr9t$ 9 italic ,=   
text ( introduc$ bill1 see copy ( bill z
 introduc$ on ,april #af1 #bjae  ,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 ,c]ta9 accr$it$ inve/or 
transactions ,! transactions ref]r$ to 9
 subsection 7a77#g7 are transactions    
meet+ ! foll[+ requirem5ts3  7#a7       
,accr$it$ inve/or requirem5t ,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 regulation74  7#b7           
,prohibition on g5]al solicitation or   
adv]tis+ ,nei!r ! sell]1 nor any p]son  
act+ on ! sell]'s behalf1 (f]s or sells 
securities by any =m ( g5]al            
solicitation or g5]al adv]tis+4  7#c7   
,in=mation requirem5t ,9 ! case ( a     
transaction involv+ ! securities ( an   
issu] t is nei!r subject to section #ac 

or #ae7;d7 ( ! ,securities ,ex*ange ,act
 ( #aicd 7#ae ,u4,s4,c4 #ghm2 #gho7d771 
nor exempt f report+ pursuant to section
 #bdj4ab;g#c-b7;b7 ( title #ag1 ,code ( 
,f$]al ,regulations1 nor a =eign        
gov]nm5t 7z def9$ 9 section #bcj4dje (  
title #ag1 ,code ( ,f$]al ,regulations7 
eligible to regi/] securities "u ,s*$ule
 ,b1 ! sell] & a prospective pur*as]    
designat$ by ! sell] obta9 f ! issu]1 ^u
 reque/ ( ! sell]1 & ! sell] 9 all cases
 makes available to a prospective       
pur*as]1 ! foll[+ in=mation 7:i* %all be
 reasonably curr5t 9 relation to ! date 
( resale "u ?is section73  7,a7 ,! exact
 "n ( ! issu] & ! issu]'s pr$ecessor 7if
 any74  7,b7 ,! address ( ! issu]'s     
pr9cipal executive (fices4  7,c7 ,!     
exact title & class ( ! security4  7,d7 
,! p> or /at$ value ( ! security4  7,e7 
,! numb] ( %>es or total am\nt ( !      
securities out/&+ z ( ! end ( ! issu]'s 
mo/ rec5t fiscal ye>4  7,f7 ,! "n &     
address ( ! transf] ag5t1 corporate     
secret>y1 or o!r p]son responsible =    

transf]r+ %>es & /ock c]tificates4  7,g7
 ,a /atem5t ( ! nature ( ! bus9ess ( !  
issu] & ! products & s]vices x (f]s1 :i*
 %all be presum$ reasonably curr5t if ! 
/atem5t is z ( #ab mon?s be=e !         
transaction date4  7,h7 ,! names ( !    
(fic]s & directors ( ! issu]4  7,i7 ,!  
names ( any p]sons regi/]$ z a brok]1   
deal]1 or ag5t t %all be paid or giv51  
directly or indirectly1 any commission  
or remun]ation = su* p]son's            
p>ticipation 9 ! (f] or sale ( !        
securities4  7,j7 ,! issu]'s mo/ rec5t  
balance %eet & pr(it & loss /atem5t &   
simil> f9ancial /atem5ts1 :i* %all--    
7i7 be = su* "p ( ! two prec$+ fiscal   
ye>s z ! issu] has be5 9 op]ation2  7ii7
 be prep>$ 9 accordance ) g5]ally       
accept$ acc\nt+ pr9ciples or1 9 ! case (
 a =eign private issu]1 be prep>$ 9     
accordance ) g5]ally accept$ acc\nt+    
pr9ciples or ! ,int]national ,f9ancial  
,report+ ,/&>ds issu$ by ! ,int]national
 ,acc\nt+ ,/&>ds ,bo>d2  7iii7 be       
presum$ reasonably curr5t if-- 7,i7 )   

respect to ! balance %eet1 ! balance    
%eet is z ( a date less ?an #af mon?s   
be=e ! transaction date2 &  7,,ii7 )    
respect to ! pr(it & loss /atem5t1 su*  
/atem5t is = ! #ab mon?s prec$+ ! date (
 ! issu]'s balance %eet2 &  7iv7 if !   
balance %eet is n z ( a date less ?an #f
 mon?s be=e ! transaction date1 be      
accompani$ by additional /atem5ts (     
pr(it & loss = ! p]iod f ! date ( su*   
balance %eet to a date less ?an #f mon?s
 be=e ! transaction date4  7,k7 ,to !   
ext5t t ! sell] is a control p]son )    
respect to ! issu]1 a brief /atem5t     
reg>d+ ! nature ( ! affiliation1 & a    
/atem5t c]tifi$ by su* sell] t !y h no  
reasonable gr\nds to believe t ! issu]  
is 9 violation ( ! securities laws or   
regulations4  7#d7 ,issu]s disqualifi$  
,! transaction is n = ! sale ( a        
security :]e ! sell] is an issu] or a   
subsidi>y1 ei!r directly or indirectly1 
( ! issu]4  7#e7 ,bad actor prohibition 
,nei!r ! sell]1 nor any p]son t has be5 
or w be paid 7directly or indirectly7   

remun]ation or a commission = _!        
p>ticipation 9 ! (f] or sale ( !        
securities1 includ+ solicitation (      
pur*as]s = ! sell] is subject to an ev5t
 t w\ld disqualify an issu] or o!r cov]$
 p]son "u ,rule #ejf7;d77#a7 (          
,regulation ,d 7#ag ,c4,f4,r4           
#bcj4ejf7;d77#a77 or is subject to a    
/atutory disqualification describ$ "u   
section #c7;a77#ci7 ( ! ,securities     
,ex*ange ,act ( #aicd4  7#f7 ,bus9ess   
requirem5t ,! issu] is engag$ 9 bus9ess1
 is n 9 ! organizational /age or 9      
bankruptcy or receiv]%ip1 & is n a blank
 *eck1 bl9d pool1 or %ell company t has 
no specific bus9ess plan or purpose or  
has indicat$ t ! issu]'s prim>y bus9ess 
plan is to engage 9 a m]g] or comb9ation
 ( ! bus9ess )1 or an acquisition (1 an 
unid5tifi$ p]son4  7#g7 ,und]writ]      
prohibition ,! transaction is n )       
respect to a security t con/itutes !    
:ole or "p ( an unsold allotm5t to1 or a
 subscription or p>ticipation by1 a     
brok] or deal] z an und]writ] ( !       

security or a r$i/ribution4  7#h7       
,out/&+ class requirem5t ,! transaction 
is ) respect to a security ( a class t  
has be5 au?oriz$ & out/&+ = at lea/ #ij 
days prior to ! date ( ! transaction4   
7e7 ,additional requirem5ts  7#a7 ,9    
g5]al ,) respect to an exempt$          
transaction describ$ "u subsection      
7a77#g73 7,a7 ,securities acquir$ 9 su* 
transaction %all be deem$ to h be5      
acquir$ 9 a transaction n involv+ any   
public (f]+4  7,b7 ,su* transaction %all
 be deem$ n to be a di/ribution =       
purposes ( section #b7;a77#aa74  7,c7   
,securities involv$ 9 su* transaction   
%all be deem$ to be re/rict$ securities 
)9 ! mean+ ( ,rule #add 7#ag ,c4,f4,r4  
#bcj4add74  7#b7 ,rule ( con/ruction ,! 
exemption provid$ by subsection 7a77#g7 
%all n be ! exclusive means = e/abli%+  
an exemption f ! regi/ration requirem5ts
 ( section #e4  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$1
 by /rik+ ! p]iod & ins]t+ 2 or2 &  7#d7
 by add+ at ! end ! foll[+ new          
subp>agraph3  7,g7 section #d7;a77#g74  
4  ,octob] #f1 #bjae ,report$ ) an      
am5dm5t1 committ$ to ! ,committee ( !   
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be pr9t$