,,ib  ,union ,cal5d> ,no4 #baj  #aae?   
,,congress  #a/ ,session  ,h4 ,r4 #bhfd 
,report ,no4 #aae-bib  ,,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  ,septemb] #e1       
#bjag;,additional sponsors3 ,mr4        
,williams1 ,mr4 ,hill1 ,mr4 ,mess]1 &   
,mr4 ,%]man  ,septemb] #e1 #bjag        
,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 ,june   
#h1 #bjag  ,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 ,application ( exemption 
,! ,securities & ,ex*ange ,commission   
%all am5d-- 7#a7 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$iately be=e
 ! (f]+2 &  7#b7 section #bcj4beg (     
title #ag1 ,code ( ,f$]al ,regulations1 
) respect to an (f]+ describ$ 9 section 
#bcj4bea7;a77#b7 ( title #ag1 ,code (   
,f$]al ,regulations1 to deem any issu] t
 is subject to section #ac or #ae7;d7 ( 
! ,securities ,ex*ange ,act ( #aicd z   
hav+ met ! p]iodic & curr5t report+     
requirem5ts ( section #bcj4beg ( title  
#ag1 ,code ( ,f$]al ,regulations1 if su*
 issu] meets ! report+ requirem5ts (    
section #ac ( ! ,securities ,ex*ange    
,act ( #aicd4  ,septemb] #e1 #bjag      
,report$ ) an am5dm5t1 committ$ to !    
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union1 & ord]$ to be pr9t$