,,ii  #aah? ,,congress  #a/ ,session    
,s4 #cbhf  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #i1 #bjbc,mr4 
,casey 7= himself & ,mr4 ,scott (       
,florida7 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 am5d ! rules ( !
 ,commission relat+ to disclosures by   
advis]s ( private funds1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,disclos+ ,inve/m5ts 9     
,=eign ,adv]s>ies ,act ( #bjbc4  #b4    
,def9itions ,9 ?is ,act3 7#a7           
,commission ,! t]m ,commission means !  
,securities & ,ex*ange ,commission4     
7#b7 ,c\ntry ( conc]n ,! t]m c\ntry (   
conc]n-- 7,a7 has ! mean+ giv5 ! t]m    
cov]$ nation 9 section #dhgb7;d7 ( title
 #aj1 ,unit$ ,/ates ,code2 &  7,b7      
includes a jurisdiction t ! ,commission1
 9 consultation ) ! ,secret>y ( ,/ate & 
! ,secret>y ( ! ,treasury1 det]m9es to  
be subject to ! political & legal       

control ( a cov]$ nation1 z def9$ 9     
section #dhgb7;d7 ( title #aj1 ,unit$   
,/ates ,code4  7#c7 ,cov]$ entity ,! t]m
 cov]$ entity means an entity or p]son t
 is requir$ to file ,=m ,,pf4  7#d7     
,exempt report+ advis] ,! t]m exempt    
report+ advis] means an inve/m5t advis] 
describ$ 9 section #bge4bjd-d7;a7 (     
title #ag1 ,code ( ,f$]al ,regulations1 
or any successor regulation4  7#e7 ,=m  
,,adv ,! t]m ,=m ,,adv means ! =m       
describ$ 9 section #bgi4a ( title #ag1  
,code ( ,f$]al ,regulations1 or any     
successor regulation4  7#f7 ,=m ,,pf ,! 
t]m ,=m ,,pf means ! =m describ$ 9      
section #bgi4i ( title #ag1 ,code (     
,f$]al ,regulations1 or any successor   
regulation4  7#g7 ,private fund ,! t]m  
private fund has ! mean+ giv5 ! t]m 9   
section #bjb7;a7 ( ! ,inve/m5t ,advis]s 
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;b-#b7;a774  7#h7 ,private fund      
assets ,! t]m private fund assets has ! 
mean+ giv5 ! t]m 9 section              
#bge4bjd7;b7-#a ( title #ag1 ,code (    

,f$]al ,regulations1 or any successor   
regulation4  #c4 ,enhanc$ disclosure    
requirem5ts = advis]s ( private funds   
7a7 ,requirem5ts  7#a7 ,9 g5]al ,n lat] 
?an #a ye> aft] ! date ( enactm5t ( ?is 
,act1 ! ,commission %all am5d ,=m ,,pf &
 ,=m ,,adv1 & ! rules ( ! ,commission   
gov]n+ ! submission ( ,=m ,,pf & ,=m    
,,adv1 to1 subject to p>agraph 7#b71    
require ea* cov]$ entity & ea* exempt   
report+ advis] to annually disclose :5  
submitt+ ,=m ,,pf or ,=m ,,adv1         
respectively1 ! total private fund      
assets 9 c\ntries ( conc]n attributable 
to ! private funds advis$ by ! cov]$    
entity or exempt report+ advis]1 z      
applicable1 :i* %all be brok5 d[n by !  
p]c5tage ( ^? assets 9 ea* c\ntry (     
conc]n4  7#b7 ,application ,= ! purposes
 ( p>agraph 7#a71 ! ,commission %all    
det]m9e :e!r a private fund asset is 9 a
 c\ntry ( conc]n bas$ on-- 7,a7 ! am\nt 
( capital t is inve/$ 9 an entity       
7includ+ a subsidi>y ( an entity7-- 7i7 
t has a physical pres5ce or employees 9 

t c\ntry ( conc]n2 or  7ii7 ! plurality 
( ! sales ( :i* are f t c\ntry ( conc]n2
 &  7,b7 ! proportion ( ! total assets &
 liabilities ( an entity describ$ 9     
subp>agraph 7,a7 t are locat$ 9 t c\ntry
 ( conc]n4  7b7 ,report+ by ,commission 
7#a7 ,publicly available reports  7,a7  
,9 g5]al ,n lat] ?an #a ye> aft] ! date 
on :i* ! ,commission makes ! am5dm5ts   
requir$ "u subsection 7a71 & n less     
frequ5tly ?an annually !reaft]1 !       
,commission %all prep>e & make publicly 
available a report conta9+ a li/ ( cov]$
 entities & exempt report+ advis]s t1 = 
! p]iod cov]$ by ! report1 h disclos$ m 
?an #j private fund assets "u ,=m ,,pf  
or ,=m ,,adv 7z am5d$ pursuant to t     
subsection7 9 at lea/ #a c\ntry (       
conc]n1 :i* %all be aggregat$ by ! cov]$
 entity or exempt report+ advis] mak+ t 
disclosure4  7,b7 ,additional           
requirem5ts ,ea* report prep>$ & made   
available by ! ,commission "u           
subp>agraph 7,a7 %all-- 7i7 be aggregat$
 by cov]$ entity or exempt report+      

advis]2 &  7ii7 include ! p]c5tage (    
private fund assets disclos$ by a cov]$ 
entity or exempt report+ advis]1 z      
applicable4  7#b7 ,rule ( con/ruction   
,no?+ 9 ?is subsection may be con/ru$ to
 p]mit ! ,commission to make available  
any in=mation t appe>s on ,=m ,,pf or   
,=m ,,adv o!r ?an ! in=mation t is      
includ$ on ,=m ,,pf or ,=m ,,adv z a    
result ( ! requirem5ts "u subsection    
7a74  #d4 ,exempt$ transactions  7a7 ,9 
g5]al ,! ,securities ,ex*ange ,act (    
#aicd 7#ae ,u4,s4,c4 #gh;a et seq47 is  
am5d$ by ins]t+ aft] section #ac;,a 7#ae
 ,u4,s4,c4 #ghm-#a7 ! foll[+3  #ac;,b4  
,disclosure requirem5ts relat+ to c]ta9 
exempt$ transactions  7a7 ,def9itions ,9
 ?is section3 7#a7 ,b5eficial own] ,!   
t]m b5eficial own] means a p]son t is   
det]m9$ to be a b5eficial own] "u       
section #bdj4ac;d-#c ( title #ag1 ,code 
( ,f$]al ,regulations1 or any successor 
regulation4  7#b7 ,c\ntry ( conc]n ,!   
t]m c\ntry ( conc]n-- 7,a7 has ! mean+  
giv5 ! t]m cov]$ nation 9 section       

#dhgb7;d7 ( title #aj1 ,unit$ ,/ates    
,code2 &  7,b7 includes a jurisdiction t
 ! ,commission1 9 consultation ) !      
,secret>y ( ,/ate & ! ,secret>y ( !     
,treasury1 det]m9es to be subject to !  
political & legal control ( a cov]$     
nation1 z def9$ 9 section #dhgb7;d7 (   
title #aj1 ,unit$ ,/ates ,code4  7#c7   
,cov]$ exempt$ transaction ,! t]m cov]$ 
exempt$ transaction means an (f] or sale
 ( a security t is-- 7,a7 exempt f      
regi/ration "u section #e ( !           
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;e72 &  7,b7 /ructur$ or int5d$ to   
comply )-- 7i7 section #bcj4ejf7;b7 (   
title #ag1 ,code ( ,f$]al regulations1  
or any successor regulation2  7ii7      
sections #bcj4ija1 #bcj4ijb1 & #bcj4ijc 
( title #ag1 ,code ( ,f$]al             
,regulations1 or any successor          
regulations2 or  7iii7 section          
#bcj4add;,a ( title #ag1 ,code ( ,f$]al 
,regulations1 or any successor          
regulation4  7b7 ,requirem5t  7#a7 ,9   
g5]al ,not)/&+ any o!r provision ( law1 

9 ! case ( an issu] t conducts a cov]$  
exempt$ transaction describ$ 9 p>agraph 
7#b71 t issu] %all provide to !         
,commission1 at su* "t & 9 su* mann] z !
 ,commission may prescribe1 ! foll[+    
in=mation3 7,a7 ,! id5tity ( ! issu]4   
7,b7 ,! place ( incorporation ( ! issu]4
  7,c7 ,:e!r ! issu] is associat$ ) at  
lea/ #a consolidat$ entity1 ! plurality 
( ! assets ( :i* are 9 a c\ntry (       
conc]n4  7,d7 ,:e!r ! issu] is associat$
 ) at lea/ #a consolidat$ entity t is   
incorporat$ 9 a c\ntry ( conc]n4  7,e7  
,! am\nt ( securities sold pursuant to !
 cov]$ exempt$ transaction & ! net      
proce$s to ! issu]4  7,f7 ,! b5eficial  
own]s ( ! issu]4  7,g7 ,! int5d$ use ( !
 proce$s f ! cov]$ exempt$ transaction1 
includ+ ea* c\ntry 9 :i* ! issu] int5ds 
to inve/ ^? proce$s1 :i* %all be brok5  
d[n by ! p]c5tage ( net proce$s by      
indu/ry )9 ea* su* c\ntry4  7,h7 ,!     
exemption ! issu] relies on ) respect to
 ! cov]$ exempt$ transaction4  7#b7     
,p>ticul> cov]$ exempt$ transaction     

describ$ ,a cov]$ exempt$ transaction   
describ$ 9 ?is p>agraph is1 ) respect to
 ! issu] (f]+ or sell+ ! security t is !
 subject ( ! cov]$ exempt$ transaction1 
ei!r ( ! foll[+ in/ances3 7,a7 ,an (f]  
or sale ( securities 9 an am\nt t is n  
less ?an #be1jjj1jjj4  7,b7 ,an (f] or  
sale ( a security su* t ! (f] or sale1  
toge!r ) all cov]$ exempt$ transactions 
by t issu] dur+ ! #a-ye> p]iod prec$+ ! 
date on :i* ! issu] (f]s or sells !     
security1 con/itutes (f]s or sales 9 !  
aggregate ( an am\nt t is n less ?an    
#ej1jjj1jjj4  7c7 ,au?ority ,to revise &
 promulgate rules1 regulations1 & =ms ,!
 ,commission %all1 = ! protection (     
inve/ors & fair & ord]ly m>kets-- 7#a7  
revise & issue su* rules1 regulations1 &
 =ms z may be necess>y to c>ry out ?is  
section2 &  7#b7 issue rules to set     
conditions t limit ! future use ( cov]$ 
exempt$ transactions = issu]s t d n     
comply ) ! disclosure requirem5ts ( ?is 
section4  7d7 ,applicability ,?is       
section %all apply ) respect to any     

cov]$ exempt$ transaction t occurs on or
 aft] ! date t is #a ye> aft] ! date (  
enactm5t ( ?is section4  7e7 ,reports ,!
 ,commission %all1 on a qu>t]ly basis1  
prep>e & make publicly available a      
report t includes all in=mation submitt$
 by an issu] "u ?is section dur+ ! qu>t]
 cov]$ by ! report1 if t issu]-- 7#a7   
is-- 7,a7 incorporat$ 9 a c\ntry (      
conc]n2 or  7,b7 incorporat$ outside ( a
 c\ntry ( conc]n & is associat$ ) at    
lea/ #a consolidat$ entity-- 7i7 !      
plurality ( ! assets ( :i* are 9 a      
c\ntry ( conc]n2 or  7ii7 t is          
incorporat$ 9 a c\ntry ( conc]n2 or     
7#b7 discloses 9 a fil+ made pursuant to
 ?is section t ! issu] int5ds to inve/ !
 proce$s f a cov]$ exempt$ transaction 9
 a c\ntry ( conc]n4  4