,,ib  ,union ,cal5d> ,no4 #bhj  #aae?   
,,congress  #a/ ,session  ,h4 ,r4 #bbja 
,report ,no4 #aae-chc  ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,april #bg1 #bjag 
,mr4 ,emm] introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,novemb] #a1 #bjag;,additional
 sponsors3 ,mr4 ,/iv]s1 ,mr4 ,mess]1    
,mr4 ,tipton1 ,mr4 ,pitt5g]1 & ,mr4     
,mac,arthur  ,novemb] #a1 #bjag         
,committ$ to ! ,committee ( ! ,:ole     
,h\se on ! ,/ate ( ! ,union & ord]$ to  
be pr9t$  ,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 ,! 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  4  
7b7 ,exemption "u ,/ate regulations     
,section #ah7;b77#d7 ( ! ,securities    

,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#d77
 is am5d$-- 7#a7 9 subp>agraph 7,f71 by 
/rik+ or at ! end2  7#b7 9 subp>agraph  
7,g71 by /rik+ ! p]iod & ins]t+ 2 or2 & 
7#c7 by add+ at ! end ! foll[+3  7,h7   
section #d7;a77#h74  4  ,novemb] #a1    
#bjag ,committ$ to ! ,committee ( !     
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$