,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #ade  ,,9 ,,! ,,h\se ,,(            
,,repres5tatives  ,janu>y #c1 #bjbe,mr4 
,davidson introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,act ( #aicc to p]mit an    
individual to inve/ 9 private issu]s ^u 
ackn[l$g+ ! inve/m5t risks1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,risk ,disclosure &        
,inve/or ,atte/ation ,act4  #b4 ,inve/or
 atte/ation  7a7 ,9 g5]al ,section      
#b7;a77#ae7 ( ! ,securities ,act ( #aicc
 7#gg;b7a77#ae77 is am5d$--  7#a7 by    
r$esignat+ clause 7i7 z subp>agraph     
7,a72  7#b7 9 subp>agraph 7,a71 z s     
r$esignat$1 by /rik+ or at ! end2  7#c7 
by r$esignat+ clause 7ii7 z subp>agraph 
7,b72  7#d7 9 subp>agraph 7,b71 z s     
r$esignat$1 by /rik+ ! p]iod at ! end & 
ins]t+ 2 &2 &  7#e7 by add+ at ! end !  
foll[+3  7,c7 ) respect to an issu]1 any
 individual t has atte/$ 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?4 
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