,,ii  #aad? ,,congress  #b;d ,session   
,s4 #cdec  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,septemb] #bh1         
#bjaf,mr4 ,da9es introduc$ ! foll[+     
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,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 ! ,cr[dfund+    
,enhancem5t ,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 ( #aidj or regi/]$ z an   
inve/m5t advis] 9 ! ,/ate 9 :i* !       
inve/m5t advis] ma9ta9s its pr9cipal    
(fice & place ( bus9ess2  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 ( #aidj or regi/]$ z an   
inve/m5t advis] 9 ! ,/ate 9 :i* !       
inve/m5t advis] ma9ta9s its pr9cipal    
(fice & place ( bus9ess4  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#f77 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