,,ib  ,union ,cal5d> ,no4 #fhg  #aae?   
,,congress  #b;d ,session  ,h4 ,r4 #fagg
  ,report ,no4 #aae-hhi  ,,9 ,,! ,,h\se 
,,( ,,repres5tatives  ,june #ba1 #bjah  
,mr4 ,holl+swor? introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,augu/ #c1 #bjah    
,report$ ) am5dm5ts1 committ$ to !      
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union1 & ord]$ to be pr9t$ ,/rike out
 all aft] ! enact+ clause & ins]t ! "p  
pr9t$ 9 italic ,= text ( introduc$ bill1
 see copy ( bill z introduc$ on ,june   
#ba1 #bjah  ,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 ,act ( #bjah 4  #b4    

,def9itions ,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   
p>agraph 7c7 ( section #bge4bjc7l7-#a ( 
title #ag1 ,code ( ,f$]al ,regulations1 
to include an equity security issu$ by a
 qualify+ portfolio company1 :e!r       
acquir$ directly f ! company or 9 a     
second>y acquisition2 &  7#b7 revise    
p>agraph 7a7 ( su* section to require1 z
 a condition ( a private fund qualify+ z
 a v5ture capital fund "u su* p>agraph1 
t ! qualify+ inve/m5ts ( ! private fund 
are pr$om9antly qualify+ inve/m5ts t 7  
acquir$ directly f a qualify+ portfolio 
company4  ,am5d ! title s z to read3 ,a 
bill to require ! ,securities & ,ex*ange
 ,commission to revise ! def9ition ( a  
qualify+ inve/m5t to include an equity  
security issu$ by a qualify+ portfolio  
company1 :e!r acquir$ directly f !      
company or 9 a second>y acquisition1 =  
purposes ( ! exemption f regi/ration =  

v5ture capital fund advis]s "u !        
,inve/m5t ,advis]s ,act ( #aidj1 & = o!r
 purposes44  ,augu/ #c1 #bjah ,report$ )
 am5dm5ts1 committ$ to ! ,committee ( ! 
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be pr9t$