,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #bhfd  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #h1 #bjag,ms4   
,s9ema 7= h]self & ,mr4 ,holl+swor?7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to direct ! ,securities &      
,ex*ange ,commission to all[ c]ta9      
issu]s to be exempt f regi/ration       
requirem5ts1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,improv+ ,access to ,capital ,act4  #b4 
,application ( exemption  7a7 ,9 g5]al  
,! ,securities & ,ex*ange ,commission   
%all am5d section #bcj4bea ( title #ag1 
,code ( ,f$]al ,regulations1 to remove !
 requirem5t t ! issu] n be subject to   
section #ac or #ae7;d7 ( ! ,securities  
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;a et seq47 imm$iately be=e ! (f]+4  
7b7 ,ti] #b (f]+ report+ requirem5ts    
,section #ac ( ! ,securities ,ex*ange   
,act ( #aicc 7#ae ,u4,s4,c4 #ghm7 is    
am5d$ by add+ at ! end ! foll[+3  7s7   
,exemption to report+ requirem5ts ,)    

respect to a ,ti] #b (f]+ "u section    
#bcj4bea ( title #ag1 ,code ( ,f$]al    
,regulations1 an issu] t is subject to  
section #ac & meets ! report+           
requirem5ts ( t section is deem$ to meet
 ! p]iodic & curr5t report+ requirem5ts 
( section #bcj4beg ( title #ag1 ,code ( 
,f$]al ,regulations4  4