,,ib  ,union ,cal5d> ,no4 #efb  #aad?   
,,congress  #b;d ,session  ,h4 ,r4 #dheb
  ,report ,no4 #aad-gbf  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,m>* #bc1 #bjaf   
,mr4 ,g>rett introduc$ ! foll[+ bill2   
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,septemb] #f1       
#bjaf;,additional sponsor3 ,mr4         
,mc,henry  ,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 direct !          
,securities & ,ex*ange ,commission to   
revise ,regulation ,d relat+ to         
exemptions f regi/ration requirem5ts =  
c]ta9 sales ( securities4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,private
 ,placem5t ,improvem5t ,act ( #bjaf4    
#b4 ,revisions to ,,sec ,regulation ,d  
,n lat] ?an #de days foll[+ ! date ( !  
enactm5t ( ?is ,act1 ! ,securities &    

,ex*ange ,commission %all revise        
,regulation ,d 7#ag ,c4,f4,r4 #eja et   
seq47 9 accordance ) ! foll[+3  7#a7 ,! 
,commission %all revise ,=m ,d fil+     
requirem5ts to require an issu] (f]+ or 
sell+ securities 9 reliance on an       
exemption provid$ "u ,rule #ejf (       
,regulation ,d to file ) ! ,commission a
 s+le notice ( sales conta9+ ! in=mation
 requir$ by ,=m ,d = ea* new (f]+ (     
securities no e>li] ?an #ae days aft] ! 
date ( ! fir/ sale ( securities 9 !     
(f]+4 ,! ,commission %all n require su* 
an issu] to file any notice ( sales     
conta9+ ! in=mation requir$ by ,=m ,d   
except = ! s+le notice describ$ 9 !     
previ\s s5t5ce4  7#b7 ,! ,commission    
%all make ! in=mation conta9$ 9 ea* ,=m 
,d fil+ available to ! securities       
commission 7or any ag5cy or (fice p]=m+ 
l functions7 ( ea* ,/ate & t]ritory ( ! 
,unit$ ,/ates & ! ,di/rict ( ,columbia4 
7#c7 ,! ,commission %all n condition !  
availability ( any exemption = an issu] 
"u ,rule #ejf ( ,regulation ,d 7#ag     

,c4,f4,r4 #bcj4ejf7 on ! issu]'s or any 
o!r p]son's fil+ ) ! ,commission ( a ,=m
 ,d or any simil> report4  7#d7 ,!      
,commission %all n require issu]s to    
submit writt5 g5]al solicitation        
mat]ials to ! ,commission 9 connection )
 a ,rule #ejf7;c7 (f]+1 except :5 !     
,commission reque/s su* mat]ials        
pursuant to ! ,commission's au?ority "u 
section #h;,a or section #bj ( !        
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;h-#a or #ggt7 or section #i1        
#aj7;b71 #ba;,a1 #ba;,b1 or #ba;,c ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;i1 #gh;j7b71 #ghu-#a1     
#ghu-#b1 or #ghu-#c74  7#e7 ,!          
,commission %all n ext5d ! requirem5ts  
conta9$ 9 ,rule #aef to private funds4  
7#f7 ,! ,commission %all revise ,rule   
#eja7;a7 ( ,regulation ,d to provide t a
 p]son :o is a kn[l$geable employee ( a 
private fund or ! fund's inve/m5t       
advis]1 z def9$ 9 ,rule #c;c-#e7;a77#d7 
7#ag ,c4,f4,r4 #bgj4c;c-#e7;a77#d771    
%all be an accr$it$ inve/or = purposes (

 a ,rule #ejf (f]+ ( a private fund )   
respect to :i* ! p]son is a kn[l$geable 
employee4  ,septemb] #f1 #bjaf ,report$ 
) an am5dm5t1 committ$ to ! ,committee (
 ! ,:ole ,h\se on ! ,/ate ( ! ,union1 & 
ord]$ to be pr9t$