,i  #aae? ,,congress  #b;d ,session  ,h4
 ,r4 #fagg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,june #ba1 #bjah,mr4  
,holl+swor? introduc$ ! foll[+ bill2 :i*
 0 ref]r$ to ! ,committee on ,f9ancial  
,s]vices  ,a ,,bill  ,to require !      
,securities & ,ex*ange ,commission to   
revise ! def9itions ( a qualify+        
portfolio company & a qualify+ inve/m5t 
to include an em]g+ gr[? company & !    
equity securities ( an em]g+ gr[?       
company1 respectively1 = purposes ( !   
exemption f regi/ration = v5ture capital
 fund advis]s "u ! ,inve/m5t ,advis]s   
,act ( #aidj4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,develop+ & ,emp[]+ our
 ,aspir+ ,lead]s ,act4  #b4 ,def9itions 
7a7 ,9 g5]al ,n lat] ?an ! end ( !      
#ahj-;day p]iod beg9n+ on ! date ( !    
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all--  7#a7 revise
 ! def9ition ( a qualify+ inve/m5t "u   
section #bge4bjc7l7-#a7;c7 ( title #ag1 
,code ( ,f$]al ,regulations1 to include 
an equity security ( an em]g+ gr[?      

company 7z def9$ "u section #b7;a7 ( !  
,securities ,act ( #aicc71 :e!r acquir$ 
directly f ! company or 9 a second>y    
acquisition2 &  7#b7 revise ! def9ition 
( a qualify+ portfolio company "u       
section #bge4bjc7l7-#a7;c7 ( title #ag1 
,code ( ,f$]al ,regulations1 to include 
an em]g+ gr[? company4  7b7 ,treatm5t if
 revisions n complet$ 9 a timely mann]  
,if ! ,commission fails to complete !   
revisions requir$ by subsection 7a7 by !
 "t requir$ by su* subsection--  7#a7 an
 equity security ( an em]g+ gr[?        
company1 :e!r acquir$ directly f !      
company or 9 a second>y acquisition1    
%all be deem$ a qualify+ inve/m5t "u    
section #bge4bjc7l7-#a7;c7 ( title #ag1 
,code ( ,f$]al ,regulations2 &  7#b7 an 
em]g+ gr[? company %all be deem$ a      
qualify+ portfolio company "u section   
#bge4bjc7l7-#a7;c7 ( title #ag1 ,code ( 
,f$]al ,regulations4