,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #bfjg  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,april #ac1 #bjbc,mr4 
,mc,henry introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,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  7e7 ,t>get      
am\nts ( c]ta9 exempt$ (f]+s ,!         
,securities & ,ex*ange ,commission %all 
am5d p>agraph 7t77#a7 ( section #bbg4bja
 ( title #ag1 ,code ( ,f$]al            
,regulations s t su* p>agraph applies ) 
respect to an issu] (f]+ or sell+       
securities 9 reliance on section        
#d7;a77#f7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;d7a77#f77 if-- 7#a7 !
 (f]+s ( su* issu]1 toge!r ) all o!r    
am\nts sold "u su* section #d7;a77#f7 )9
 ! prec$+ #ab-mon? p]iod1 h1 9 !        
aggregate1 a t>get am\nt ( m ?an        
#abd1jjj b n m ?an #bej1jjj2  7#b7 !    
f9ancial /atem5ts ( su* issu] t h ei!r  

be5 review$ or audit$ by a public       
acc\ntant t is indep5d5t ( ! issu] are  
unavailable at ! "t ( fil+2 &  7#c7 su* 
issu] provides a /atem5t t f9ancial     
in=mation c]tifi$ by ! pr9cipal         
executive (fic] ( ! issu] has be5       
provid$ in/ead ( f9ancial /atem5ts      
review$ by a public acc\ntant t is      
indep5d5t ( ! issu]4  7f7 ,exemption    
available to inve/m5t companies ,section
 #d;,a7f7 ( ! ,securities ,act ( #aicc  
7#ae ,u4,s4,c4 #gg;d-#a7;f77 is am5d$-- 
7#a7 9 p>agraph 7#b71 by ins]t+ or aft] 
! semicolon2  7#b7 by /rik+ p>agraph    
7#c72 &  7#c7 by r$esignat+ p>agraph    
7#d7 z p>agraph 7#c74  7g7              
,non-,accr$it$ inve/or requirem5ts      
,section #d7;a77#f7 ( ! ,securities ,act
 ( #aicc 7#ae ,u4,s4,c4 #gg;d7a77#f77 is
 am5d$-- 7#a7 9 subp>agraph 7,a71 by    
/rik+ #a1jjj1jjj & ins]t+ #aj1jjj1jjj2 &
  7#b7 9 subp>agraph 7,b71 by /rik+ does
 n exce$ & all t foll[s ?r\gh m ?an     
#ajj1jjj & ins]t+ does n exce$ #aj p]c5t
 ( ! annual income or net wor? ( su*    

inve/or4  7h7 ,te*nical correction ,!   
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;a et seq47 is am5d$-- 7#a7 by /rik+ 
! t]m section #d7f7 ea* place su* t]m   
appe>s & ins]t+ section #d7;a77#f72 &   
7#b7 by /rik+ ! t]m section #d7f77;,b7  
ea* place su* t]m appe>s & ins]t+       
section #d7;a77#f77;,b74