,,ib  ,union ,cal5d> ,no4 #eab  #aad?   
,,congress  #b;d ,session  ,h4 ,r4 #dhee
  ,report ,no4 #aad-ffa  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,m>* #bc1 #bjaf   
,mr4 ,mc,henry introduc$ ! foll[+ bill2 
:i* 0 ref]r$ to ! ,committee on         
,f9ancial ,s]vices  ,july #e1           
#bjaf;,additional sponsor3 ,mr4         
,s*weik]t  ,july #e1 #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 provisions 9 
! securities laws relat+ to regulation  
cr[dfund+ to raise ! doll> am\nt limit &
 to cl>ify c]ta9 requirem5ts &          
exclusions = fund+ portals e/abli%$ by  
su* ,act4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,fix ,cr[dfund+ ,act4  #b4 
,cr[dfund+ vehicles  7a7 ,am5dm5ts to ! 
,securities ,act ( #aicc ,! ,securities 
,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et    

seq47 is am5d$--  7#a7 9 section        
#d;,a7f77#c71 by ins]t+ by any (        
p>agraphs 7#a7 ?r\gh 7#ad7 ( be=e       
section #c7;c72 &  7#b7 9 section       
#d7;a77#f77;,b71 by ins]t+ aft] any     
inve/or ! foll[+3 1 o!r ?an a cr[dfund+ 
vehicle 7z def9$ 9 section #b7;a7 ( !   
,inve/m5t ,company ,act ( #aidj714  7b7 
,am5dm5ts to ! ,inve/m5t ,company ,act (
 #aidj ,! ,inve/m5t ,company ,act (     
#aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47  
is am5d$-- 7#a7 9 section #b7;a71 by    
add+ at ! end ! foll[+3  7#ee7 ,! t]m   
cr[dfund+ vehicle means a company-- 7,a7
 ^: purpose 7z set =? 9 its             
organizational docum5ts7 is limit$ to   
acquir+1 hold+1 & dispos+ securities    
issu$ by a s+le company 9 "o or m       
transactions & made pursuant to section 
#d7;a77#f7 ( ! ,securities ,act ( #aicc2
  7,b7 :i* issues only "o class (       
securities2  7,c7 :i* receives no       
comp5sation 9 connection ) su*          
acquisition1 hold+1 or disposition (    
securities2  7,d7 no associat$ p]son (  

:i* receives any comp5sation 9          
connection ) su* acquisition1 hold+ or  
disposition ( securities unless su*     
p]son is act+ z or on behalf ( an       
inve/m5t advis] regi/]$ "u ! ,inve/m5t  
,advis]s ,act ( #aidj2  7,e7 !          
securities ( :i* h be5 issu$ 9 a        
transaction made pursuant to section    
#d7;a77#f7 ( ! ,securities ,act ( #aicc1
 :]e bo? ! cr[dfund+ vehicle & ! company
 ^: securities x holds are co-issu]s2   
7,f7 :i* is curr5t 9 its ongo+          
disclosure obligations "u ,rule #bjb (  
,regulation ,cr[dfund+ 7#ag ,c4,f4,r4   
#bbg4bjb72  7,g7 ! company ^: securities
 x holds is curr5t 9 its ongo+          
disclosure obligations "u ,rule #bjb (  
,regulation ,cr[dfund+ 7#ag ,c4,f4,r4   
#bbg4bjb72 &  7,h7 is advis$ by an      
inve/m5t advis] regi/]$ "u ! ,inve/m5t  
,advis]s ,act ( #aidj4  2 &  7#b7 9     
section #c7;c71 by add+ at ! end !      
foll[+3  7#ae7 ,any cr[dfund+ vehicle4  
4  #c4 ,cr[dfund+ exemption f           
regi/ration ,section #ab7;g77#f7 ( !    

,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7g77#f7 is am5d$--  7#a7  
by /rik+ ,! ,commission & ins]t+ !      
foll[+3  7,a7 ,9 g5]al ,! ,commission  2
  7#b7 by /rik+ section #d7f7 & ins]t+  
section #d7;a77#f72 &  7#c7 by add+ at !
 end ! foll[+3  7,b7 ,treatm5t (        
securities issu$ by c]ta9 issu]s ,an    
exemption "u subp>agraph 7,a7 %all be   
unconditional = securities (f]$ by an   
issu] t _h a public float ( less ?an    
#ge1jjj1jjj z ( ! la/ bus9ess day ( !   
issu]'s mo/ rec5tly complet$ semiannual 
p]iod1 comput$ by multiply+ ! aggregate 
worldwide numb] ( %>es ( ! issu]'s      
common equity securities held by        
non-affiliates by ! price at :i* su*    
securities 7 la/ sold 7or ! av]age bid &
 ask$ prices ( su* securities7 9 !      
pr9cipal m>ket = su* securities or1 9 ! 
ev5t ! result ( su* public float        
calculation is z]o1 _h annual rev5ues ( 
less ?an #ej1jjj1jjj z ( ! issu]'s mo/  
rec5tly complet$ fiscal ye>4  4  ,july  
#e1 #bjaf ,report$ ) an am5dm5t1        

committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union1 & ord]$ to be   
pr9t$