,,ii  #aae? ,,congress  #b;d ,session   
,s4 #cegf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #aa1 #bjah,mr4 
,r\nds introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,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 ( #bjah4  #b4      
,def9itions ,n lat] ?an #ahj days aft] !
 date ( enactm5t ( ?is ,act1 !          
,securities & ,ex*ange ,commission      
%all--  7#a7 revise p>agraph 7a7 (      
section #bge4bjc7l7-#a ( title #ag1     
,code ( ,f$]al ,regulations1 to require1
 z a condition ( a private fund qualify+

 z a v5ture capital fund "u t p>agraph1 
t ! qualify+ inve/m5ts ( ! private fund 
are pr$om9antly qualify+ inve/m5ts t 7  
acquir$ directly f a qualify+ portfolio 
company2 &  7#b7 revise ! def9ition ( a 
qualify+ inve/m5t "u section            
#bge4bjc7l7-#a7;c7 ( 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            
acquisition4