,,ii  #aag? ,,congress  #b;d ,session   
,s4 #cifg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,m>* #cj1 #bjbb,mr4    
,moran introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to am5d ! ,securities ,act (   
#aicc to preempt ,/ate securities law   
requir+ regi/ration = second>y          
transactions1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,improv+ ,cr[dfund+ ,opportunities ,act4
  #b4 ,cr[dfund+ revisions  7a7         
,exemption f ,/ate regulation ,section  
#ah7;b77#d77;,a7 ( ! ,securities ,act ( 
#aicc 7#ae ,u4,s4,c4 #ggr7b77#d77;,a77  
is am5d$ by /rik+ pursuant to section & 
all t foll[s ?r\gh ! semicolon at ! end 
& ins]t+ ! foll[+3 8pursuant to--  7i7  
section #ac or #ae7;d7 ( ! ,securities  
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghm1 #gho7d772 or  7ii7 section        
#d;,a7b7 or any regulation issu$ "u t   
section2  4  7b7 ,liability = mat]ial   
mis/atem5ts & omissions ,section        

#d;,a7c7 ( ! ,securities ,act ( #aicc   
7#ae ,u4,s4,c4 #gg;d-#a7;c77 is am5d$-- 
7#a7 by r$esignat+ p>agraph 7#c7 z      
p>agraph 7#d72 &  7#b7 by ins]t+ aft]   
p>agraph 7#b7 ! foll[+3  7#c7 ,liability
 ( fund+ portals ,= ! purposes ( ?is    
subsection1 a fund+ portal1 z t t]m is  
def9$ 9 section #c7;a7 ( ! ,securities  
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a771 %all n be consid]$ to be an  
issu] unless1 9 connection ) ! (f] or   
sale ( a security1 ! fund+ portal       
kn[+ly-- 7,a7 makes any untrue /atem5t (
 a mat]ial fact or omits to /ate a      
mat]ial fact 9 ord] to make ! /atem5ts  
made1 9 light ( ! circum/ances "u :i* !y
 are made1 n mislead+2 or  7,b7 engages 
9 any act1 practice1 or c\rse ( bus9ess 
:i* op]ates or w\ld op]ate z a fraud or 
deceit ^u any p]son4  4  7c7            
,applicability ( ,bank ,secrecy ,act    
requirem5ts  7#a7 ,securities ,act (    
#aicc ,section #d;,a7a7 ( ! ,securities 
,act ( #aicc 7#ae ,u4,s4,c4             
#gg;d-#a7;a77 is am5d$-- 7,a7 9 p>agraph

 7#aa71 by /rik+ & at ! end2  7,b7 9    
p>agraph 7#ab71 by /rik+ ! p]iod at !   
end & ins]t+ 2 &2 &  7,c7 by add+ at !  
end ! foll[+3  7#ac7 n be subject to !  
recordkeep+ & report+ requirem5ts relat+
 to monet>y in/rum5ts "u sub*apt] ,,ii (
 *apt] #ec ( title #ca1 ,unit$ ,/ates   
,code4  4  7#b7 ,title #ca1 ,unit$      
,/ates ,code ,section #ecab ( title #ca1
 ,unit$ ,/ates ,code1 is am5d$ by /rik+ 
subsection 7c7 & ins]t+ ! foll[+3  7c7  
,additional cl>ification ,! t]m f9ancial
 in/itution 7z def9$ 9 subsection 7a77--
 7#a7 includes any futures commission   
m]*ant1 commodity trad+ advisor1 or     
commodity pool op]ator regi/]$1 or      
requir$ to regi/]1 "u ! ,commodity      
,ex*ange ,act 7#g ,u4,s4,c4 #a et seq472
 &  7#b7 does n include a fund+ portal1 
z t t]m is def9$ 9 section #c7;a7 ( !   
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a774  4  7d7 ,provision 
( imp]sonal inve/m5t advice &           
recomm5dations ,section #c7;a7 ( !      
,securities ,ex*ange ,act ( #aicd 7#ae  

,u4,s4,c4 #gh;c7a77 is am5d$-- 7#a7 by  
r$esignat+ ! second p>agraph 7#hj7      
7relat+ to fund+ portals7 z p>agraph    
7#ha72 &  7#b7 9 p>agraph 7#ha77;,a71 z 
s r$esignat$1 by ins]t+ aft]            
recomm5dations ! foll[+3 7o!r ?an by    
provid+ imp]sonal inve/m5t advice by    
means ( writt5 mat]ial1 or an oral      
/atem5t1 t does n purport to meet !     
objectives or ne$s ( a specific         
individual or acc\nt74