,,ib ,union ,cal5d> ,no4 #aab #aah?     
,,congress  #a/ ,session  ,h4 ,r4 #bgii 
,report ,no4 #aah-adc1 ,"p ,i ,,9 ,,!   
,,h\se ,,( ,,repres5tatives  ,april #bd1
 #bjbc,mr4 ,mc,henry introduc$ ! foll[+ 
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices1 & 9 addition to !   
,committee on ,education & ! ,work=ce1 =
 a p]iod to be subsequ5tly det]m9$ by ! 
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,july #ag1          
#bjbc,report$ f ! ,committee on         
,f9ancial ,s]vices ) an amendment,strike
 out all aft] ! enact+ clause & ins]t ! 
"p pr9t$ 9 italic  ,july #ag1           
#bjbc;,committee on ,education & !      
,work=ce dis*>g$2 committ$ to !         
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union & ord]$ to be printed,for text 
( introduc$ bill1 see copy ( bill z     
introduc$ on ,april #bd1 #bjbc  ,a      
,,bill  ,to make re=ms to ! capital     
m>kets ( ! ,unit$ ,/ates1 & = o!r       
purposes4  #a4 ,%ort title2 table (     

cont5ts  7a7 ,%ort title ,?is ,act may  
be cit$ z ! ,exp&+ ,access to ,capital  
,act ( #bjbc4  7b7 ,table ( cont5ts ,!  
table ( cont5ts = ?is ,act is z foll[s3 
,sec4 #a4 ,%ort title2 table (          
cont5ts4,division ,a--,/r5g!n+ ,public  
,markets,title ,i--,remove ,ab]rations 9
 ! ,m>ket ,cap ,te/ = ,t>get ,company   
,f9ancial ,statements,sec4 #aaja4       
,avoid+ ab]rational results 9           
requirem5ts = acquisition & disposition 
f9ancial /atem5ts4,title ,,ii--,help+   
,/>tups ,cont9ue ,to ,grow,sec4 #abja4  
,%ort title4,sec4 #abjb4 ,em]g+ gr[?    
company crit]ia4,title ,,iii--,,sec &   
,,pcaob ,auditor ,requirem5ts = ,newly  
,public ,companies,sec4 #acja4 ,auditor 
indep5d5ce = c]ta9 pa/ audits occurr+   
be=e an issu] is a public company4,title
 ,,iv--,exp& ! ,protection = ,rese>*    
,reports to ,cov] ,all ,securities (    
,all ,issuers,sec4 #adja4 ,provision (  
rese>*4,title ,v--,exclude ,q,i,bs &    
,i,a,as f ! ,record ,hold] ,c\nt =      
,m&atory ,registration,sec4 #aeja4      

,exclusions f m&atory regi/ration       
?re%old4,title ,,vi--,exp& ,,wksi       
,eligibility,sec4 #afja4 ,def9ition (   
well-kn[n season$ issu]4,title          
,,vii--,small] report+ company1         
accel]at$ fil]1 & l>ge accel]at$ fil]   
thresholds,sec4 #agja4 ,small] report+  
company1 accel]at$ fil]1 & l>ge         
accel]at$ fil] ?re%olds4,division       
,b--,help+ ,small ,bus9esses &          
,entrepreneurs,title ,i--,unlock+       
,capital = ,small ,businesses,sec4      
#baja4 ,%ort title4,sec4 #bajb4 ,safe   
h>bors = private placem5t brok]s &      
f9d]s4,sec4 #bajc4 ,limitations on ,/ate
 law4,title ,,ii--,small ,bus9ess       
,inve/or ,capital ,access,sec4 #bbja4   
,%ort title4,sec4 #bbjb4 ,inflation     
adju/m5t = ! exemption ?re%old = c]ta9  
inve/m5t advis]s ( private funds4,title 
,,iii--,improv+ ,capital ,allocation =  
,newcomers,sec4 #bcja4 ,%ort title4,sec4
 #bcjb4 ,qualify+ v5ture capital        
funds4,title ,,iv--,small ,entrepr5eurs'
 ,emp[]m5t & ,development,sec4 #bdja4   

,%ort title4,sec4 #bdjb4 ,micro-(f]+    
exemption4,title ,v--,regulation ,a     
,improvement,sec4 #beja4 ,%ort          
title4,sec4 #bejb4 ,,jobs ,act-relat$   
exemption4,title ,,vi--,develop+ &      
,emp[]+ our ,aspir+ ,leaders,sec4 #bfja4
 ,%ort title4,sec4 #bfjb4               
,def9itions4,sec4 #bfjc4 ,reports4,title
 ,,vii--,improv+ ,cr[dfund+             
,opportunities,sec4 #bgja4 ,%ort        
title4,sec4 #bgjb4 ,cr[dfund+           
revisions4,title ,,viii--,re/or+ !      
,second>y ,trad+ ,market,sec4 #bhja4    
,%ort title4,sec4 #bhjb4 ,exemption f   
,/ate regulation4,division ,c--,increas+
 ,access to ,private ,markets,title     
,i--,gig ,work] ,equity                 
,compensation,sec4 #caja4 ,%ort         
title4,sec4 #cajb4 ,ext5sion ( ,rule    
#gja4,sec4 #cajc4 ,preemption ( c]ta9   
provisions ( ,/ate law4,sec4 #cajd4     
,,gao /udy4,title ,,ii--,inve/m5t       
,opportunity ,expansion,sec4 #cbja4     
,%ort title4,sec4 #cbjb4 ,inve/m5t      
?re%olds to qualify z an accr$it$       

inve/or4,title ,,iii--,risk ,disclosure 
& ,inve/or ,attestation,sec4 #ccja4     
,%ort title4,sec4 #ccjb4 ,inve/or       
atte/ation4,title ,,iv--,accr$it$       
inve/ors include individuals receiv+    
advice f c]ta9 professionals,sec4 #cdja4
 ,accr$it$ inve/ors include individuals 
receiv+ advice f c]ta9 pr(essionals4  ,a
 ,/r5g!n+ ,public ,m>kets  ,i ,remove   
,ab]rations 9 ! ,m>ket ,cap ,te/ =      
,t>get ,company ,f9ancial ,/atem5ts     
#aaja4 ,avoid+ ab]rational results 9    
requirem5ts = acquisition & disposition 
f9ancial /atem5ts ,! ,securities &      
,ex*ange ,commission %all revise section
 #baj4a-jb7w77#a77;i77,a7 ( title #ag1  
,code ( ,f$]al ,regulations1 to p]mit a 
regi/rant1 9 det]m9+ ! significance ( an
 acquisition or disposition describ$ 9  
su* section #baj4a-jb7w77#a77;i77,a71 to
 calculate ! regi/rant's aggregate      
worldwide m>ket value bas$ on !         
applicable trad+ value1 conv]sion value1
 or ex*ange value ( all ( ! regi/rant's 
out/&+ classes ( /ock 7includ+ pref]r$  

/ock & non-trad$ common %>es t are      
conv]tible into or ex*angeable = trad$  
common %>es7 & n j ! vot+ & non-vot+    
common equity ( ! regi/rant4  ,,ii      
,help+ ,/>tups ,cont9ue ,to ,gr[  #abja4
 ,%ort title ,?is title may be cit$ z ! 
,help+ ,/>tups ,cont9ue ,to ,gr[ ,act4  
#abjb4 ,em]g+ gr[? company crit]ia  7a7 
,securities ,act ( #aicc ,section       
#b7;a77#ai7 ( ! ,securities ,act ( #aicc
 7#ae ,u4,s4,c4 #gg;b7a77#ai77 is       
am5d$-- 7#a7 by /rik+ #a1jjj1jjj1jjj ea*
 place su* t]m appe>s & ins]t+          
#a1ejj1jjj1jjj2  7#b7 9 subp>agraph     
7,b7-- 7,a7 by /rik+ fif? & ins]t+      
#g-ye>2 &  7,b7 by add+ or at ! end2    
7#c7 9 subp>agraph 7,c71 by /rik+ 2 or &
 ins]t+ a p]iod2 &  7#d7 by /rik+       
subp>agraph 7,d74  7b7 ,securities      
,ex*ange ,act ( #aicd ,section #c7;a7 ( 
! ,securities ,ex*ange ,act ( #aicd 7#ae
 ,u4,s4,c4 #gh;c7a77 is am5d$1 9 ! fir/ 
p>agraph 7#hj7 7relat$ to em]g+ gr[?    
companies7-- 7#a7 by /rik+              
#a1jjj1jjj1jjj ea* place su* t]m appe>s 

& ins]t+ #a1ejj1jjj1jjj2  7#b7 9        
subp>agraph 7,b7-- 7,a7 by /rik+ fif? & 
ins]t+ #g-ye>2 &  7,b7 by add+ or at !  
end2  7#c7 9 subp>agraph 7,c71 by /rik+ 
2 or & ins]t+ a p]iod2 &  7#d7 by /rik+ 
subp>agraph 7,d74  ,,iii ,,sec & ,,pcaob
 ,auditor ,requirem5ts = ,newly ,public 
,companies  #acja4 ,auditor indep5d5ce =
 c]ta9 pa/ audits occurr+ be=e an issu] 
is a public company  7a7 ,auditor       
indep5d5ce /&>ds ( ! ,public ,company   
,acc\nt+ ,ov]sight ,bo>d ,section #ajc (
 ! ,s>banes-,oxley ,act ( #bjjb 7#ae    
,u4,s4,c4 #gbac7 is am5d$ by add+ at !  
end ! foll[+3  7e7 ,auditor indep5d5ce =
 c]ta9 pa/ audits occurr+ be=e an issu] 
is a public company ,) respect to an    
issu] t is a public company or an issu] 
t has fil$ a regi/ration /atem5t to     
become a public company1 ! auditor      
indep5d5ce rules e/abli%$ by ! ,bo>d )  
respect to audits occurr+ be=e ! la/    
fiscal ye> ( ! issu] complet$ be=e !    
issu] fil$ a regi/ration /atem5t to     
become a public company %all treat an   

auditor z indep5d5t if-- 7#a7 ! auditor 
is indep5d5t "u /&>ds e/abli%$ by !     
,am]ican ,in/itute ( ,c]tifi$ ,public   
,acc\ntants applicable to c]tifi$ public
 acc\ntants 9 ,unit$ ,/ates2 or  7#b7 ) 
respect to a =eign issu]1 ! auditor is  
indep5d5t "u comp>able /&>ds applicable 
to c]tifi$ public acc\ntants 9 ! issu]'s
 home c\ntry4  4  7b7 ,auditor          
indep5d5ce /&>ds ( ! ,securities &      
,ex*ange ,commission ,section #aj;,a ( !
 ,securities ,ex*ange ,act ( #aicd 7#ae 
,u4,s4,c4 #gh;j-#a7 is am5d$ by add+ at 
! end ! foll[+3  7n7 ,auditor indep5d5ce
 = c]ta9 pa/ audits occurr+ be=e an     
issu] is a public company ,) respect to 
an issu] t is a public company or an    
issu] t has fil$ a regi/ration /atem5t  
to become a public company1 ! auditor   
indep5d5ce rules e/abli%$ by !          
,commission "u ! securities laws )      
respect to audits occurr+ be=e ! la/    
fiscal ye> ( ! issu] complet$ be=e !    
issu] fil$ a regi/ration /atem5t to     
become a public company %all treat an   

auditor z indep5d5t if-- 7#a7 ! auditor 
is indep5d5t "u /&>ds e/abli%$ by !     
,am]ican ,in/itute ( ,c]tifi$ ,public   
,acc\ntants applicable to c]tifi$ public
 acc\ntants 9 ,unit$ ,/ates2 or  7#b7 ) 
respect to a =eign issu]1 ! auditor is  
indep5d5t "u comp>able /&>ds applicable 
to c]tifi$ public acc\ntants 9 ! issu]'s
 home c\ntry4  4  ,,iv ,exp& !          
,protection = ,rese>* ,reports to ,cov] 
,all ,securities ( ,all ,issu]s  #adja4 
,provision ( rese>* ,section #b7;a77#c7 
( ! ,securities ,act ( #aicc 7#ae       
,u4,s4,c4 #gg;b7a77#c77 is am5d$-- 7a7  
by /rik+ an em]g+ gr[? company & ins]t+ 
an issu]2  7b7 by /rik+ ! common equity 
& ins]t+ any2 &  7c7 by /rik+ su* em]g+ 
gr[? company & ins]t+ su* issu]4  ,v    
,exclude ,q,i,bs & ,i,a,as f ! ,record  
,hold] ,c\nt = ,m&atory ,regi/ration    
#aeja4 ,exclusions f m&atory regi/ration
 ?re%old  7a7 ,9 g5]al ,section         
#ab7;g77#a7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #ghl7g77#a77
 is am5d$-- 7#a7 9 subp>agraph 7,a77i71 

by ins]t+ aft] p]sons ! foll[+3 7t are n
 a qualifi$ in/itutional buy] or an     
in/itutional accr$it$ inve/or72 &  7#b7 
9 subp>agraph 7,b71 by ins]t+ aft]      
p]sons ! foll[+3 7t are n a qualifi$    
in/itutional buy] or an in/itutional    
accr$it$ inve/or74  7b7                 
,nonapplicability ( g5]al exemptive     
au?ority ,section #cf ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghmm7 %all n apply to ! matt] ins]t$ by
 ! am5dm5ts made by subsection 7a74     
,,vi ,exp& ,,wksi ,eligibility  #afja4  
,def9ition ( well-kn[n season$ issu] ,= 
purposes ( ! ,f$]al securities laws1 &  
regulations issu$ !reund]1 an issu] %all
 be a well-kn[n season$ issu] if-- 7#a7 
! aggregate m>ket value ( ! vot+ &      
non-vot+ common equity held by          
non-affiliates ( ! issu] is #bej1jjj1jjj
 or m 7z det]m9$ "u ,=m ,s-#c g5]al     
in/ruction ,i4,b4#a4 z 9 effect on !    
date ( enactm5t ( ?is ,act72 &  7#b7 !  
issu] o!rwise satisfies ! requirem5ts ( 
! def9ition ( well-kn[n season$ issu]   

conta9$ 9 section #bcj4dje ( title #ag1 
,code ( ,f$]al ,regulations )\t ref]5ce 
to any requirem5t 9 su* def9ition relat+
 to m9imum worldwide m>ket value (      
out/&+ vot+ & non-vot+ common equity    
held by non-affiliates4  ,,vii ,small]  
report+ company1 accel]at$ fil]1 & l>ge 
accel]at$ fil] ?re%olds  #agja4 ,small] 
report+ company1 accel]at$ fil]1 & l>ge 
accel]at$ fil] ?re%olds  7a7 ,small]    
report+ companies  7#a7 ,9 g5]al ,!     
,securities & ,ex*ange ,commission %all 
revise ! def9ition ( a small] report+   
company "u section #bbi4aj7;f77#a7 (    
title #ag1 ,code ( ,f$]al ,regulations--
 7,a7 9 p>agraph 7i71 by adju/+ ! public
 float ?re%old f #bej1jjj1jjj to        
#ejj1jjj1jjj2 &  7,b7 9 p>agraph 7ii7-- 
7i7 by adju/+ ! annual rev5ue ?re%old f 
#ajj1jjj1jjj to #bej1jjj1jjj2 &  7ii7 9 
p>agraph 7,b71 by adju/+ ! public float 
?re%old f #gjj1jjj1jjj to #ijj1jjj1jjj4 
7#b7 ,use ( ?ree-ye> roll+ av]age annual
 rev5ues ,! ,securities & ,ex*ange      
,commission %all revise p>agraphs       

7#a77;ii7 & 7#b77;iii77,b7 "u !         
def9ition ( small] report+ company "u   
section #bbi4aj7;f77#a7 ( title #ag1    
,code ( ,f$]al ,regulations1 by         
sub/itut+ ?ree-ye> roll+ av]age annual  
rev5ues = annual rev5ues4  7#c7 ,con=m+ 
*anges ,! ,securities & ,ex*ange        
,commission %all revise ! def9ition ( a 
small] report+ company "u sections      
#bcj4dje & #bdj4ab;b-#b ( title #ag1    
,code ( ,f$]al ,regulations1 & any o!r  
rule ( ! ,commission 9 ! same mann] z   
su* def9ition is revis$ "u p>agraphs    
7#a7 & 7#b74  7b7 ,accel]at$ fil]s &    
l>ge accel]at$ fil]s  7#a7 ,l>ge        
accel]at$ fil] ,! ,securities & ,ex*ange
 ,commission %all revise ! def9ition ( a
 l>ge accel]at$ fil] "u section         
#bdj4ab;b-#b7b7 ( title #ag1 ,code (    
,f$]al ,regulations1 to increase !      
?re%old am\nt 7= ! aggregate worldwide  
m>ket value ( ! vot+ & non-vot+ common  
equity held by non-affiliates ( an      
issu]7 f #gjj1jjj1jjj to #gej1jjj1jjj4  
7#b7 ,?re%old to exit accel]at$ fil]    

/atus ,! ,securities & ,ex*ange         
,commission %all revise section         
#bdj4ab;b-#b7c77;ii7 ( title #ag1 ,code 
( ,f$]al ,regulations1 to increase !    
?re%old am\nt 7= ! aggregate worldwide  
m>ket value ( ! vot+ & non-vot+ common  
equity held by non-affiliates ( an      
issu]7 at :i* an issu] is no long] an   
accel]at$ fil] f #fj1jjj1jjj to         
#ge1jjj1jjj4  7#c7 ,?re%old to exit l>ge
 accel]at$ fil] /atus ,! ,securities &  
,ex*ange ,commission %all revise section
 #bdj4ab;b-#b7c77;iii7 ( title #ag1     
,code ( ,f$]al ,regulations1 to increase
 ! ?re%old am\nt 7= ! aggregate         
worldwide m>ket value ( ! vot+ &        
non-vot+ common equity held by          
non-affiliates ( an issu]7 at :i* an    
issu] is no long] a l>ge accel]at$ fil] 
f #efj1jjj1jjj to #gej1jjj1jjj4  7#d7   
,exclusion ( small] report+ companies ,!
 ,securities & ,ex*ange ,commission %all
 revise ! def9itions ( an accel]at$ fil]
 & a l>ge accel]at$ fil] "u p>agraphs   
7#a7 & 7#b7 ( section #bdj4ab;b-#b (    

title #ag1 ,code ( ,f$]al ,regulations1 
respectively1 to exclude any issu] t is 
a small] report+ company1 z def9$ "u    
section #bbi4aj7;f77#a7 ( title #ag1    
,code ( ,f$]al ,regulations4  ,b ,help+ 
,small ,bus9esses & ,entrepr5eurs  ,i   
,unlock+ ,capital = ,small ,bus9esses   
#baja4 ,%ort title ,?is title may be    
cit$ z ! ,unlock+ ,capital = ,small     
,bus9esses ,act ( #bjbc4  #bajb4 ,safe  
h>bors = private placem5t brok]s & f9d]s
  7a7 ,9 g5]al ,section #ae ( !         
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gho7 is am5d$ by add+ at !   
end ! foll[+3  7p7 ,private placem5t    
brok] safe h>bor  7#a7 ,regi/ration     
requirem5ts ,n lat] ?an #ahj days aft] !
 date ( ! enactm5t ( ?is subsection !   
,commission %all promulgate regulations 
) respect to private placem5t brok]s t  
are no m /r+5t ?an ^? impos$ on fund+   
portals4  7#b7 ,national securities     
associations ,n lat] ?an #ahj days aft] 
! date ( ! enactm5t ( ?is subsection !  
,commission %all promulgate regulations 

t require ! rules ( any national        
securities association to all[ a private
 placem5t brok] to become a memb] ( su* 
national securities association subject 
to r$uc$ memb]%ip requirem5ts consi/5t )
 ?is subsection4  7#c7 ,disclosures     
requir$ ,be=e effect+ a transaction1 a  
private placem5t brok] %all disclose    
cle>ly & conspicu\sly1 9 writ+1 to all  
p>ties to ! transaction z a result ( !  
brok]'s activities-- 7,a7 t ! brok] is  
act+ z a private placem5t brok]2  7,b7 !
 am\nt ( any paym5t or anticipat$ paym5t
 = s]vices r5d]$ z a private placem5t   
brok] 9 connection ) su* transaction2   
7,c7 ! p]son to :om any su* paym5t is   
made2 &  7,d7 any b5eficial int]e/ 9 !  
issu]1 direct or indirect1 ( ! private  
placem5t brok]1 ( a memb] ( ! imm$iate  
family ( ! private placem5t brok]1 ( an 
associat$ p]son ( ! private placem5t    
brok]1 or ( a memb] ( ! imm$iate family 
( su* associat$ p]son4  7#d7 ,private   
placem5t brok] def9$ ,9 ?is subsection1 
! t]m private placem5t brok] means a    

p]son t-- 7,a7 receives transaction-bas$
 comp5sation-- 7i7 = effect+ a          
transaction by-- 7,i7 introduc+ an issu]
 ( securities & a buy] ( su* securities 
9 connection ) ! sale ( a bus9ess       
effect$ z ! sale ( securities2 or       
7,,ii7 introduc+ an issu] ( securities &
 a buy] ( su* securities 9 connection ) 
! placem5t ( securities 9 transactions t
 are exempt f regi/ration requirem5ts "u
 ! ,securities ,act ( #aicc2 &  7ii7 t  
is n ) respect to-- 7,i7 a class (      
publicly trad$ securities2  7,,ii7 !    
securities ( an inve/m5t company 7z     
def9$ 9 section #c ( ! ,inve/m5t        
,company ,act ( #aidj72 or  7,,iii7 a   
v>iable or equity-index$ annuity or o!r 
v>iable or equity-index$ life insurance 
product2  7,b7 ) respect to a           
transaction = :i* su* transaction-bas$  
comp5sation is receiv$-- 7i7 does n h&le
 or take possession ( ! funds or        
securities2 &  7ii7 does n engage 9 an  
activity t requires regi/ration z an    
inve/m5t advis] "u ,/ate or ,f$]al law2 

&  7,c7 is n a f9d] z def9$ "u          
subsection 7q74  7q7 ,f9d] safe h>bor   
7#a7 ,nonregi/ration ,a f9d] is exempt f
 ! regi/ration requirem5ts ( ?is ,act4  
7#b7 ,national securities associations  
,a f9d] %all n be requir$ to become a   
memb] ( any national securities         
association4  7#c7 ,f9d] def9$ ,9 ?is   
subsection1 ! t]m f9d] means a p]son    
describ$ 9 p>agraphs 7,a7 & 7,b7 (      
subsection 7p77#d7 t-- 7,a7 receives    
transaction-bas$ comp5sation ( equal to 
or less ?an #ejj1jjj 9 any cal5d> ye>2  
7,b7 receives transaction-bas$          
comp5sation 9 connection ) transactions 
t result 9 a s+le issu] sell+ securities
 valu$ at equal to or less ?an          
#ae1jjj1jjj 9 any cal5d> ye>2  7,c7     
receives transaction-bas$ comp5sation 9 
connection ) transactions t result 9 any
 comb9ation ( issu]s sell+ securities   
valu$ at equal to or less ?an           
#cj1jjj1jjj 9 any cal5d> ye>2 or  7,d7  
receives transaction-bas$ comp5sation 9 
connection ) few] ?an #af transactions t

 are n "p ( ! same (f]+ or are o!rwise  
unrelat$ 9 any cal5d> ye>4  4  7b7      
,validity ( contracts ) regi/]$ private 
placem5t brok]s & f9d]s ,section #bi ( !
 ,securities ,ex*ange ,act ( #aicd 7#ae 
,u4,s4,c4 #gh;cc7 is am5d$ by add+ at ! 
end ! foll[+3  7d7 ,subsection 7b7 %all 
n apply to a contract made = a          
transaction if-- 7#a7 ! transaction is  
"o 9 :i* ! issu] engag$ ! s]vices ( a   
brok] or deal] t is n regi/]$ "u ?is    
,act ) respect to su* transaction2  7#b7
 su* issu] receiv$ a self-c]tification f
 su* brok] or deal] c]tify+ t su* brok] 
or deal] is a regi/]$ private placem5t  
brok] "u section #ae7p7 or a f9d] "u    
section #ae7q72 &  7#c7 ! issu] ei!r did
 n "k t su* self-c]tification 0 false or
 did n h a reasonable basis to believe t
 su* self-c]tification 0 false4  4  7c7 
,removal ( private placem5t brok]s f    
def9itions ( brok]  7#a7 ,records &     
reports on monet>y in/rum5ts            
transactions ,section #ecab ( title #ca1
 ,unit$ ,/ates ,code1 is am5d$ 9        

subsection 7a77#b77;,g7 by ins]t+ ) !   
exception ( a private placem5t brok] z  
def9$ 9 section #ae7p77#d7 ( !          
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gho7p77#d77 be=e ! semicolon 
at ! end4  7#b7 ,securities ,ex*ange    
,act ( #aicd ,section #c7;a77#d7 ( !    
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#d77 is am5d$ by add+
 at ! end ! foll[+3  7,g7 ,private      
placem5t brok]s ,a private placem5t     
brok] z def9$ 9 section #ae7p77#d7 is n 
a brok] = ! purposes ( ?is ,act4  4     
#bajc4 ,limitations on ,/ate law        
,section #ae7;i7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gho7i77 is am5d$-- 7#a7 by r$esignat+  
p>agraphs 7#c7 & 7#d7 z p>agraphs 7#d7 &
 7#e71 respectively2  7#b7 by ins]t+    
aft] p>agraph 7#b7 ! foll[+3  7#c7      
,private placem5t brok]s & f9d]s  7,a7  
,9 g5]al ,no ,/ate or political         
subdivision !re( may en=ce any law1     
rule1 regulation1 or o!r adm9i/rative   
action t imposes great] regi/ration1    

audit1 f9ancial recordkeep+1 or report+ 
requirem5ts on a private placem5t brok] 
or f9d] ?an ^? t are requir$ "u         
subsections 7p7 & 7q71 respectively4    
7,b7 ,def9ition ( ,/ate ,= purposes (   
?is p>agraph1 ! t]m ,/ate includes !    
,di/rict ( ,columbia & ea* t]ritory ( ! 
,unit$ ,/ates4  2 &  7#c7 9 p>agraph    
7#d71 z s r$esignat$1 by /rik+ p>agraph 
7#c7 & ins]t+ p>agraph 7#e74  ,,ii      
,small ,bus9ess ,inve/or ,capital       
,access  #bbja4 ,%ort title ,?is title  
may be cit$ z ! ,small ,bus9ess ,inve/or
 ,capital ,access ,act4  #bbjb4         
,inflation adju/m5t = ! exemption       
?re%old = c]ta9 inve/m5t advis]s (      
private funds ,section #bjc7m7 ( !      
,inve/m5t ,advis]s ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;b-#c7m77 is am5d$ by add+ 
at ! end ! foll[+3  7#e7 ,inflation     
adju/m5t ,! ,commission %all adju/ !    
doll> am\nt describ$ "u p>agraph 7#a7-- 
7,a7 ^u enactm5t ( ?is p>agraph1 to     
reflect ! *ange 9 ! ,consum] ,price     
,index = ,all ,urban ,consum]s publi%$  

by ! ,bureau ( ,labor ,/ati/ics ( !     
,dep>tm5t ( ,labor betwe5 ! date (      
enactm5t ( ! ,private ,fund ,inve/m5t   
,advis]s ,regi/ration ,act ( #bjaj & !  
date ( enactm5t ( ?is p>agraph2 &  7,b7 
annually !reaft]1 to reflect ! *ange 9 !
 ,consum] ,price ,index = ,all ,urban   
,consum]s publi%$ by ! ,bureau ( ,labor 
,/ati/ics ( ! ,dep>tm5t ( ,labor4  4    
,,iii ,improv+ ,capital ,allocation =   
,newcom]s  #bcja4 ,%ort title ,?is title
 may be cit$ z ! ,improv+ ,capital      
,allocation = ,newcom]s ,act ( #bjbc4   
#bcjb4 ,qualify+ v5ture capital funds   
,section #c7;c77#a7 ( ! ,inve/m5t       
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#c7;c77#a77 is am5d$-- 7#a7 9 !   
matt] prec$+ subp>agraph 7,a71 by /rik+ 
#bej p]sons & ins]t+ #fjj p]sons2 &     
7#b7 9 subp>agraph 7,c77i71 by /rik+    
#aj1jjj1jjj & ins]t+ #aej1jjj1jjj4  ,,iv
 ,small ,entrepr5eurs' ,emp[]m5t &      
,developm5t  #bdja4 ,%ort title ,?is    
title may be cit$ z ! ,small            
,entrepr5eurs' ,emp[]m5t & ,developm5t  

,act ( #bjbc or ! ,,se$ ,act ( #bjbc4   
#bdjb4 ,micro-(f]+ exemption  7a7 ,9    
g5]al ,section #d ( ! ,securities ,act (
 #aicc 7#ae ,u4,s4,c4 #gg;d7 is am5d$-- 
7#a7 9 subsection 7a71 by add+ at ! end 
! foll[+3  7#h7 transactions meet+ !    
requirem5ts ( subsection 7f74  2 &  7#b7
 by add+ at ! end ! foll[+3  7f7        
,micro-,(f]+s ,! transactions ref]r$ to 
9 subsection 7a77#h7 are transactions   
involv+ ! sale ( securities by an issu] 
7includ+ all entities controll$ by or "u
 common control ) ! issu]7 :]e !        
aggregate am\nt ( all securities sold by
 ! issu]1 includ+ any am\nt sold 9      
reliance on ! exemption provid$ "u      
subsection 7a77#h71 dur+ ! #ab-mon?     
p]iod prec$+ su* transaction1 does n    
exce$ #bej1jjj4  4  7b7                 
,disqualification  7#a7 ,9 g5]al ,n lat]
 ?an #bgj days aft] ! date ( enactm5t ( 
?is ,act1 ! ,securities & ,ex*ange      
,commission %all1 by rule1 e/abli%      
disqualification provisions "u :i* an   
issu] %all n be eligible to (f]         

securities pursuant to section          
#d7;a77#h7 ( ! ,securities ,act ( #aicc1
 z add$ by ?is section4  7#b7           
,inclusions ,disqualification provisions
 requir$ by ?is subsection %all-- 7,a7  
be sub/antially simil> to ! provisions (
 section #bcj4ejf7;d7 ( title #ag1 ,code
 ( ,f$]al ,regulations 7or any successor
 !reto72 &  7,b7 disqualify any (f]+ or 
sale ( securities by a p]son t-- 7i7 is 
subject to a f9al ord] ( a cov]$        
regulator t-- 7,i7 b>s ! p]son f-- 7aa7 
association ) an entity regulat$ by !   
cov]$ regulator2  7bb7 engag+ 9 !       
bus9ess ( securities1 insurance1 or     
bank+2 or  7cc7 engag+ 9 sav+s          
association or cr$it union activities2  
or  7,,ii7 con/itutes a f9al ord] bas$  
on a violation ( any law or regulation t
 prohibits fraudul5t1 manipulative1 or  
deceptive conduct1 if su* f9al ord] 0   
issu$ )9 ! previ\s #aj-ye> p]iod2 or    
7ii7 has be5 convict$ ( any felony or   
misdemeanor 9 connection ) ! pur*ase or 
sale ( any security or involv+ ! mak+ ( 

any false fil+ ) ! ,commission4  7#c7   
,cov]$ regulator def9$ ,9 ?is           
subsection1 ! t]m cov]$ regulator       
means-- 7,a7 a ,/ate securities         
commission 7or an ag5cy or (fic] ( a    
,/ate p]=m+ l functions72  7,b7 a ,/ate 
au?ority t sup]vises or exam9es banks1  
sav+s associations1 or cr$it unions2    
7,c7 a ,/ate insurance commission 7or an
 ag5cy or (fic] ( a ,/ate p]=m+ l       
functions72  7,d7 a ,f$]al bank+ ag5cy  
7z def9$ "u section #c ( ! ,f$]al       
,deposit ,insurance ,act72 &  7,e7 !    
,national ,cr$it ,union ,adm9i/ration4  
7c7 ,exemption "u ,/ate regulations     
,section #ah7;b77#d7 ( ! ,securities    
,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#d77
 is am5d$-- 7#a7 9 subp>agraph 7,f71 by 
/rik+ or at ! end2  7#b7 9 subp>agraph  
7,g71 by /rik+ ! p]iod & ins]t+ 2 or2 & 
7#c7 by add+ at ! end ! foll[+3  7,h7   
section #d7;a77#h74  4  ,v ,regulation  
,a ,improvem5t  #beja4 ,%ort title ,?is 
title may be cit$ z ! ,regulation ,a    
,improvem5t ,act ( #bjbc4  #bejb4 ,,jobs

 ,act-relat$ exemption ,section #c7;b7 (
 ! ,securities ,act ( #aicc 7#ae        
,u4,s4,c4 #gg;c7b77 is am5d$-- 7#a7 9   
p>agraph 7#b77;,a71 by /rik+ #ej1jjj1jjj
 & ins]t+ #aej1jjj1jjj1 adju/$ =        
inflation by ! ,commission e #b ye>s to 
! ne>e/ #aj1jjj to reflect ! *ange 9 !  
,consum] ,price ,index = ,all ,urban    
,consum]s publi%$ by ! ,bureau ( ,labor 
,/ati/ics2 &  7#b7 9 p>agraph 7#e7--    
7,a7 by /rik+ su* am\nt z & ins]t+3 su* 
am\nt1 9 addition to ! adju/m5t =       
inflation provid$ = "u su* p>agraph     
7#b77;,a71 z2 &  7,b7 by /rik+ su*      
am\nt1 x & ins]t+ su* am\nt1 9 addition 
to ! adju/m5t = inflation provid$ = "u  
su* p>agraph 7#b77;,a71 x4  ,,vi        
,develop+ & ,emp[]+ our ,aspir+ ,lead]s 
#bfja4 ,%ort title ,?is title may be    
cit$ z ! ,develop+ & ,emp[]+ our ,aspir+
 ,lead]s ,act ( #bjbc or ! ,,deal ,act (
 #bjbc4  #bfjb4 ,def9itions ,n lat] ?an 
! end ( ! #ahj-;day p]iod beg9n+ on !   
date ( ! enactm5t ( ?is ,act1 !         
,securities & ,ex*ange ,commission %all1

 to ! ext5t su* revisions facilitate    
capital =mation )\t compromis+ inve/or  
protection-- 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 su* def9ition2 & 
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 ei!r-- 7,a7          
pr$om9antly qualify+ inve/m5ts t 7      
acquir$ directly f a qualify+ portfolio 
company2 or  7,b7 pr$om9antly qualify+  
inve/m5ts 9 ano!r v5ture capital fund or
 o!r v5ture capital funds4  #bfjc4      
,reports  7a7 ,,gao report ,!           
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all issue a report to ,congress on !   

risks & impacts ( conc5trat$ sectoral   
c\nt]p>ty risk 9 ! bank+ sector1 9 light
 ( ! failure ( ,silicon ,valley ,bank4  
7b7 ,advocate = ,small ,bus9ess ,capital
 ,=mation report ,! ,advocate = ,small  
,bus9ess ,capital ,=mation %all issue a 
report to ,congress & ! ,securities &   
,ex*ange ,commission-- 7#a7 exam9+ !    
access to bank+ s]vices = v5ture funds &
 companies fund$ by v5ture capital1 9   
light ( ! failure ( ,silicon ,valley    
,bank1 especially ^? funds & companies  
locat$ outside ( ! e/abli%$ te*nology & 
v5ture capital hubs ( ,cali=nia1        
,massa*usetts1 & ,new ,york2 &  7#b7    
conta9+ any policy recomm5dations ( !   
,advocate4  ,,vii ,improv+ ,cr[dfund+   
,opportunities  #bgja4 ,%ort title ,?is 
title may be cit$ z ! ,improv+          
,cr[dfund+ ,opportunities ,act4  #bgjb4 
,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#f777 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$-- 7#a7 by /rik+ ! t]m section  
#d7f7 ea* place su* t]m appe>s & ins]t+ 
section #d7;a77#f72  7#b7 by /rik+ ! t]m
 section #d7f77;,b7 ea* place su* t]m   
appe>s & ins]t+ section #d7;a77#f77;,b72
 &  7#c7 9 section #d;,a7f71 by /rik+   
,section #d7f7 & ins]t+ ,section        
#d7;a77#f74  ,,viii ,re/or+ ! ,second>y 
,trad+ ,m>ket  #bhja4 ,%ort title ,?is  
title may be cit$ z ! ,re/or+ !         
,second>y ,trad+ ,m>ket ,act4  #bhjb4   
,exemption f ,/ate regulation ,section  
#ah7;a7 ( ! ,securities ,act ( #aicc    
7#ae ,u4,s4,c4 #ggr7a77 is am5d$-- 7#a7 

9 p>agraph 7#b71 by /rik+ or at ! end2  
7#b7 9 p>agraph 7#c71 by /rik+ ! p]iod  
at ! end & ins]t+ 2 or2 &  7#c7 by add+ 
at ! end ! foll[+3  7#d7 %all directly  
or indirectly prohibit1 limit1 or impose
 any conditions ^u ! (f-ex*ange second>y
 trad+ 7z su* t]m is def9$ by !         
,commission7 9 securities ( an issu] t  
makes curr5t in=mation publicly         
available1 includ+-- 7,a7 ! in=mation   
requir$ 9 ! p]iodic & curr5t reports    
describ$ "u p>agraph 7b7 ( section      
#bcj4beg ( title #ag1 ,code ( ,f$]al    
,regulations2 or  7,b7 ! docum5ts &     
in=mation requir$ ) respect to ,ti] #b  
(f]+s1 z def9$ 9 section #bcj4bea7;a7 ( 
title #ag1 ,code ( ,f$]al ,regulations4 
4  ,c ,increas+ ,access to ,private     
,m>kets  ,i ,gig ,work] ,equity         
,comp5sation  #caja4 ,%ort title ,?is   
title may be cit$ z ! ,gig ,work]       
,equity ,comp5sation ,act4  #cajb4      
,ext5sion ( ,rule #gja  7a7 ,9 g5]al ,! 
exemption provid$ "u section #bcj4gja ( 
title #ag1 ,code ( ,f$]al ,regulations1 

%all apply to individuals 7o!r ?an      
employees7 provid+ goods = sale1 labor1 
or s]vices = remun]ation to ei!r an     
issu] or to cu/om]s ( an issu] to ! same
 ext5t z su* exemptions apply to        
employees ( ! issu]4 ,= purposes ( !    
previ\s s5t5ce1 ! t]m cu/om]s may1 at ! 
election ( an issu]1 include us]s ( !   
issu]'s plat=m4  7b7 ,adju/m5t =        
inflation ,! ,securities & ,ex*ange     
,commission %all annually adju/ ! doll> 
figure "u section #bcj4gja7;e7 ( title  
#ag1 ,code ( ,f$]al ,regulations1 to    
reflect ! p]c5tage *ange 9 ! ,consum]   
,price ,index = ,all ,urban ,consum]s   
publi%$ by ! ,bureau ( ,labor ,/ati/ics 
( ! ,dep>tm5t ( ,labor4  7c7 ,rulemak+  
,! ,securities & ,ex*ange ,commission-- 
7#a7 %all revise section #bcj4gja (     
title #ag1 ,code ( ,f$]al ,regulations1 
to reflect ! requirem5ts ( ?is section2 
&  7#b7 may n revise su* section        
#bcj4gja 9 any mann] t w\ld h ! effect (
 re/rict+ access to equity comp5sation =
 employees or individuals describ$ "u   

subsection 7a74  #cajc4 ,preemption (   
c]ta9 provisions ( ,/ate law ,any       
provision ( a ,/ate law ) respect to    
wage rates or b5efits t creates a       
presumption t an individual provid+     
goods = sale1 labor1 or s]vices =       
remun]ation = a p]son is an employee (  
su* p]son "u su* law is preempt$4       
#cajd4 ,,gao /udy ,n lat] ?an ! end ( ! 
#c-ye> p]iod beg9n+ on ! date ( enactm5t
 ( ?is ,act1 ! ,comptroll] ,g5]al ( !   
,unit$ ,/ates %all c>ry out a /udy on ! 
effects ( ?is title & submit a report on
 su* /udy to ! ,congress4  ,,ii         
,inve/m5t ,opportunity ,expansion       
#cbja4 ,%ort title ,?is title may be    
cit$ z ! ,inve/m5t ,opportunity         
,expansion ,act4  #cbjb4 ,inve/m5t      
?re%olds to qualify z an accr$it$       
inve/or ,section #b7;a77#ae7 ( !        
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;b7a77#ae77 is am5d$-- 7#a7 by /rik+ 
7#ae7 ,! t]m accr$it$ inve/or %all      
mean-- & ins]t+ ! foll[+3  7#ae7        
,accr$it$ inve/or  7,a7 ,9 g5]al ,! t]m 

accr$it$ inve/or means--  2  7#b7 9     
clause 7i71 by /rik+ or at ! end2  7#c7 
9 clause 7ii71 by /rik+ ! p]iod at ! end
 & ins]t+ a semicolon2 &  7#d7 by add+  
at ! end ! foll[+3  7iii7 ) respect to a
 propos$ transaction1 any individual ^: 
aggregate inve/m5t1 at ! completion (   
su* transaction1 9 securities ) respect 
to :i* !re has n be5 a public (f]+ is n 
m ?an #aj p]c5t ( ! great] (-- 7,i7 !   
net assets ( ! individual2 or  7,,ii7 ! 
annual income ( ! individual2  4  ,,iii 
,risk ,disclosure & ,inve/or ,atte/ation
  #ccja4 ,%ort title ,?is title may be  
cit$ z ! ,risk ,disclosure & ,inve/or   
,atte/ation ,act4  #ccjb4 ,inve/or      
atte/ation  7a7 ,9 g5]al ,section       
#b7;a77#ae7 ( ! ,securities ,act ( #aicc
 7#ae ,u4,s4,c4 #gg;b7a77#ae771 z am5d$ 
by section #cbjb1 is fur!r am5d$ by add+
 at ! end ! foll[+3  7iv7 ) respect to  
an issu]1 any individual t has atte/$ to
 ! issu] t ! individual und]/&s ! risks 
( inve/m5t 9 private issu]s1 us+ su* =m 
z ! ,commission %all e/abli%1 by rule1 b

 :i* =m may n be long] ?an #b pages 9   
l5g?2 or  4  7b7 ,rulemak+ ,n lat] ?an !
 end ( ! #a-ye> p]iod beg9n+ on ! date (
 enactm5t ( ?is ,act1 ! ,securities &   
,ex*ange ,commission %all issue rules to
 c>ry out ! am5dm5ts made by subsection 
7a71 includ+ e/abli%+ ! =m requir$ "u   
su* am5dm5ts4  ,,iv ,accr$it$ inve/ors  
include individuals receiv+ advice f    
c]ta9 pr(essionals  #cdja4 ,accr$it$    
inve/ors include individuals receiv+    
advice f c]ta9 pr(essionals  7a7        
,securities ,act ( #aicc ,section       
#b7;a77#ae7 ( ! ,securities ,act ( #aicc
 7#ae ,u4,s4,c4 #gg;b7a77#ae771 z am5d$ 
by sections #cbjb & #ccjb1 is fur!r     
am5d$ by add+ at ! end ! foll[+3  7v7   
any individual receiv+ individualiz$    
inve/m5t advice or individualiz$        
inve/m5t recomm5dations ) respect to !  
applicable transaction f an individual  
describ$ "u section #bjc4eja7;a77#aj7 ( 
title #ag1 ,code ( ,f$]al ,regulations4 
7,b7 ,def9itions ,9 subp>agraph 7,a77v73
 7i7 ,inve/m5t advice ,! t]m inve/m5t   

advice %all be int]pret$ consi/5tly ) ! 
int]pretation ( ! phrase engages 9 !    
bus9ess ( advis+ o!rs1 ei!r directly or 
?r\gh publications or writ+s1 z to !    
value ( securities or z to !            
advisability ( inve/+ 91 pur*as+1 or    
sell+ securities "u section             
#bjb7;a77#aa7 ( ! ,inve/m5t ,advis]s    
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a77#aa774  7ii7 ,inve/m5t     
recomm5dation ,! t]m inve/m5t           
recomm5dation %all be int]pret$         
consi/5tly ) ! int]pretation ( ! t]m    
recomm5dation "u section #bdj4ael-#a (  
title #ag1 ,code ( ,f$]al ,regulations4 
4  7b7 ,con=m+ *anges to regulations ,! 
,securities & ,ex*ange ,commission %all 
revise section #bjc4eja7;a7 ( title #ag1
 ,code ( ,f$]al ,regulations1 & any o!r 
def9ition ( accr$it$ inve/or 9 a rule ( 
! ,commission 9 ! same mann] z su*      
def9ition is revis$ "u subsection 7a74  
,july #ag1 #bjbc,report$ f ! ,committee 
on ,f9ancial ,s]vices ) an              
amendment,july #ag1 #bjbc;,committee on 

,education & ! ,work=ce dis*>g$2        
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union & ord]$ to be    
pr9t$