,,ii  #aaeth ,,congress  #ast ,session  
,s4 #ajca  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #c1       
#bjag,mr4 ,daines introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,a      
,,bill  ,to amend provisions in the     
securities laws relating to regulation  
crowdfunding to raise the dollar amount 
limit and to clarify certain            
requirements and exclusions for funding 
portals established by such ,act4  #a4  
,short title ,this ,act may be cited as 
the ,crowdfunding ,enhancement ,act4    
#b4 ,crowdfunding vehicles  7a7         
,amendments to the ,securities ,act of  
#aicc ,the ,securities ,act of #aicc    
7#ae ,u4,s4,c4 #gg;a et seq47 is        
amended--  7#a7 in section #d;,a7f77#c7 
7#ae ,u4,s4,c4 #gg;d-#a7;f77#c771 by    
inserting by any of paragraphs 7#a7     
through 7#ad7 of before section #c7;c72 
and  7#b7 in section #d7;a77#f77;,b7    
7#ae ,u4,s4,c4 #gg;d7a77#f77;,b771 by   

inserting 1 other than a crowdfunding   
vehicle 7as defined in section #b7;a7 of
 the ,investment ,company ,act of #aidj 
7#ae ,u4,s4,c4 #hj;a-#b7;a7771 after any
 investor4  7b7 ,amendments to the      
,investment ,company ,act of #aidj ,the 
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#a et seq47 is amended--
 7#a7 in section #b7;a7 7#ae ,u4,s4,c4  
#hj;a-#b7;a771 by adding at the end the 
following3  7#ee7 ,the term crowdfunding
 vehicle means a company-- 7,a7 whose   
purpose 7as set forth in its            
organizational documents7 is limited to 
acquiring1 holding1 and disposing       
securities issued by a single company in
 one or more transactions and made      
pursuant to section #d7;a77#f7 of the   
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;d7a77#f772  7,b7 that issues only  
#a class of securities2  7,c7 that      
receives no compensation in connection  
with such acquisition1 holding1 or      
disposition of securities2  7,d7 no     
associated person of which receives any 

compensation in connection with such    
acquisition1 holding or disposition of  
securities unless such person is acting 
as or on behalf of an investment adviser
 registered under the ,investment       
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#a et seq47 or registered as an   
investment adviser in the ,state in     
which the investment adviser maintains  
its principal office and place of       
business2  7,e7 the securities of which 
have been issued in a transaction made  
pursuant to section #d7;a77#f7 of the   
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;d7a77#f771 if both the crowdfunding
 vehicle and the company whose          
securities it holds are co-issuers2     
7,f7 that is current in its ongoing     
disclosure obligations under section    
#bbg4bjb of title #ag1 ,code of ,federal
 ,regulations2  7,g7 the company whose  
securities it holds is current in its   
ongoing disclosure obligations under    
section #bbg4bjb of title #ag1 ,code of 
,federal ,regulations2 and  7,h7 is     

advised by an investment adviser        
registered under the ,investment        
,advisers ,act of #aidj 7#ae ,u4,s4,c4  
#hj;b-#a et seq47 or registered as an   
investment adviser in the ,state in     
which the investment adviser maintains  
its principal office and place of       
business4  2 and  7#b7 in section #c7;c7
 7#ae ,u4,s4,c4 #hj;a-#c7;c771 by adding
 at the end the following3  7#ae7 ,any  
crowdfunding vehicle4  4  #c4           
,crowdfunding exemption from            
registration ,section #ab7;g77#f7 of the
 ,securities ,exchange ,act of #aicd    
7#ae ,u4,s4,c4 #ghl7g77#f77 is amended--
 7#a7 by striking ,the ,commission and  
inserting the following3  7,a7 ,in      
general ,the ,commission  2  7#b7 by    
striking section #d7f7 and inserting    
section #d7;a77#f72 and  7#c7 by adding 
at the end the following3  7,b7         
,treatment of securities issued by      
certain issuers ,an exemption under     
subparagraph 7,a7 shall be unconditional
 for securities offered by an issuer    

that had a public float of less than    
#ge1jjj1jjj as of the last business day 
of the issuer's most recently completed 
semiannual period1 computed by          
multiplying the aggregate worldwide     
number of shares of the issuer's common 
equity securities held by non-affiliates
 by the price at which such securities  
were last sold 7or the average bid and  
asked prices of such securities7 in the 
principal market for such securities or1
 in the event the result of such public 
float calculation is zero1 had annual   
revenues of less than #ej1jjj1jjj as of 
the issuer's most recently completed    
fiscal year4  4