,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hfjc  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,octob] #af1 #bjbj,mr4
 ,holl+swor? 7= himself & ,mr4          
,mc,adams7 introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to require !      
,securities & ,ex*ange ,commission to   
revise ! def9ition ( a qualify+ inve/m5t
 to include an equity security issu$ by 
a qualify+ portfolio company1 :e!r      
acquir$ directly f ! company or 9 a     
second>y acquisition1 = purposes ( !    
exemption f regi/ration = v5ture capital
 fund advis]s "u ! ,inve/m5t ,advis]s   
,act ( #aidj1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,develop+ & ,emp[]+ our ,aspir+ ,lead]s 
,act ( #bjbj 4  #b4 ,def9itions ,n lat] 
?an ! end ( ! #ahj-;day p]iod beg9n+ on 
! date ( ! enactm5t ( ?is ,act1 !       
,securities & ,ex*ange ,commission      
%all-- 7#a7 revise ! def9ition ( a      
qualify+ inve/m5t "u p>agraph 7c7 (     
section #bge4bjc7l7-#a ( 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            
acquisition2 &  7#b7 revise p>agraph 7a7
 ( su* section to require1 z a condition
 ( a private fund qualify+ z a v5ture   
capital fund "u su* p>agraph1 t !       
qualify+ inve/m5ts ( ! private fund are 
pr$om9antly qualify+ inve/m5ts t 7      
acquir$ directly f a qualify+ portfolio 
company4