,,ib  ,union ,calendar ,no4 #fhg  #aaeth
 ,,congress  #b;d ,session  ,h4 ,r4     
#fagg  ,report ,no4 #aae-hhi  ,,in ,,the
 ,,house ,,of ,,representatives  ,june  
#ba1 #bjah ,mr4 ,hollingsworth          
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,august #c1 #bjah 
,reported with amendments1 committed to 
the ,committee of the ,whole ,house on  
the ,state of the ,union1 and ordered to
 be printed ,strike out all after the   
enacting clause and insert the part     
printed in italic ,for text of          
introduced bill1 see copy of bill as    
introduced on ,june #ba1 #bjah  ,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 company1 respectively1 for       
purposes of the exemption from          
registration for venture capital fund   

advisers under the ,investment ,advisers
 ,act of #aidj4  #a4 ,short title ,this 
,act may be cited as the ,developing and
 ,empowering our ,aspiring ,leaders ,act
 of #bjah 4  #b4 ,definitions ,not later
 than the end of the #ahj-;day period   
beginning on the date of the enactment  
of this ,act1 the ,securities and       
,exchange ,commission shall--  7#a7     
revise the definition of a qualifying   
investment under paragraph 7c7 of       
section #bge4bjc7l7-#a of title #ag1    
,code of ,federal ,regulations1 to      
include an equity security issued by a  
qualifying portfolio company1 whether   
acquired directly from the company or in
 a secondary acquisition2 and  7#b7     
revise paragraph 7a7 of such section to 
require1 as a condition of a private    
fund qualifying as a venture capital    
fund under such paragraph1 that the     
qualifying investments of the private   
fund are predominantly qualifying       
investments that were acquired directly 
from a qualifying portfolio company4    

,amend the title so as to read3 ,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 company1 whether acquired     
directly from the company or in a       
secondary acquisition1 for purposes of  
the exemption from registration for     
venture capital fund advisers under the 
,investment ,advisers ,act of #aidj1 and
 for other purposes44  ,august #c1 #bjah
 ,reported with amendments1 committed to
 the ,committee of the ,whole ,house on 
the ,state of the ,union1 and ordered to
 be printed