,,ib  ,union ,cal5d> ,no4 #die  #aae?   
,,congress  #b;d ,session  ,h4 ,r4 #dbfg
  ,report ,no4 #aae-fdf  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,novemb] #g1 #bjag
 ,mr4 ,/iv]s 7= himself1 ,mr4 ,%]man1   
,mr4 ,mc,henry1 & ,ms4 ,moore7 introduc$
 ! foll[+ bill2 :i* 0 ref]r$ to !       
,committee on ,f9ancial ,s]vices  ,april
 #bd1 #bjah;,additional sponsors3 ,mr4  
,royce ( ,cali=nia1 ,mr4 ,himes1 ,mrs4  
,beatty1 ,mrs4 ,wagn]1 ,mr4 ,p]lmutt]1  
,mr4 ,david ,scott ( ,georgia1 ,ms4     
,t5ney1 ,mr4 ,williams1 ,mr4 ,got!im]1  
,mr4 ,mess]1 ,mr4 ,meeks1 ,mr4 ,emm]1   
,mr4 ,budd1 ,mr4 ,clay1 ,mr4 ,hultgr51  
,mr4 ,fo/]1 ,mr4 ,graves ( ,georgia1    
,mr4 ,fitzpatrick1 & ,mr4 ,heck  ,april 
#bd1 #bjah ,committ$ to ! ,committee ( !
 ,:ole ,h\se on ! ,/ate ( ! ,union &    
ord]$ to be pr9t$  ,a ,,bill  ,to am5d !
 ,inve/m5t ,company ,act ( #aidj to     
*ange c]ta9 requirem5ts relat+ to !     
capital /ructure ( bus9ess developm5t   
companies1 to direct ! ,securities &    
,ex*ange ,commission to revise c]ta9    

rules relat+ to bus9ess developm5t      
companies1 & = o!r purposes4  #a4 ,%ort 
title ,?is ,act may be cit$ z ! ,small  
,bus9ess ,cr$it ,availability ,act4  #b4
 ,exp&+ access to capital = bus9ess     
developm5t companies  7a7 ,9 g5]al      
,section #fa7;a7 ( ! ,inve/m5t ,company 
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#fj7;a77 is am5d$--  7#a7 by      
r$esignat+ p>agraphs 7#b7 ?r\gh 7#d7 z  
p>agraphs 7#c7 ?r\gh 7#e71 respectively2
 &  7#b7 by /rik+ p>agraph 7#a7 & ins]t+
 ! foll[+3  7#a7 ,except z provid$ 9    
p>agraph 7#b71 ! asset cov]age          
requirem5ts ( subp>agraphs 7,a7 & 7,b7 (
 section #ah7;a77#a7 7& any relat$ rule 
promulgat$ "u ?is ,act7 applicable to   
bus9ess developm5t companies %all be    
#bjj p]c5t4  7#b7 ,! asset cov]age      
requirem5ts ( subp>agraphs 7,a7 & 7,b7 (
 section #ah7;a77#a7 & ( subp>agraphs   
7,a7 & 7,b7 ( section #ah7;a77#b7 7& any
 relat$ rule promulgat$ "u ?is ,act7    
applicable to a bus9ess developm5t      
company %all be #aej p]c5t if--  7,a7 )9

 five bus9ess days ( ! approval ( !     
adoption ( ! asset cov]age requirem5ts  
describ$ 9 clause 7ii71 ! bus9ess       
developm5t company discloses su*        
approval & ! date ( its effectiv5ess 9 a
 ,=m #h-,k fil$ ) ! ,commission & 9 a   
notice on its website & discloses 9 its 
p]iodic fil+s made "u section #ac7;a7 ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #ghm7a77--  7i7 ! aggregate  
value ( ! s5ior securities issu$ by su* 
company & ! asset cov]age p]c5tage z ( !
 date ( su* company's mo/ rec5t f9ancial
 /atem5ts2 &  7ii7 t su* company has    
adopt$ ! asset cov]age requirem5ts ( ?is
 p>agraph & ! effective date ( su*      
requirem5ts2  7,b7 ) respect to a       
bus9ess developm5t company t issues     
equity securities t are regi/]$ on a    
national securities ex*ange1 ! p]iodic  
fil+s ( ! company "u section #ac7;a7 ( !
 ,securities ,ex*ange ,act ( #aicd 7#ae 
,u4,s4,c4 #ghm7a77 include disclosures  
reasonably design$ to ensure t %>ehold]s
 are in=m$ (--  7i7 ! am\nt (           

indebt$ness & asset cov]age ratio ( !   
company1 det]m9$ z ( ! date ( ! f9ancial
 /atem5ts ( ! company dat$ on or mo/    
rec5tly be=e ! date ( su* fil+2 &  7ii7 
! pr9cipal risk factors associat$ ) su* 
indebt$ness1 to ! ext5t su* risk is     
incurr$ by ! company2 &  7,c7  7i7 !    
application ( ?is p>agraph to ! company 
is approv$ by ! requir$ majority 7z     
def9$ 9 section #eg7o77 ( ! directors ( 
or g5]al p>tn]s ( su* company :o are n  
int]e/$ p]sons ( ! bus9ess developm5t   
company1 :i* application %all become    
effective on ! date t is #a ye> aft] !  
date ( ! approval1 &1 ) respect to a    
bus9ess developm5t company t issues     
equity securities t are n regi/]$ on a  
national securities ex*ange1 ! company  
ext5ds1 to ea* p]son :o is a %>ehold] z 
( ! date ( ! approval1 an (f] to        
repur*ase ! equity securities held by   
su* p]son z ( su* approval date1 ) #be  
p]c5t ( su* securities to be repur*as$ 9
 ea* ( ! f\r qu>t]s foll[+ su* approval 
date2 or  7ii7 ! company obta9s1 at a   

special or annual meet+ ( %>ehold]s or  
p>tn]s at :i* a quorum is pres5t1 !     
approval ( m ?an #ej p]c5t ( ! votes ca/
 ( ! application ( ?is p>agraph to !    
company1 :i* application %all become    
effective on ! date imm$iately aft] !   
date ( ! approval4  4  7b7 ,con=m+      
am5dm5ts  7#a7 ,inve/m5t ,company ,act (
 #aidj ,! ,inve/m5t ,company ,act (     
#aidj 7#ae ,u4,s4,c4 #hj;a-#a et seq47  
is am5d$-- 7,a7 9 section #eg--  7i7 9  
subsection 7j77#a71 by /rik+ section    
#fa7;a77#c77;,b7 & ins]t+ section       
#fa7;a77#d77;,b72 &  7ii7 9 subsection  
7n77#b71 by /rik+ section               
#fa7;a77#c77;,b7 & ins]t+ section       
#fa7;a77#d77;,b72 &  7,b7 9 section     
#fc7c71 by /rik+ section #fa7;a77#c7 &  
ins]t+ section #fa7;a77#d74  7#b7       
,inve/m5t ,advis]s ,act ( #aidj ,section
 #bje7;b77#c7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#e7;b77#c77 is am5d$--  7,a7 by   
/rik+ section #fa7;a77#c77;,b77iii7 &   
ins]t+ section #fa7;a77#d77;,b77iii72 & 

7,b7 by /rik+ section #fa7;a77#c77;,b7 &
 ins]t+ section #fa7;a77#d77;,b74  #c4  
,p>ity = bus9ess developm5t companies   
reg>d+ (f]+ & proxy rules  7a7 ,revision
 to rules ,n lat] ?an #a ye> aft] ! date
 ( enactm5t ( ?is ,act1 ! ,securities & 
,ex*ange ,commission %all revise any    
rules to ! ext5t necess>y to all[ a     
bus9ess developm5t company t has fil$ an
 election pursuant to section #ed ( !   
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#ec7 to use ! securities
 (f]+ & proxy rules t are available to  
o!r issu]s t are requir$ to file reports
 "u section #ac7;a7 or section #ae7;d7 (
 ! ,securities ,ex*ange ,act ( #aicd    
7#ae ,u4,s4,c4 #ghm7a72 #gho7d774 ,any  
action t ! ,commission takes pursuant to
 ?is subsection %all include ! foll[+3  
7#a7 ,! ,commission %all revise rule    
#dje "u ! ,securities ,act ( #aicc 7#ag 
,c4,f4,r4 #bcj4dje7-- 7,a7 to remove !  
exclusion ( a bus9ess developm5t company
 f ! def9ition ( a well-kn[n season$    
issu] provid$ by t rule2 &  7,b7 to add 

regi/ration /atem5ts fil$ on ,=m ,n-#b  
to ! def9ition ( automatic %elf         
regi/ration /atem5t provid$ by t rule4  
7#b7 ,! ,commission %all revise rules   
#afh & #afi "u ! ,securities ,act (     
#aicc 7#ag ,c4,f4,r4 #bcj4afh &         
#bcj4afi7 to remove ! exclusion ( a     
bus9ess developm5t company f an issu] t 
c use ! exemptions provid$ by ^? rules4 
7#c7 ,! ,commission %all revise rules   
#afc & #afc;,a "u ! ,securities ,act (  
#aicc 7#ag ,c4,f4,r4 #bcj4afc &         
#bcj4afc;,a7 to remove a bus9ess        
developm5t company f ! li/ ( issu]s t   
are ineligible to use ! exemptions      
provid$ by ^? rules4  7#d7 ,!           
,commission %all revise rule #acd "u !  
,securities ,act ( #aicc 7#ag ,c4,f4,r4 
#bcj4acd7 to remove ! exclusion ( a     
bus9ess developm5t company f t rule4    
7#e7 ,! ,commission %all revise rules   
#ach & #aci "u ! ,securities ,act (     
#aicc 7#ag ,c4,f4,r4 #bcj4ach &         
#bcj4aci7 to specifically include a     
bus9ess developm5t company z an issu] to

 :i* ^? rules apply4  7#f7 ,!           
,commission %all revise rule #afd "u !  
,securities ,act ( #aicc 7#ag ,c4,f4,r4 
#bcj4afd7 to remove a bus9ess developm5t
 company f ! li/ ( issu]s t are exclud$ 
f t rule4  7#g7 ,! ,commission %all     
revise rule #dcc "u ! ,securities ,act (
 #aicc 7#ag ,c4,f4,r4 #bcj4dcc7 to      
specifically include a bus9ess          
developm5t company t is a well-kn[n     
season$ issu] z an issu] to :i* t rule  
applies4  7#h7 ,! ,commission %all      
revise rule #dae "u ! ,securities ,act (
 #aicc 7#ag ,c4,f4,r4 #bcj4dae7-- 7,a7  
to /ate t ! regi/ration = securities    
provid$ by t rule includes securities   
regi/]$ by a bus9ess developm5t company 
on ,=m ,n-#b2 &  7,b7 to provide an     
exception = a bus9ess developm5t company
 f ! requirem5t t a ,=m ,n-#b regi/rant 
mu/ furni% ! und]tak+s requir$ by item  
#cd4d ( ,=m ,n-#b4  7#i7 ,! ,commission 
%all revise rule #dig "u ! ,securities  
,act ( #aicc 7#ag ,c4,f4,r4 #bcj4dig7 to
 include a process = a bus9ess          

developm5t company to file a =m (       
prospectus t is p>allel to ! process =  
fil+ a =m ( prospectus "u rule #dbd7;b74
  7#aj7 ,! ,commission %all revise rules
 #agb & #agc "u ! ,securities ,act (    
#aicc 7#ag ,c4,f4,r4 #bcj4agb &         
#bcj4agc7 to remove ! exclusion ( an    
(f]+ ( a bus9ess developm5t company f ^?
 rules4  7#aa7 ,! ,commission %all      
revise rule #dah "u ! ,securities ,act (
 #aicc 7#ag ,c4,f4,r4 #bcj4dah7 to      
provide t a bus9ess developm5t company t
 w\ld o!rwise meet ! eligibility        
requirem5ts ( ,g5]al ,in/ruction ,i4,a (
 ,=m ,s-#c %all be exempt f p>agraph    
7a77#c7 ( t rule4  7#ab7 ,! ,commission 
%all revise rule #ad;a-#aja "u !        
,securities ,ex*ange ,act ( #aicd 7#ag  
,c4,f4,r4 #bdj4ad;a-#aja7 to provide t a
 bus9ess developm5t company t w\ld      
o!rwise meet ! requirem5ts ( ,g5]al     
,in/ruction ,i4,a ( ,=m ,s-#c %all be   
deem$ to meet ! requirem5ts ( ,=m ,s-#c 
= purposes ( ,s*$ule #ad;,a4  7#ac7 ,!  
,commission %all revise rule #ajc "u    

,regulation ,,fd 7#ag ,c4,f4,r4         
#bdc4ajc7 to provide t p>agraph 7a7 ( t 
rule applies = purposes ( ,=m ,n-#b4    
7b7 ,revision to =m ,n-#b ,n lat] ?an #a
 ye> aft] ! date ( enactm5t ( ?is ,act1 
! ,commission %all revise ,=m ,n-#b--   
7#a7 to include an item or in/ruction t 
is simil> to item #ab on ,=m ,s-#c to   
provide t a bus9ess developm5t company t
 w\ld o!rwise meet ! requirem5ts ( ,=m  
,s-#c %all incorporate by ref]5ce its   
reports & docum5ts fil$ "u ! ,securities
 ,ex*ange ,act ( #aicd into its         
regi/ration /atem5t fil$ on ,=m ,n-#b2 &
  7#b7 to include an item or in/ruction 
t is simil> to ! in/ruction reg>d+      
automatic %elf (f]+s by well-kn[n       
season$ issu]s on ,=m ,s-#c to provide t
 a bus9ess developm5t company t is a    
well-kn[n season$ issu] may file        
automatic %elf (f]+s on ,=m ,n-#b4  7c7 
,treatm5t if revisions n complet$ 9     
timely mann] ,if ! ,commission fails to 
complete ! revisions requir$ by         
subsections 7a7 & 7b7 by ! "t requir$ by

 su* subsections1 a bus9ess developm5t  
company %all be entitl$ to treat su*    
revisions z hav+ be5 complet$ 9         
accordance ) ! actions requir$ to be    
tak5 by ! ,commission by su* subsections
 until su* "t z su* revisions are       
complet$ by ! ,commission4  7d7 ,rule ( 
con/ruction ,any ref]5ce 9 ?is section  
to a rule or =m means su* rule or =m or 
any successor rule or =m4  ,april #bd1  
#bjah ,committ$ to ! ,committee ( !     
,:ole ,h\se on ! ,/ate ( ! ,union &     
ord]$ to be pr9t$