,,ii  #aae? ,,congress  #b;d ,session   
,s4 #cbac  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #af1 #bjah,mr4   
,b5net 7= himself & ,mr4 ,hell]7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,act (   
#aicc to subject cr[dfund+ vehicles to !
 jurisdiction ( ! ,securities & ,ex*ange
 ,commission1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,cr[dfund+ ,am5dm5ts ,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 #b7;a7 
7#ae ,u4,s4,c4 #gg;b7a771 by add+ at !  
end ! foll[+3  7#bj7 ,! t]m cr[dfund+   
vehicle has ! mean+ giv5 ! t]m 9 section
 #c7;c77#ae77;,b7 ( ! ,inve/m5t ,company
 ,act ( #aidj 7#ae ,u4,s4,c4            
#hj;a-#c7;c77#ae77;,b774  2  7#b7 9     
section #d7;a77#f7 7#ae ,u4,s4,c4       
#gg;d7a77#f77-- 7,a7 9 subp>agraph      

7,a7--  7i7 by ins]t+ 1 o!r ?an a       
cr[dfund+ vehicle1 aft] sold to all     
inve/ors2 &  7ii7 by ins]t+ o!r ?an a   
cr[dfund+ vehicle1 aft] ! issu]12 &     
7,b7 9 subp>agraph 7,b71 9 ! matt]      
prec$+ clause 7i71 by ins]t+ 1 o!r ?an a
 cr[dfund+ vehicle1 aft] any inve/or2 & 
7#c7 9 section #d;,a7f7 7#ae ,u4,s4,c4  
#gg;d-#a7;f77--  7,a7 9 ! matt] prec$+  
p>agraph 7#a71 by /rik+ ,section #d7f7 &
 ins]t+ ,section #d7;a77#f72 &  7,b7 9  
p>agraph 7#c71 by ins]t+ by any (       
p>agraphs 7#a7 ?r\gh 7#ad7 ( be=e       
section #c7;c74  7b7 ,am5dm5ts to !     
,inve/m5t ,company ,act ( #aidj ,section
 #c7;c7 ( ! ,inve/m5t ,company ,act (   
#aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77 is   
am5d$ by add+ at ! end ! foll[+3  7#ae7 
7,a7 ,any cr[dfund+ vehicle4  7,b7 ,=   
purposes ( ?is p>agraph1 ! t]m cr[dfund+
 vehicle means a company--  7i7 !       
purpose ( :i* 7z set =? 9 !             
organizational docum5ts ( ! company7 is 
limit$ to acquir+1 hold+1 & dispos+ (   
securities issu$ by a s+le company 9 #a 

or m transactions made "u section       
#d7;a77#f7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;d7a77#f772  7ii7 t   
issues only #a class ( securities2      
7iii7 t receives no comp5sation 9       
connection ) ! acquisition1 hold+1 or   
disposition ( securities describ$ 9     
clause 7i72  7iv7 no inve/m5t advis] or 
associat$ p]son ( :i* receives any      
comp5sation on ! basis ( a %>e ( capital
 ga9s ^u1 or capital appreciation (1 any
 portion ( ! funds ( an inve/or ( !     
company2  7v7 ! securities ( :i* h be5  
issu$ 9 a transaction made "u section   
#d7;a77#f7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;d7a77#f771 :]e bo? ! 
cr[dfund+ vehicle & ! company ^:        
securities ! cr[dfund+ vehicle holds are
 co-issu]s2  7vi7 t is curr5t ) respect 
to ongo+ report+ requirem5ts "u section 
#bbg4bjb ( title #ag1 ,code ( ,f$]al    
,regulations1 or any successor          
regulation2  7vii7 t holds securities ( 
a company t is subject to ongo+ report+ 
requirem5ts "u section #bbg4bjb ( title 

#ag1 ,code ( ,f$]al ,regulations1 or any
 successor regulation2 &  7viii7 t is   
advis$ by an inve/m5t advis] t is-- 7,i7
 regi/]$ "u ! ,inve/m5t ,advis]s ,act ( 
#aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq472 
&  7,,ii7 requir$ to-- 7aa7 disclose to 
! inve/ors ( ! company any fees *>g$ by 
! inve/m5t advis]2 &  7bb7 obta9        
approval f a majority ( ! inve/ors ( !  
company ) respect to any increase 9 !   
fees describ$ 9 item 7aa74  4  7c7      
,am5dm5ts to ! ,inve/m5t ,advis]s ,act (
 #aidj ,! ,inve/m5t ,advis]s ,act (     
#aidj 7#ae ,u4,s4,c4 #hj;b-#a et seq47  
is am5d$-- 7#a7 9 section #bjb7;a7 7#ae 
,u4,s4,c4 #hj;b-#b7;a77--  7,a7 by      
r$esignat+ ! second p>agraph 7#bi7 z    
p>agraph 7#ca72 &  7,b7 by add+ at ! end
 ! foll[+3  7#cb7 ,! t]m cr[dfund+      
vehicle has ! mean+ giv5 ! t]m 9 section
 #c7;c77#ae77;,b7 ( ! ,inve/m5t ,company
 ,act ( #aidj 7#ae ,u4,s4,c4            
#hj;a-#c7;c77#ae77;,b774  7#cc7 7,a7 ,! 
t]m cr[dfund+ vehicle advis] means an   
inve/m5t advis] t acts z an inve/m5t    

advis] solely ) respect to cr[dfund+    
vehicles4  7,b7 ,a det]m9ation1 = !     
purposes ( subp>agraph 7,a71 reg>d+ :e!r
 an inve/m5t advis] acts z an inve/m5t  
advis] solely ) respect to cr[dfund+    
vehicles %all n include any consid]ation
 ( ! activity ( any affiliate ( !       
inve/m5t advis]4  2  7#b7 9 section #bjc
 7#ae ,u4,s4,c4 #hj;b-#c71 by add+ at ! 
end ! foll[+3  7o7 ,cr[dfund+ vehicle   
advis]s  7#a7 ,9 g5]al ,a cr[dfund+     
vehicle advis] %all be requir$ to regi/]
 "u ?is section4  7#b7 ,tailor$         
requirem5ts ,z necess>y or appropriate 9
 ! public int]e/ & = ! protection (     
inve/ors1 & to promote effici5cy1       
competition1 & capital =mation1 !       
,commission may tailor ! requirem5ts "u 
section #bge4bjf7d7-b ( title #ag1 ,code
 ( ,f$]al ,regulations1 ) respect to !  
application ( ^? requirem5ts to a       
cr[dfund+ vehicle advis]4  2 &  7#c7 9  
section #bjc;,a7a7 7#ae ,u4,s4,c4       
#hj;b-#c;a7a77-- 7,a7 9 p>agraph 7#a7-- 
7i7 9 subp>agraph 7,a71 by /rik+ or at !

 end2  7ii7 9 subp>agraph 7,b71 by /rik+
 ! p]iod at ! end & ins]t+ 2 or2 &      
7iii7 by add+ at ! end ! foll[+3  7,c7  
is a cr[dfund+ vehicle advis]4  2 &     
7,b7 9 p>agraph 7#b7-- 7i7 9 subp>agraph
 7,a71 by ins]t+ a cr[dfund+ vehicle    
advis]1 aft] unless ! inve/m5t advis]   
is2 &  7ii7 9 subp>agraph 7,b77ii71 9 ! 
matt] prec$+ subclause 7,i71 by ins]t+  
except ) respect to a cr[dfund+ vehicle 
advis]1 be=e has assets4  #c4 ,cr[dfund+
 exemption f regi/ration ,section       
#ab7;g77#f7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #ghl7g77#f77
 is am5d$--  7#a7 by /rik+ ,!           
,commission & ins]t+ ! foll[+3  7,a7 ,9 
g5]al ,! ,commission  2  7#b7 9         
subp>agraph 7,a71 z s designat$1 by     
/rik+ section #d7f7 & ins]t+ section    
#d7;a77#f72 &  7#c7 by add+ at ! end !  
foll[+3  7,b7 ,treatm5t ( securities    
issu$ by c]ta9 issu]s  7i7 ,9 g5]al ,an 
exemption "u subp>agraph 7,a7 %all be   
unconditional = securities (f]$ by an   
issu] t _h a public float ( less ?an    

#ge1jjj1jjj1 z ( ! la/ bus9ess day ( !  
mo/ rec5tly complet$ semiannual p]iod ( 
! issu]1 :i* %all be calculat$ 9        
accordance ) clause 7ii74  7ii7         
,calculation  7,i7 ,9 g5]al ,a public   
float describ$ 9 clause 7i7 %all be     
calculat$ by multiply+ ! aggregate      
worldwide numb] ( %>es ( ! common equity
 securities ( an issu] t are held by    
non-affiliates by ! price at :i* ^?     
securities 7 la/ sold 7or ! av]age bid &
 ask$ prices ( ^? securities7 9 !       
pr9cipal m>ket = ^? securities4  7,,ii7 
,calculation ( z]o ,if a public float   
calculation "u subclause 7,i7 ) respect 
to an issu] is z]o1 an exemption "u     
subp>agraph 7,a7 %all be unconditional =
 securities (f]$ by ! issu] if ! issu]  
_h annual rev5ues ( less ?an            
#ej1jjj1jjj1 z ( ! mo/ rec5tly complet$ 
fiscal ye> ( ! issu]4  4