,i  #aad? ,,congress  #b;d ,session  ,h4
 ,r4 #dhej  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #bc1 #bjaf ,mr4  
,emm] ( ,m9nesota 7= himself1 ,mr4      
,mess]1 ,mr4 ,b>r1 ,mr4 ,royce1 ,mr4    
,*abot1 ,mr4 ,tipton1 ,mr4 ,brooks (    
,alabama1 & ,mr4 ,williams7 introduc$ ! 
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,f9ancial ,s]vices  ,a    
,,bill  ,to am5d ! ,securities ,act (   
#aicc to exempt c]ta9 micro-(f]+s f !   
regi/ration requirem5ts ( su* ,act1 & = 
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,micro ,(f]+ ,safe     
,h>bor ,act4  #b4 ,exemptions =         
micro-(f]+s  7a7 ,9 g5]al ,section #d ( 
! ,securities ,act ( #aicc 7#ae         
,u4,s4,c4 #gg;d7 is am5d$--  7#a7 9     
subsection 7a71 by add+ at ! end !      
foll[+ new p>agraph3  7#h7 transactions 
meet+ ! requirem5ts ( subsection 7e74  2
 &  7#b7 by add+ at ! end ! foll[+3  7e7
 ,c]ta9 micro-,(f]+s ,! transactions    
ref]r$ to 9 subsection 7a77#h7 are      
transactions involv+ ! sale ( securities

 by an issu] 7includ+ all entities      
controll$ by or "u common control ) !   
issu]7 t meet "o or m ( ! foll[+        
requirem5ts3  7#a7 ,pre-exi/+           
relation%ip ,ea* pur*as] has a          
sub/antive pre-exi/+ relation%ip ) an   
(fic] ( ! issu]1 a director ( ! issu]1  
or a %>ehold] hold+ #aj p]c5t or m ( !  
%>es ( ! issu]4  7#b7 #ce or few]       
pur*as]s ,!re are no m ?an1 or ! issu]  
reasonably believes t !re are no m ?an1 
#ce pur*as]s ( securities f ! issu] t   
are sold 9 reliance on ! exemption      
provid$ "u subsection 7a77#h7 dur+ !    
#ab-mon? p]iod prec$+ su* transaction4  
7#c7 ,small (f]+ am\nt ,! aggregate     
am\nt ( all securities sold by ! issu]1 
includ+ any am\nt sold 9 reliance on !  
exemption provid$ "u subsection 7a77#h71
 dur+ ! #ab-mon? p]iod prec$+ su*       
transaction1 does n exce$ #ejj1jjj4  4  
7b7 ,exemption "u ,/ate regulations     
,section #ah7;b77#d7 ( ! ,securities    
,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#d77
 is am5d$-- 7#a7 9 subp>agraph 7,f71 by 

/rik+ or at ! end2  7#b7 9 subp>agraph  
7,g71 by /rik+ ! p]iod & ins]t+ 2 or2 & 
7#c7 by add+ at ! end ! foll[+3  7,h7   
section #d7;a77#h74  4