,,ii  #aae? ,,congress  #a/ ,session    
,s4 #ajca  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #c1 #bjag,mr4     
,da9es introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d provisions 9 !         
securities laws relat+ to regulation    
cr[dfund+ to raise ! doll> am\nt limit &
 to cl>ify c]ta9 requirem5ts &          
exclusions = fund+ portals e/abli%$ by  
su* ,act4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,cr[dfund+ ,enhancem5t     
,act4  #b4 ,cr[dfund+ vehicles  7a7     
,am5dm5ts to ! ,securities ,act ( #aicc 
,! ,securities ,act ( #aicc 7#ae        
,u4,s4,c4 #gg;a et seq47 is am5d$--     
7#a7 9 section #d;,a7f77#c7 7#ae        
,u4,s4,c4 #gg;d-#a7;f77#c771 by ins]t+  
by any ( p>agraphs 7#a7 ?r\gh 7#ad7 (   
be=e section #c7;c72 &  7#b7 9 section  
#d7;a77#f77;,b7 7#ae ,u4,s4,c4          
#gg;d7a77#f77;,b771 by ins]t+ 1 o!r ?an 
a cr[dfund+ vehicle 7z def9$ 9 section  
#b7;a7 ( ! ,inve/m5t ,company ,act (    

#aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a7771    
aft] any inve/or4  7b7 ,am5dm5ts to !   
,inve/m5t ,company ,act ( #aidj ,!      
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#a et seq47 is am5d$--  
7#a7 9 section #b7;a7 7#ae ,u4,s4,c4    
#hj;a-#b7;a771 by add+ at ! end !       
foll[+3  7#ee7 ,! t]m cr[dfund+ vehicle 
means a company-- 7,a7 ^: purpose 7z set
 =? 9 its organizational docum5ts7 is   
limit$ to acquir+1 hold+1 & dispos+     
securities issu$ by a s+le company 9 "o 
or m transactions & made pursuant to    
section #d7;a77#f7 ( ! ,securities ,act 
( #aicc 7#ae ,u4,s4,c4 #gg;d7a77#f772   
7,b7 t issues only #a class (           
securities2  7,c7 t receives no         
comp5sation 9 connection ) su*          
acquisition1 hold+1 or disposition (    
securities2  7,d7 no associat$ p]son (  
:i* receives any comp5sation 9          
connection ) su* acquisition1 hold+ or  
disposition ( securities unless su*     
p]son is act+ z or on behalf ( an       
inve/m5t advis] regi/]$ "u ! ,inve/m5t  

,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#a et seq47 or regi/]$ z an       
inve/m5t advis] 9 ! ,/ate 9 :i* !       
inve/m5t advis] ma9ta9s its pr9cipal    
(fice & place ( bus9ess2  7,e7 !        
securities ( :i* h be5 issu$ 9 a        
transaction made pursuant to section    
#d7;a77#f7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;d7a77#f771 if bo? !  
cr[dfund+ vehicle & ! company ^:        
securities x holds are co-issu]s2  7,f7 
t is curr5t 9 its ongo+ disclosure      
obligations "u section #bbg4bjb ( title 
#ag1 ,code ( ,f$]al ,regulations2  7,g7 
! company ^: securities x holds is      
curr5t 9 its ongo+ disclosure           
obligations "u section #bbg4bjb ( title 
#ag1 ,code ( ,f$]al ,regulations2 &     
7,h7 is advis$ by an inve/m5t advis]    
regi/]$ "u ! ,inve/m5t ,advis]s ,act (  
#aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47  
or regi/]$ z an inve/m5t advis] 9 !     
,/ate 9 :i* ! inve/m5t advis] ma9ta9s   
its pr9cipal (fice & place ( bus9ess4  2
 &  7#b7 9 section #c7;c7 7#ae ,u4,s4,c4

 #hj;a-#c7;c771 by add+ at ! end !      
foll[+3  7#ae7 ,any cr[dfund+ vehicle4  
4  #c4 ,cr[dfund+ exemption f           
regi/ration ,section #ab7;g77#f7 ( !    
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7g77#f77 is am5d$-- 7#a7  
by /rik+ ,! ,commission & ins]t+ !      
foll[+3  7,a7 ,9 g5]al ,! ,commission  2
  7#b7 by /rik+ section #d7f7 & ins]t+  
section #d7;a77#f72 &  7#c7 by add+ at !
 end ! foll[+3  7,b7 ,treatm5t (        
securities issu$ by c]ta9 issu]s ,an    
exemption "u subp>agraph 7,a7 %all be   
unconditional = securities (f]$ by an   
issu] t _h a public float ( less ?an    
#ge1jjj1jjj z ( ! la/ bus9ess day ( !   
issu]'s mo/ rec5tly complet$ semiannual 
p]iod1 comput$ by multiply+ ! aggregate 
worldwide numb] ( %>es ( ! issu]'s      
common equity securities held by        
non-affiliates by ! price at :i* su*    
securities 7 la/ sold 7or ! av]age bid &
 ask$ prices ( su* securities7 9 !      
pr9cipal m>ket = su* securities or1 9 ! 
ev5t ! result ( su* public float        

calculation is z]o1 _h annual rev5ues ( 
less ?an #ej1jjj1jjj z ( ! issu]'s mo/  
rec5tly complet$ fiscal ye>4  4