,,ib  ,union ,cal5d> ,no4 #efa  #aad?   
,,congress  #b;d ,session  ,h4 ,r4 #dhej
  ,report ,no4 #aad-gbc  ,,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        
,septemb] #f1 #bjaf ,report$ ) an       
am5dm5t1 committ$ to ! ,committee ( !   
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be pr9t$ ,/rike out all aft] ! 
enact+ clause & ins]t ! "p pr9t$ 9      
italic ,= text ( introduc$ bill1 see    
copy ( bill z introduc$ on ,m>* #bc1    
#bjaf  ,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$--  7#a7 
9 subsection 7a71 by add+ at ! end !    
foll[+3  7#h7 transactions meet+ !      
requirem5ts ( subsection 7f74  2 &  7#b7
 by add+ at ! end ! foll[+3  7f7 ,c]ta9 
micro-,(f]+s  7#a7 ,9 g5]al ,except z   
provid$ 9 p>agraph 7#b71 ! 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 all ( ! 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     
7#b7 ,disqualification  7,a7 ,9 g5]al ,!
 exemption provid$ "u subsection 7a77#h7
 %all n be available = a transaction    
involv+ a sale ( securities if any p]son
 describ$ 9 subp>agraph 7,b7 w\ld h     
trigg]$ disqualification pursuant to    
section #bcj4ejf7;d7 ( title #ag1 ,code 
( ,f$]al ,regulations4  7,b7 ,p]sons    
describ$ ,! p]sons describ$ 9 ?is       
subp>agraph are ! foll[+3 7i7 ,! issu]4 
7ii7 ,any pr$ecessor ( ! issu]4  7iii7  
,any affiliat$ issu]4  7iv7 ,any        
director1 executive (fic]1 o!r (fic]    
p>ticipat+ 9 ! (f]+1 g5]al p>tn]1 or    
manag+ memb] ( ! issu]4  7v7 ,any       
b5eficial own] ( #bj p]c5t or m ( !     
issu]'s out/&+ vot+ equity securities1  
calculat$ on ! basis ( vot+ p[]4  7vi7  
,any promot] connect$ ) ! issu] 9 any   
capacity at ! "t ( su* sale4  7vii7 ,any

 inve/m5t manag] ( an issu] t is a pool$
 inve/m5t fund4  7viii7 ,any p]son t has
 be5 or w be paid 7directly or          
indirectly7 remun]ation = solicitation (
 pur*as]s 9 connection ) su* sale (     
securities4  7ix7 ,any g5]al p>tn] or   
manag+ memb] ( any su* inve/m5t manag]  
or solicitor4  7x7 ,any director1       
executive (fic]1 or o!r (fic] p>ticipat+
 9 ! (f]+ ( any su* inve/m5t manag] or  
solicitor or g5]al p>tn] or manag+ memb]
 ( su* inve/m5t manag] or solicitor4  4 
7b7 ,exemption "u ,/ate regulations     
,section #ah7;b77#d7 ( ! ,securities    
,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#d77
 is am5d$-- 7#a7 9 subp>agraph 7,f71 by 
/rik+ or at ! end2  7#b7 9 subp>agraph  
7,g71 by /rik+ ! p]iod & ins]t+ 2 or2 & 
7#c7 by add+ at ! end ! foll[+3  7,h7   
section #d7;a77#h74  4  ,septemb] #f1   
#bjaf ,report$ ) an am5dm5t1 committ$ to
 ! ,committee ( ! ,:ole ,h\se on ! ,/ate
 ( ! ,union1 & ord]$ to be pr9t$