,,ii  #aaeth ,,congress  #b;d ,session  
,s4 #cegf  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #aa1  
#bjah,mr4 ,rounds introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,banking1
 ,housing1 and ,urban ,affairs  ,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 #bjah4  #b4 ,definitions ,not later 
than #ahj days after the date of        
enactment of this ,act1 the ,securities 
and ,exchange ,commission shall--  7#a7 
revise paragraph 7a7 of section         

#bge4bjc7l7-#a of title #ag1 ,code of   
,federal ,regulations1 to require1 as a 
condition of a private fund qualifying  
as a venture capital fund under that    
paragraph1 that the qualifying          
investments of the private fund are     
predominantly qualifying investments    
that were acquired directly from a      
qualifying portfolio company2 and  7#b7 
revise the definition of a qualifying   
investment under section                
#bge4bjc7l7-#a7;c7 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 acquisition4