,,ii  #aagth ,,congress  #b;d ,session  
,s4 #ciad  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,march #bd1    
#bjbb,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     
definition of a qualifying investment1  
for purposes of the exemption from      
registration for venture capital fund   
advisers under the ,investment ,advisers
 ,act of #aidj1 to include an equity    
security issued by a qualifying         
portfolio company and to include an     
investment in another venture capital   
fund1 and for other purposes4  #a4      
,short title ,this ,act may be cited as 
the ,developing and ,empowering our     
,aspiring ,leaders ,act of #bjbb 4  #b4 
,definitions ,not later than #ahj days  
after the date of enactment of this     
,act1 the ,securities and ,exchange     
,commission shall-- 7#a7 revise the     

definition of a qualifying investment   
under paragraph 7c7 of section          
#bge4bjc7l7-#a of title #ag1 ,code of   
,federal ,regulations-- 7,a7 to include 
an equity security issued by a          
qualifying portfolio company1 whether   
acquired directly from the company or in
 a secondary acquisition2 and  7,b7 to  
specify that an investment in another   
venture capital fund is a qualifying    
investment under that definition2 and   
7#b7 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--   
7,a7 predominantly qualifying           
investments that were acquired directly 
from a qualifying portfolio company2 or 
7,b7 predominantly qualifying           
investments in another venture capital  
fund or other venture capital funds4