H.R. 6177 — Reported in House

IB Union Calendar No. 687 115th CONGRESS 2d Session H. R. 6177 [Report No. 115–889] IN THE HOUSE OF REPRESENTATIVES June 21, 2018 Mr. Hollingsworth introduced the following bill; which was referred to the Committee on Financial Services August 3, 2018 Reported with amendments, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on June 21, 2018 A BILL To require the Securities and Exchange Commission to revise the definitions of a qualifying portfolio company and a qualifying investment to include an emerging growth company and the equity securities of an emerging growth company, respectively, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940. 1. Short title This Act may be cited as the Developing and Empowering our Aspiring Leaders Act of 2018 . 2. Definitions Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall— (1) revise the definition of a qualifying investment under paragraph (c) of section 275.203(l)–1 of title 17, Code of Federal Regulations, to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition; and (2) revise paragraph (a) of such section to require, as a condition of a private fund qualifying as a venture capital fund under such paragraph, that the qualifying investments of the private fund are predominantly qualifying investments that were acquired directly from a qualifying portfolio company. Amend the title so as to read: A bill to require the Securities and Exchange Commission to revise the definition of a qualifying investment to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, and for other purposes.. August 3, 2018 Reported with amendments, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed