,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #diga  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,febru>y #g1 #bjah,mr4
 ,mooney ( ,we/ ,virg9ia 7= himself &   
,mr4 ,mac,arthur7 introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,a ,,bill  ,to am5d 
! ,securities ,act ( #aicc to exempt f  
regi/ration ) ! ,securities & ,ex*ange  
,commission c]ta9 accr$it$ inve/or      
transactions )9 transp>5t second>y      
m>kets1 & = o!r purposes4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,,ipo   
,pipel9e ,act4  #b4 ,exemption = c]ta9  
accr$it$ inve/or transactions )9        
transp>5t second>y m>kets  7a7 ,exempt$ 
transactions ,section #d ( ! ,securities
 ,act ( #aicc 7#ae ,u4,s4,c4 #gg;d7 is  
am5d$--  7#a7 9 subsection 7a71 by add+ 
at ! end ! foll[+ new p>agraph3  7#h7   
transactions meet+ ! requirem5ts (      
subsection 7e74  2  7#b7 by r$esignat+  
subsection 7e7 z subsection 7f72 &  7#c7
 by ins]t+ aft] subsection 7d7 ! foll[+ 
new subsection3  7e7 ,accr$it$ inve/or  

transactions )9 transp>5t second>y      
m>kets  7#a7 ,9 g5]al ,a transaction    
ref]r$ to 9 subsection 7a77#h7 is a     
transaction t meets ! foll[+            
requirem5ts3  7,a7 ,accr$it$ inve/or    
requirem5t ,ea* transaction p>ticipant  
is an accr$it$ inve/or1 an affiliate ( !
 issu]1 or an employee ( ! issu]4  7,b7 
,second>y m>ketplace rules  7i7 ,9 g5]al
 ,9 ! case ( a transaction describ$ "u  
clause 7ii7-- 7,i7 nei!r ! sell] nor !  
pur*as] ( ! security is ! issu] or an   
und]writ] ( ! security2  7,,ii7         
affiliates ( ! issu] are re/rict$ f     
execut+ aga9/ ord]s po/$ on a m>ketplace
 by o!r m>ket p>ticipants2 &  7,,iii7 an
 affiliate ( ! issu] t po/s an ord] to  
(f] to buy or sell ! security on a      
second>y m>ketplace mu/ disclose )9 !   
po/$ ord] t !y are an affiliate & :e!r !
 affiliate /atus is z an (fic]1         
director1 b5eficial own]1 or o!r basis1 
& ! po/$ ord] mu/ cle>ly reflect ^!     
disclosures4  7ii7 ,transaction ,!      
transaction ref]r$ to 9 clause 7i7 is "o

 involv+ ! securities ( an issu] t--    
7,i7 is n--  7aa7 subject to section #ac
 or #ae7;d7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #ghm2       
#gho7d772  7bb7 exempt f report+        
pursuant to section #bdj4ab;g#c-b7;b7 ( 
title #ag1 ,code ( ,f$]al ,regulations2 
or  7cc7 a =eign gov]nm5t 7z def9$ 9    
section #bcj4dje ( title #ag1 ,code (   
,f$]al ,regulations7 eligible to regi/] 
securities "u ,s*$ule ,b ( section      
#gg;aa2 &  7,,ii7 irrevocably report$ to
 ! ,commission us+ ,=m ,d1 or an add5dum
 to ,=m ,d1 "u section #bci4ejj ( title 
#ag1 ,code ( ,f$]al ,regulations 7or any
 successor regulation71 t ! issu] w     
regi/] "u section #ab ( ! ,securities   
,ex*ange ,act ( #aicd )9 "o ye> ( atta9+
 #bej1jjj1jjj 9 annual rev5ue z measur$ 
"u g5]ally accept$ acc\nt+ pr9ciples4   
7,c7 ,def9ition ( affiliate ( ! issu] ,9
 ?is subsection1 ! t]m affiliate ( !    
issu] has ! mean+ giv5 su* t]m 9 section
 #bcj4add7;a77#a7 ( title #ag1 ,code (  
,f$]al ,regulations 7or any successor   

regulation74  2 &  7#d7 9 subsection    
7f71 z s r$esignat$1 by /rik+ subsection
 7a77#g7 ea* place su* t]m appe>s &     
ins]t+ p>agraph 7#g7 or 7#h7 (          
subsection 7a74  7b7 ,exemption f       
regi/ration ,section #ab7;g77#b7 ( !    
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7g77#b77 is am5d$ by add+ 
at ! end ! foll[+3  7,i7 any security ( 
an issu] :]e ! issu] irrevocably report$
 to ! ,commission us+ ,=m ,d1 or an     
add5dum to ,=m ,d1 "u section #bci4ejj (
 title #ag1 ,code ( ,f$]al ,regulations 
7or any successor regulation71 t ! issu]
 w regi/] "u section #ab )9 "o ye> (    
atta9+ #bej1jjj1jjj 9 annual rev5ue z   
measur$ "u g5]ally accept$ acc\nt+      
pr9ciples4  4  7c7 ,direct$ rulemak+ ,n 
lat] ?an #ij days aft] ! date ( !       
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all promulgate any
 regulations necess>y to revise ,=m ,d &
 section #bci4ejj ( title #ag1 ,code (  
,f$]al ,regulations1 to meet ! purposes 
( ! am5dm5ts made by ?is ,act4