,,ii  #aag? ,,congress  #b;d ,session   
,s4 #ciad  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #bd1 #bjbb,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 !        
def9ition ( a qualify+ inve/m5t1 =      
purposes ( ! exemption f regi/ration =  
v5ture capital fund advis]s "u !        
,inve/m5t ,advis]s ,act ( #aidj1 to     
include an equity security issu$ by a   
qualify+ portfolio company & to include 
an inve/m5t 9 ano!r v5ture capital fund1
 & = o!r purposes4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,develop+ &       
,emp[]+ our ,aspir+ ,lead]s ,act ( #bjbb
 4  #b4 ,def9itions ,n lat] ?an #ahj    
days aft] ! 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 ,regulations-- 7,a7 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 to specify t an    
inve/m5t 9 ano!r v5ture capital fund is 
a qualify+ inve/m5t "u t def9ition2 &   
7#b7 revise p>agraph 7a7 ( section      
#bge4bjc7l7-#a ( title #ag1 ,code (     
,f$]al ,regulations1 to require1 z a    
condition ( a private fund qualify+ z a 
v5ture capital fund "u t p>agraph1 t !  
qualify+ inve/m5ts ( ! private fund     
are-- 7,a7 pr$om9antly qualify+         
inve/m5ts t 7 acquir$ directly f a      
qualify+ portfolio company2 or  7,b7    
pr$om9antly qualify+ inve/m5ts 9 ano!r  
v5ture capital fund or o!r v5ture       
capital funds4