,,iib  #aae? ,,congress  #a/ ,session   
,h4 ,r4 #bbja  ,,9 ,,! ,,s5ate ,,( ,,!  
,,unit$ ,,/ates  ,novemb] #ac1          
#bjag,receiv$2 read twice & ref]r$ to ! 
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs  ,,an ,,act  ,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$--  7#a7 
9 subsection 7a71 by add+ at ! end !    
foll[+3  7#h7 transactions meet+ !      
requirem5ts ( subsection 7f74  2 &  7#b7
 by add+ at ! end ! foll[+3  7f7 ,c]ta9 
micro-,(f]+s  7#a7 ,9 g5]al ,!          
transactions ref]r$ 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$-- 7#a7 9 subp>agraph 7,f71 by 
/rik+ or at ! end2  7#b7 9 subp>agraph  
7,g71 by /rik+ ! p]iod & ins]t+ 2 or2 & 
7#c7 by add+ at ! end ! foll[+3  7,h7   
section #d7;a77#h74  4  ,pass$ ! ,h\se (
 ,repres5tatives ,novemb] #i1 #bjag4,k>5
 ,l4 ,haas1,cl]k4