#aai? ,,congress  #a/ ,session  ,h4 ,r4 
#cchc  ,,an ,,act  ,to am5d ! ,inve/m5t 
,company ,act ( #aidj ) respect to !    
au?ority ( clos$-end companies to inve/ 
9 private funds4  #a4 ,%ort title2 table
 ( cont5ts  7a7 ,%ort title ,?is ,act   
may be cit$ z ! ,inc5tiviz+ ,new        
,v5tures & ,economic ,/r5g? ,?r\gh      
,capital ,=mation ,act ( #bjbe or !     
,,inve/ ,act ( #bjbe4  7b7 ,table (     
cont5ts ,! table ( cont5ts = ?is ,act is
 z foll[s3  ,sec4 #a4 ,%ort title2 table
 ( cont5ts4 ,title ,i--,exp&+ ,access to
 ,capital = ,small ,bus9esses ,sec4     
#aja4 ,exp&+ access to capital = rural  
job creators4 ,sec4 #ajb4 ,help+ angels 
lead our />tups4 ,sec4 #ajc4 ,am5dm5t = 
cr[dfund+ capital enhancem5t &          
small-bus9ess support4 ,sec4 #ajd4      
,small bus9ess inve/or capital access4  
,sec4 #aje4 ,advocat+ = small bus9ess4  
,sec4 #ajf4 ,small entity update4 ,sec4 
#ajg4 ,improv+ access to small bus9ess  
in=mation4 ,sec4 #ajh4 ,improv+ capital 
allocation = newcom]s4 ,sec4 #aji4      

,develop+ & emp[]+ our aspir+ lead]s4   
,title ,,ii--,increas+ ,opportunities = 
,inve/ors ,sec4 #bja4 ,fair inve/m5t    
opportunities = pr(essional exp]ts4     
,sec4 #bjb4 ,retirem5t fairness =       
*>ities & educational in/itutions4 ,sec4
 #bjc4 ,equal opportunity = all         
inve/ors4 ,sec4 #bjd4 ,s5ior ,security4 
,sec4 #bje4 ,improv+ disclosure =       
inve/ors4 ,sec4 #bjf4 ,increas+ inve/or 
opportunities4 ,title ,,iii--,/r5g!n+   
,public ,m>kets ,sec4 #cja4 ,enc\rag+   
local em]g+ v5tures & economic gr[?4    
,sec4 #cjb4 ,access to small bus9ess    
inve/or capital4 ,sec4 #cjc4 ,enc\rag+  
public (f]+s4 ,sec4 #cjd4 ,gre5light+   
gr[?4 ,sec4 #cje4 ,middle m>ket ,,ipo   
co/4 ,sec4 #cjf4 ,exp&+ ,,wksi          
eligibility4 ,sec4 #cjg4 ,enhanc+       
multi-class %>e disclosures4  ,i ,exp&+ 
,access to ,capital = ,small ,bus9esses 
#aja4 ,exp&+ access to capital = rural  
job creators ,section #d7;i7 ( !        
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;d7i77 is am5d$-- 7#a7 9   

p>agraph 7#d77;,c71 by ins]t+ 1         
rural-area small bus9esses aft]         
wom5-own$ small bus9esses2 &  7#b7 9    
p>agraph 7#f77;,b77iii71 by ins]t+ 1    
rural-area small bus9esses aft]         
wom5-own$ small bus9esses4  #ajb4 ,help+
 angels lead our />tups  7a7 ,def9itions
 ,= purposes ( ?is section & ! revision 
( rules requir$ "u ?is section3  7#a7   
,angel inve/or gr\p ,! t]m angel inve/or
 gr\p means any gr\p t-- 7,a7 is compos$
 ( accr$it$ inve/ors int]e/$ 9 inve/+   
p]sonal capital 9 e>ly-/age companies2  
7,b7 holds regul> meet+s & has def9$    
processes & proc$ures = mak+ inve/m5t   
decisions1 ei!r individually or among ! 
memb]%ip ( ! gr\p z a :ole2 &  7,c7 is  
nei!r associat$ nor affiliat$ ) brok]s1 
deal]s1 or inve/m5t advis]s4  7#b7      
,issu] ,! t]m issu] means an issu] t is 
a bus9ess1 is n 9 bankruptcy or         
receiv]%ip1 is n an inve/m5t company1 & 
is n a blank *eck1 bl9d pool1 or %ell   
company4  7b7 ,9 g5]al ,n lat] ?an #f   
mon?s aft] ! date ( enactm5t ( ?is ,act1

 ! ,securities & ,ex*ange ,commission   
%all revise ,regulation ,d 7#ag ,,cfr   
#bcj4ejj et seq47 to require t 9 c>ry+  
out ! prohibition aga9/ g5]al           
solicitation or g5]al adv]tis+ conta9$ 9
 section #bcj4ejb7;c7 ( title #ag1 ,code
 ( ,f$]al ,regulations1 ! prohibition   
%all n apply to a pres5tation or o!r    
communication made by or on behalf ( an 
issu] :i* is made at an ev5t--  7#a7    
sponsor$ by-- 7,a7 ! ,unit$ ,/ates or   
any t]ritory !re(1 ! ,di/rict (         
,columbia1 any ,/ate1 a f$]ally         
recogniz$ ,indian ,tribe1 a political   
subdivision ( any ,/ate1 t]ritory1 or   
f$]ally recogniz$ ,indian ,tribe1 or any
 ag5cy or public in/rum5tality ( any ( !
 =ego+2  7,b7 a college1 univ]sity1 or  
o!r in/itution ( high] education2  7,c7 
a nonpr(it organization2  7,d7 an angel 
inve/or gr\p2  7,e7 an incubator or     
accel]ator2  7,f7 a v5ture =um1 v5ture  
capital association1 or trade           
association1 o!r ?an an association     
creat$ solely = ! purpose ( sponsor+ an 

ev5t describ$ "u ?is subsection2 or     
7,g7 any o!r gr\p1 p]son1 or entity z ! 
,securities & ,ex*ange ,commission may  
det]m9e by rule2  7#b7 t is n held 9 any
 facility t is own$ or op]at$ by a      
religi\s organization1 o!r ?an an       
in/itution ( high] education t is       
accr$it$ & op]at$ prim>ily =            
po/-second>y education2  7#c7 :]e any   
adv]tis+ = ! ev5t does n ref]5ce any    
specific (f]+ ( securities by ! issu]2  
7#d7 ! sponsor ( :i*-- 7,a7 does n make 
inve/m5t recomm5dations or provide      
inve/m5t advice to ev5t att5dees2  7,b7 
does n engage 9 an active role 9 any    
inve/m5t negotiations betwe5 ! issu] &  
inve/ors att5d+ ! ev5t2  7,c7 does n    
*>ge ev5t att5dees any fees o!r ?an     
reasonable adm9i/rative fees2  7,d7 does
 n receive any comp5sation = mak+       
introductions betwe5 inve/ors att5d+ !  
ev5t & issu]s1 or = inve/m5t            
negotiations betwe5 su* p>ties2  7,e7   
makes readily available to att5dees a   
disclosure n long] ?an "o page 9 l5g?1 z

 prescrib$ by ! ,securities & ,ex*ange  
,commission1 describ+ ! nature ( ! ev5t 
& ! risks ( inve/+ 9 ! issu]s pres5t+ at
 ! ev5t2 &  7,f7 does n receive any     
comp5sation ) respect to su* ev5t t w\ld
 require regi/ration ( ! sponsor z a    
brok] or a deal] "u ! ,securities       
,ex*ange ,act ( #aicd1 or z an inve/m5t 
advisor "u ! ,inve/m5t ,advis]s ,act (  
#aidj2 &  7#e7 :]e no specific in=mation
 reg>d+ an (f]+ ( securities by ! issu] 
is communicat$ or di/ribut$ by or on    
behalf ( ! issu]1 o!r ?an--  7,a7 t !   
issu] is 9 ! process ( (f]+ securities  
or plann+ to (f] securities2  7,b7 !    
type & am\nt ( securities be+ (f]$2     
7,c7 ! am\nt ( securities be+ (f]$ t h  
already be5 subscrib$ =2 &  7,d7 !      
int5d$ use ( proce$s ( ! (f]+4  7c7     
,rule ( con/ruction ,subsection 7b7 may 
only be con/ru$ z requir+ ! ,securities 
& ,ex*ange ,commission to am5d !        
requirem5ts ( ,regulation ,d ) respect  
to pres5tations & communications1 & n ) 
respect to pur*ases or sales4  7d7 ,no  

pre-exi/+ sub/antive relation%ip by     
reason ( ev5t ,att5dance at an ev5t     
describ$ "u subsection 7b7 %all n       
qualify1 by itself1 z e/abli%+ a        
pre-exi/+ sub/antive relation%ip betwe5 
an issu] & a pur*as]1 = purposes ( ,rule
 #ejf7;b74  #ajc4 ,am5dm5t = cr[dfund+  
capital enhancem5t & small-bus9ess      
support  7a7 ,9 g5]al ,section #d;,a ( !
 ,securities ,act ( #aicc 7#ae ,u4,s4,c4
 #gg;d-#a7 is am5d$-- 7#a7 9 subsection 
7b77#a77;,d71 by /rik+ #ajj1jjj ea*     
place su* t]m appe>s & ins]t+ #bej1jjj2 
&  7#b7 by add+ at ! end ! foll[+3  7i7 
,discretion to adju/ am\nt ,!           
,commission may increase ! am\nt        
specifi$ 9 subsections 7b77#a77;,d77i7 &
 7b77#a77;,d77ii7 f #bej1jjj to an am\nt
 n great] ?an #djj1jjj ^u !             
recomm5dation ( ! ,(fice ( ! ,advocate =
 ,small ,bus9ess ,capital ,=mation & !  
,(fice ( ! ,inve/or ,advocate4  4  7b7  
,te*nical corrections ,! ,securities    
,act ( #aicc 7#ae ,u4,s4,c4 #gg;a et    
seq47 is am5d$-- 7#a7 9 section #d;,a-- 

7,a7 by /rik+ section #d7f7 ea* place   
su* t]m appe>s & ins]t+ section         
#d7;a77#f72 &  7,b7 by /rik+ section    
#d7f77;,b7 ea* place su* t]m appe>s &   
ins]t+ section #d7;a77#f77;,b72  7#b7 9 
section #af7;f77#c71 by /rik+ section   
#d7b7 & ins]t+ section #d7;a77#b72 &    
7#c7 9 section #ah--  7,a7 9 subsection 
7b77#d7-- 7i7 9 subp>agraph 7,b71 by    
/rik+ section #d7d7 & ins]t+ section    
#d7;a77#d72  7ii7 9 subp>agraph 7,c71 by
 /rik+ section #d7f7 & ins]t+ section   
#d7;a77#f72 &  7iii7 9 subp>agraph 7,f71
 by /rik+ section #d7b7 ea* place su*   
t]m appe>s & ins]t+ section #d7;a77#b72 
&  7,b7 9 subsection 7c77#a77;,b71 by   
/rik+ section #d7f7 & ins]t+ section    
#d7;a77#f72  #ajd4 ,small bus9ess       
inve/or capital access ,section #bjc7m7 
( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae
 ,u4,s4,c4 #hj;b-#c7m77 is am5d$--  7#a7
 9 p>agraph 7#a71 by /rik+ #aej1jjj1jjj 
& ins]t+ #age1jjj1jjj2 &  7#b7 by add+  
at ! end ! foll[+3  7#e7 ,inflation     
adju/m5t ,! ,commission %all1 e #e ye>s1

 adju/ ! doll> am\nt describ$ "u        
p>agraph 7#a7 to reflect ! *ange 9 !    
,consum] ,price ,index = ,all ,urban    
,consum]s publi%$ by ! ,bureau ( ,labor 
,/ati/ics ( ! ,dep>tm5t ( ,labor1 & r\nd
 su* doll> am\nt to ! ne>e/ multiple (  
#a1jjj1jjj4  4  #aje4 ,advocat+ = small 
bus9ess ,section #d ( ! ,securities     
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;d7 is am5d$ by add+ at ! end !      
foll[+3  7k7 ,(fices ( ,small ,bus9ess  
,! ,commission %all ensure t1 )9 ea* ( !
 ,division ( ,corporation ,f9ance1 !    
,division ( ,inve/m5t ,managem5t1 & !   
,division ( ,trad+ & ,m>kets1 an ,(fice 
( ,small ,bus9ess is e/abli%$ t %all    
coord9ate ) ! ,(fice ( ! ,advocate =    
,small ,bus9ess ,capital ,=mation on    
rules & policy priorities relat$ to     
capital =mation4 ,?is subsection may n  
be con/ru$ to au?orize exp5ditures =    
additional full-"t equival5t employees4 
4  #ajf4 ,small entity update  7a7      
,def9itions ,9 ?is section--  7#a7 ! t]m
 ,commission means ! ,securities &      

,ex*ange ,commission2 &  7#b7 ! t]m     
small entity--  7,a7 has ! mean+ giv5 ! 
t]m 9 section #fja ( title #e1 ,unit$   
,/ates ,code1 ) respect to ! activities 
( ! ,commission2 &  7,b7 includes any   
def9ition e/abli%$ by ! ,commission ( ! 
t]m small bus9ess1 small organization1  
small gov]nm5tal jurisdiction1 or small 
entity "u p>agraph 7#c71 7#d71 7#e71 or 
7#f71 respectively1 ( section #fja (    
title #e1 ,unit$ ,/ates ,code1 ) respect
 to ! activities ( ! ,commission4  7b7  
,/udies & reports ,n lat] ?an #a ye>    
aft] ! date ( enactm5t ( ?is ,act1 &    
aga9 #e ye>s !reaft]1 ! ,commission     
%all-- 7#a7 conduct a /udy ( ! def9ition
 ( ! t]m small entity ) respect to !    
activities ( ! ,commission = ! purposes 
( *apt] #f ( title #e1 ,unit$ ,/ates    
,code1 :i* %all consid]--  7,a7 ! ext5t 
to :i* ! def9ition ( ! t]m small entity1
 z 9 effect dur+ ! p]iod 9 :i* ! /udy is
 conduct$1 aligns ) ! f9d+s &           
decl>ations made "u section #b7;a7 ( !  
,regulatory ,flexibility ,act 7#e       

,u4,s4,c4 #fja note72  7,b7 ! am\nt by  
:i* f9ancial m>kets 9 ! ,unit$ ,/ates h 
gr[n s9ce ! la/ "t ! ,commission am5d$ !
 def9ition ( ! t]m small entity1 if     
applicable2 &  7,c7 h[ ! ,commission    
%\ld def9e ! t]m small entity to ensure 
t ! entities t w\ld fall "u t def9ition 
be appropriately consid]$ a small entity
 consi/5t ) subp>agraphs 7,a7 & 7,b72 & 
7#b7 submit to ,congress a report t     
includes--  7,a7 ! results ( !          
applicable /udy conduct$ "u p>agraph    
7#a72 &  7,b7 specific & detail$        
recomm5dations on ! ways 9 :i* !        
,commission c\ld am5d ! def9ition ( !   
t]m small entity to--  7i7 be consi/5t )
 ! results describ$ 9 subp>agraph 7,a72 
&  7ii7 exp& ! numb] ( entities cov]$ by
 su* def9ition4  7c7 ,propos$ rule      
revisions 9 lieu ( /udy  7#a7 ,initial  
/udy ,! ,commission may satisfy !       
requirem5t to conduct ! fir/ /udy       
describ$ 9 subsection 7b77#a7 & submit !
 associat$ report describ$ 9 subsection 
7b77#b7 by1 )9 #a ye> ( ! date (        

enactm5t ( ?is ,act1 propos+ revisions  
to ! rules ( ! ,commission relat+ to !  
t]m small entity 9 consid]ation (       
subp>agraphs 7,a71 7,b71 & 7,c7 (       
subsection 7b77#a74  7#b7 ,second /udy  
,! ,commission may satisfy ! requirem5t 
to conduct ! second /udy describ$ 9     
subsection 7b77#a7 & submit ! associat$ 
report describ$ 9 subsection 7b77#b7 by1
 no soon] ?an #e ye>s & no lat] ?an #f  
ye>s aft] ! date ( enactm5t ( ?is ,act1 
propos+ revisions to ! rules ( !        
,commission relat+ to ! t]m small entity
 9 consid]ation ( subp>agraphs 7,a71    
7,b71 & 7,c7 ( subsection 7b77#a74  7d7 
,rulemak+ ,concurr5tly )1 or aft] !     
completion (1 ea* /udy requir$ "u       
subsection 7b71 ! ,commission %all1     
subject to public notice & comm5t1      
revise ! rules ( ! ,commission consi/5t 
) ! results ( su* /udy4  7e7 ,inflation 
adju/m5ts ,aft] ! ,commission issues !  
f9al rule revisions requir$ "u          
subsection 7c71 & e #e ye>s !reaft]1 !  
,commission %all adju/ any doll> figures

 "u ! def9ition ( small entity e/abli%$ 
by ! ,commission to reflect ! *ange 9 ! 
,consum] ,price ,index = ,all ,urban    
,consum]s publi%$ by ! ,bureau ( ,labor 
,/ati/ics ( ! ,dep>tm5t ( ,labor4  #ajg4
 ,improv+ access to small bus9ess       
in=mation ,section #d7;i7 ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;d7i77 is am5d$ by add+ at 
! end ! foll[+3  7#aj7 ,pres]vation (   
in=mation collection burd5 review  7,a7 
,9 g5]al ,actions tak5 by ! ,advocate = 
,small ,bus9ess ,capital ,=mation "u ?is
 subsection %all n be a collection (    
in=mation = purposes ( sub*apt] ,i (    
*apt] #ce ( title #dd1 ,unit$ ,/ates    
,code 7commonly kn[n z ! ,pap]work      
,r$uction ,act74  7,b7 ,exceptions      
,not)/&+ subp>agraph 7,a71 ! requirem5ts
 "u subsections 7c77#a71 7c77#d71 & 7i7 
( section #cejf ( title #dd1 ,unit$     
,/ates ,code1 & section                 
#cejg7;a77#a77;,a7 ( su* title %all     
apply to actions tak5 by ! ,advocate =  
,small ,bus9ess ,capital ,=mation "u ?is

 subsection1 except t ! ,commission %all
 n be requir$-- 7i7 to submit a         
collection ( in=mation by ! ,advocate to
 ! ,director ( ! ,(fice ( ,managem5t &  
,budget1 z ref]5c$ "u section           
#cejf7;c77#a77;,a7 ( su* title2  7ii7 to
 display a control numb] on a collection
 ( in=mation by ! ,advocate1 z describ$ 
"u section #cejf7;c77#a77;,b77i7 ( su*  
title 7or to in=m a p]son receiv+ a     
collection ( in=mation f ! ,advocate t !
 collection ( in=mation ne$s to display 
a control numb]1 z describ$ "u section  
#cejf7;c77#a77;,b77iii77,v7 ( su*       
title72 or  7iii7 to indicate a         
collection ( in=mation by ! ,advocate is
 9 accordance ) ! cle>ance requirem5ts (
 section #cejg ( su* title1 z describ$  
"u section #cejf7;c77#a77;,b77ii7 ( su* 
title4  4  #ajh4 ,improv+ capital       
allocation = newcom]s  7a7 ,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+ #ejj p]sons2 &  7#b7 9          
subp>agraph 7,c77i7-- 7,a7 by /rik+     
#aj1jjj1jjj & ins]t+ #ej1jjj1jjj2 &     
7,b7 by /rik+ beg9n+ f a measurem5t made
 by ! ,commission on a date select$ by !
 ,commission & ins]t+ beg9n+ f a        
measurem5t made on ! date ( ! enactm5t (
 ! ,,inve/ ,act ( #bjbe4  7b7 ,/udy &   
rulemak+  7#a7 ,9 g5]al ,beg9n+ #e ye>s 
aft] ! date ( enactm5t ( ?is ,act1 !    
,advocate = ,small ,bus9ess ,capital    
,=mation1 9 consultation ) ! ,inve/or   
,advocate1 %all conduct a /udy on !     
effect ( ! am5dm5ts made by subsection  
7a7 on ! bus9esses & />tup entities 9   
:i* qualify+ v5ture capital funds inve/1
 specifically includ+1 ) respect to su* 
bus9esses & />tup entities1 *anges or   
tr5ds relat+ to--  7,a7 ! geographic    
di/ribution ( capital to portfolio      
companies2  7,b7 ! socio-economic       
*>act]i/ics ( f\nd]s or controll+       
p]sons2  7,c7 ! vet]an /atus ( f\nd]s or
 controll+ p]sons2  7,d7 ! indu/ry      

sector1 size1 /age ( developm5t1 &      
relat$ details2 &  7,e7 o!r factors or  
metrics det]m9$ by ! ,advocate = ,small 
,bus9ess ,capital ,=mation4  7#b7       
,au?orities relat$ to requir$ /udy ,=   
purposes ( conduct+ ! /udy requir$ by   
p>agraph 7#a71 ! ,advocate = ,small     
,bus9ess ,capital ,=mation & ! ,inve/or 
,advocate %all h ! au?ority to--  7,a7  
obta9 f ! ,securities & ,ex*ange        
,commission 79 ?is section ref]r$ to z !
 ,commission7 & utilize any data or     
in=mation necess>y to c>ry out ! /udy2  
7,b7 reque/ & receive assi/ance f any   
division or (fice ( ! ,commission1      
includ+ ! ,division ( ,economic & ,risk 
,analysis2 &  7,c7 ent] into agreem5ts )
 ?ird p>ties to assi/ 9 data analysis4  
7#c7 ,report ,! ,advocate = ,small      
,bus9ess ,capital ,=mation %all issue a 
report to ! ,congress conta9+ all f9d+s 
& det]m9ations made 9 c>ry+ out ! /udy  
requir$ 9 p>agraph 7#a71 & make su*     
report available to ! public on !       
website ( ! ,commission4  7#d7 ,public  

comm5t ,dur+ ! #ahj-;day p]iod beg9n+ on
 ! date ! report is issu$ "u p>agraph   
7#c71 ! ,commission %all solicit fe$back
 f ! public on ! f9d+s & det]m9ations   
conta9$ 9 ! report4  7#e7 ,rulemak+     
7,a7 ,9 g5]al ,! ,commission1 9         
consultation ) ! ,inve/or ,advocate & ! 
,advocate = ,small ,bus9ess ,capital    
,=mation1 may1 aft] consid]+ all comm5ts
 receiv$ "u p>agraph 7#c7 & only if !   
,commission det]m9es 9 su* report t !   
am5dm5ts made by subsection 7a7 h _h a  
demon/rable effect on increas+ !        
geographic di/ribution ( capital to     
portfolio companies1 increas+ ! v>iety (
 ! socio-economic *>act]i/ics ( f\nd]s  
or controll+ p]sons1 or increas+ ! numb]
 ( f\nd]s or controll+ p]sons :o are    
vet]ans1 issue rules to--  7i7 increase 
or decrease ! #ejj p]son ?re%old        
describ$ 9 ! matt] prec$+ subp>agraph   
7,a7 ( section #c7;c77#a7 ( ! ,inve/m5t 
,company ,act ( #aidj1 b su* ?re%old may
 n exce$ #gej p]sons or be r$uc$ bel[   
#bej p]sons2 &  7ii7 increase or        

decrease ! #ej1jjj1jjj doll> figure 9   
section #c7;c77#a77;,c77i7 ( ! ,inve/m5t
 ,company ,act ( #aidj1 b su* doll>     
figure may n exce$ #ajj1jjj1jjj or be   
r$uc$ bel[ #aj1jjj1jjj4  7,b7 ,deadl9e =
 rulemak+ ,! rulemak+ au?ority 9        
subp>agraph 7,a7 only applies to a rule 
) respect to :i* ! propos$ rule 0 issu$ 
dur+ ! #ahj-;day p]iod beg9n+ at ! end (
 ! public comm5t p]iod describ$ 9       
p>agraph 7#d74  7,c7 ,no effect on      
inflation adju/m5ts ,a rule issu$ "u ?is
 subsection %all h no effect on !       
requirem5t "u clause 7i7 ( section      
#c7;c77#a77;,c7 ( ! ,inve/m5t ,company  
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#c7;c77#a77;,c77 to index ! fir/  
doll> am\nt 9 su* clause = inflation4   
#aji4 ,develop+ & emp[]+ our aspir+     
lead]s ,n lat] ?an ! end ( ! #ahj-;day  
p]iod beg9n+ on ! date ( ! enactm5t (   
?is ,act1 ! ,securities & ,ex*ange      
,commission %all-- 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 7z def9$ 9 p>agraph 7a7    
section #bge4bjc7l7-#a ( title #ag1     
,code ( ,f$]al ,regulations7 is a       
qualify+ inve/m5t "u su* def9ition2 &   
7#b7 revise p>agraph 7a7 ( su* section  
to require1 z a condition ( a private   
fund qualify+ z a v5ture capital fund "u
 su* p>agraph1 t1 imm$iately aft] !     
acquisition ( any asset1 su* fund holds 
no m ?an #di p]c5t ( ! am\nt ( ! fund's 
aggregate capital contributions &       
uncall$ committ$ capital 7exclud+       
%ort-t]m hold+s7 9-- 7,a7 "o or m v5ture
 capital funds2 or  7,b7 qualify+       
inve/m5ts acquir$ 9 a second>y          
acquisition1 valu$ at co/ or fair value1
 consi/5tly appli$ by ! fund4  ,,ii     
,increas+ ,opportunities = ,inve/ors    
#bja4 ,fair inve/m5t opportunities =    

pr(essional exp]ts  7a7 ,9 g5]al        
,section #b7;a77#ae7 ( ! ,securities    
,act ( #aicc 7#ae ,u4,s4,c4             
#gg;b7a77#ae77 is am5d$--  7#a7 by      
r$esignat+ subp>agraphs 7i7 & 7ii7 z    
subp>agraphs 7,a7 & 7,f71 respectively2 
&  7#b7 9 subp>agraph 7,a7 7z s         
r$esignat$71 by /rik+ 2 or & ins]t+ a   
semicolon1 & ins]t+ aft] su* subp>agraph
 ! foll[+3  7,b7 ) respect to a propos$ 
sale ( a security1 any natural p]son ^: 
individual net wor?1 or jo9t net wor? ) 
t p]son's sp\se or sp\sal equival5t1 at 
! "t ( su* sale1 exce$s #a1jjj1jjj 7:i* 
am\nt1 along ) ! am\nts set =? 9        
subp>agraph 7,c71 %all be adju/$ =      
inflation by ! ,commission e #e ye>s to 
! ne>e/ #aj1jjj to reflect ! *ange 9 !  
,consum] ,price ,index = ,all ,urban    
,consum]s publi%$ by ! ,bureau ( ,labor 
,/ati/ics7 :]e1 = purposes ( calculat+  
net wor? "u ?is subp>agraph-- 7i7 !     
p]son's prim>y resid5ce %all n be       
includ$ z an asset2  7ii7 indebt$ness t 
is secur$ by ! p]son's prim>y resid5ce1 

up to ! e/imat$ fair m>ket value ( !    
prim>y resid5ce at ! "t ( su* sale1 %all
 n be includ$ z a liability 7except t if
 ! am\nt ( su* indebt$ness out/&+ at !  
"t ( su* sale exce$s ! am\nt out/&+ #fj 
days be=e su* "t1 o!r ?an z a result ( !
 acquisition ( ! prim>y resid5ce1 !     
am\nt ( su* excess %all be includ$ z a  
liability72 &  7iii7 indebt$ness t is   
secur$ by ! p]son's prim>y resid5ce 9   
excess ( ! e/imat$ fair m>ket value ( ! 
prim>y resid5ce at ! "t ( su* sale %all 
be includ$ z a liability2  7,c7 any     
natural p]son :o _h an individual income
 9 excess ( #bjj1jjj 9 ea* ( ! #b mo/   
rec5t ye>s or jo9t income ) t p]son's   
sp\se or sp\sal equival5t 9 excess (    
#cjj1jjj 9 ea* ( ^? ye>s & has a        
reasonable expectation ( rea*+ ! same   
income level 9 ! curr5t ye>2  7,d7 any  
natural p]son :o is--  7i7 curr5tly     
lic5s$ or regi/]$ z a brok] or inve/m5t 
advis] by ! ,commission1 a              
self-regulatory organization 7z def9$ 9 
section #c7;a7 ( ! ,securities ,ex*ange 

,act ( #aicd71 or ! securities division 
( a ,/ate1 ! ,di/rict ( ,columbia1 or a 
t]ritory ( ! ,unit$ ,/ates or !         
equival5t division responsible = lic5s+ 
or regi/ration ( individuals 9          
connection ) securities activities2 &   
7ii7 9 good /&+ ) respect to su* lic5se 
or regi/ration2  7,e7 any natural p]son 
! ,commission det]m9es1 by regulation1  
to h demon/rable education or job       
exp]i5ce to qualify su* p]son z hav+    
pr(essional k ( a subject relat$ to a   
p>ticul> inve/m5t1 & ^: education or job
 exp]i5ce is v]ifi$ by a self-regulatory
 organization 7z def9$ 9 section #c7;a7 
( ! ,securities ,ex*ange ,act ( #aicd72 
or  4  7b7 ,rulemak+ ,n lat] ?an #ahj   
days aft] ! date ( enactm5t ( ?is ,act1 
! ,securities & ,ex*ange ,commission    
%all revise ! def9ition ( accr$it$      
inve/or "u ,regulation ,d 7#ag ,,cfr    
#bcj4ejj et seq47 to con=m ) ! am5dm5ts 
made by subsection 7a74  #bjb4          
,retirem5t fairness = *>ities &         
educational in/itutions  7a7 ,am5dm5ts  

to ! ,inve/m5t ,company ,act ( #aidj    
,section #c7;c77#aa7 ( ! ,inve/m5t      
,company ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;a-#c7;c77#aa77 is am5d$ to read z   
foll[s3  7#aa7 ,any--  7,a7 employee's  
/ock bonus1 p5sion1 or pr(it-%>+ tru/   
:i* meets ! requirem5ts = qualification 
"u section #dja ( ! ,int]nal ,rev5ue    
,code ( #aihf2  7,b7 cu/odial acc\nt    
meet+ ! requirem5ts ( section           
#djc7;b77#g7 ( su* ,code2  7,c7         
gov]nm5tal plan describ$ 9 section      
#c7;a77#b77;,c7 ( ! ,securities ,act (  
#aicc 7#ae ,u4,s4,c4 #gg;c7a77#b77;,c772
  7,d7 collective tru/ fund ma9ta9$ by a
 bank consi/+ solely ( assets ( "o or   
m--  7i7 tru/s describ$ 9 subp>agraph   
7,a72  7ii7 gov]nm5tal plans describ$ 9 
subp>agraph 7,c72  7iii7 *ur* plans1    
companies1 or acc\nts t are exclud$ f ! 
def9ition ( an inve/m5t company "u      
p>agraph 7#ad7 ( ?is subsection2 or     
7iv7 plans :i* meet ! requirem5ts (     
section #djc7;b7 ( ! ,int]nal ,rev5ue   
,code ( #aihf--  7,i7 if-- 7aa7 su* plan

 is subject to title ,i ( ! ,employee   
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajja et seq472    
7bb7 any employ] mak+ su* plan available
 agrees to s]ve z a fiduci>y = ! plan ) 
respect to ! selection ( ! plan's       
inve/m5ts among :i* p>ticipants c *oose2
 or  7cc7 su* plan is a gov]nm5tal plan 
7z def9$ 9 section #dad7;d7 ( su*       
,code72 &  7,,ii7 if ! employ]1 a       
fiduci>y ( ! plan1 or ano!r p]son act+  
on behalf ( ! employ] reviews & approves
 ea* inve/m5t alt]native (f]$ "u su*    
plan describ$ "u subclause 7,i77cc7     
prior to ! inve/m5t be+ (f]$ to         
p>ticipants 9 ! plan2 or  7,e7 sep>ate  
acc\nt ! assets ( :i* are d]iv$ solely  
f--  7i7 contributions "u p5sion or     
pr(it-%>+ plans :i* meet ! requirem5ts (
 section #dja ( ! ,int]nal ,rev5ue ,code
 ( #aihf or ! requirem5ts = d$uction ( !
 employ]'s contribution "u section      
#djd7;a77#b7 ( su* ,code2  7ii7         
contributions "u gov]nm5tal plans 9     
connection ) :i* int]e/s1 p>ticipations1

 or securities are exempt$ f !          
regi/ration provisions ( section #e ( ! 
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;e7 by section #c7;a77#b77;,c7 ( su* 
,act 7#ae ,u4,s4,c4 #gg;c7a77#b77;,c772 
7iii7 advances made by an insurance     
company 9 connection ) ! op]ation ( su* 
sep>ate acc\nt2 &  7iv7 contributions to
 a plan describ$ 9 clause 7iii7 or 7iv7 
( subp>agraph 7,d74  4  7b7 ,am5dm5ts to
 ! ,securities ,act ( #aicc ,section    
#c7;a77#b7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;c7a77#b77 is am5d$-- 
7#a7 by /rik+ b5efici>ies1 or 7,d7 &    
ins]t+ b5efici>ies1 7,d7 a plan :i*     
meets ! requirem5ts ( section #djc7;b7 (
 su* ,code 7i7 if 7,i7 su* plan is      
subject to title ,i ( ! ,employee       
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajja et seq471    
7,,ii7 any employ] mak+ su* plan        
available agrees to s]ve z a fiduci>y = 
! plan ) respect to ! selection ( !     
plan's inve/m5ts among :i* p>ticipants c
 *oose1 or 7,,iii7 su* plan is a        

gov]nm5tal plan 7z def9$ 9 section      
#dad7;d7 ( su* ,code71 & 7ii7 if !      
employ]1 a fiduci>y ( ! plan1 or ano!r  
p]son act+ on behalf ( ! employ] reviews
 & approves ea* inve/m5t alt]native (f]$
 "u any plan describ$ "u clause         
7i77,,iii7 prior to ! inve/m5t be+ (f]$ 
to p>ticipants 9 ! plan1 or 7,e72  7#b7 
by /rik+ 7,c71 or 7,d7 & ins]t+ 7,c71   
7,d71 or 7,e72 &  7#c7 by /rik+ 7iii7   
:i* is a plan fund$ & all t foll[s ?r\gh
 retirem5t income acc\nt74 & ins]t+     
7iii7 9 ! case ( a plan n describ$ 9    
subp>agraph 7,d7 or 7,e71 :i* is a plan 
fund$ by an annuity contract describ$ 9 
section #djc7;b7 ( su* ,code4  7c7      
,am5dm5ts to ! ,securities ,ex*ange ,act
 ( #aicd ,section #c7;a77#ab77;,c7 ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#ab77;,c77 is am5d$--
 7#a7 by /rik+ or 7iv7 & ins]t+ 7iv7 a  
plan :i* meets ! requirem5ts ( section  
#djc7;b7 ( su* ,code 7,i7 if 7aa7 su*   
plan is subject to title ,i ( !         
,employee ,retirem5t ,income ,security  

,act ( #aigd 7#bi ,u4,s4,c4 #ajja et    
seq471 7bb7 any employ] mak+ su* plan   
available agrees to s]ve z a fiduci>y = 
! plan ) respect to ! selection ( !     
plan's inve/m5ts among :i* p>ticipants c
 *oose1 or 7cc7 su* plan is a gov]nm5tal
 plan 7z def9$ 9 section #dad7;d7 ( su* 
,code71 & 7,,ii7 if ! employ]1 a        
fiduci>y ( ! plan1 or ano!r p]son act+  
on behalf ( ! employ] reviews & approves
 ea* inve/m5t alt]native (f]$ "u any    
plan describ$ "u subclause 7,i77cc7     
prior to ! inve/m5t be+ (f]$ to         
p>ticipants 9 ! plan1 or 7v72  7#b7 by  
/rik+ 7ii71 or 7iii7 & ins]t+ 7ii71     
7iii71 or 7iv72 &  7#c7 by /rik+ 7,,ii7 
is a plan fund$ & ins]t+ 7,,ii7 9 ! case
 ( a plan n describ$ 9 clause 7iv71 is a
 plan fund$4  7d7 ,con=m+ ,am5dm5t to ! 
,securities ,ex*ange ,act ( #aicd       
,section #ab7;g77#b77;,h7 ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7g77#b77;,h77 is am5d$ by 
/rik+ or 7iii7 & ins]t+ 7iii7 a plan    
describ$ 9 section #c7;a77#ab77;,c77iv7 

( ?is ,act1 or 7iv74  #bjc4 ,equal      
opportunity = all inve/ors  7a7 ,9 g5]al
 ,! ,commission %all revise ! def9ition 
( accr$it$ inve/or "u ,regulation ,d    
7section #bcj4ejj et seq4 ( title #ag1  
,code ( ,f$]al ,regulations7 to include 
any natural p]son :o is c]tifi$ ?r\gh ! 
exam9ation requir$ "u subsection 7b74   
7b7 ,e/abli%m5t ( exam9ation ,n lat] ?an
 #a ye> aft] ! date ( ! enactm5t ( ?is  
,act1 ! ,commission %all e/abli% an     
exam9ation 7includ+ a te/1 c]tification1
 or exam9ation program7-- 7#a7 to c]tify
 an individual z an accr$it$ inve/or2 & 
7#b7 t-- 7,a7 is design$ ) an           
appropriate level ( difficulty su* t an 
individual ) f9ancial sophi/ication w\ld
 be unlikely to fail2 &  7,b7 includes  
me?ods to det]m9e :e!r an individual    
seek+ to be c]tifi$ z an accr$it$       
inve/or demon/rates compet5cy ) respect 
to-- 7i7 ! diff]5t types ( securities2  
7ii7 ! disclosure requirem5ts "u !      
securities laws applicable to issu]s &  
(f]+s ( securities exempt f regi/ration 

"u section #e ( ! ,securities ,act (    
#aicc z comp>$ to issu]s & (f]+s (      
securities subject to su* section #e2   
7iii7 corporate gov]nance2  7iv7        
f9ancial /atem5ts & ! compon5ts ( su*   
/atem5ts2  7v7 aspects ( unregi/]$      
securities1 securities issu$ by private 
companies1 & inve/m5ts into private     
funds1 includ+ risks associat$ )--  7,i7
 limit$ liquidity2  7,,ii7 limit$       
disclosures2  7,,iii7 subjectivity &    
v>iability 9 valuations & ! analytical  
tools inve/ors may use to assess su*    
valuations2  7,,iv7 in=mation asymmetry2
  7,v7 lev]age risks2  7,,vi7           
conc5tration risk2 &  7,,vii7 long]     
inve/m5t horizons2  7vi7 pot5tial       
conflicts ( int]e/1 :5 ! int]e/s (      
f9ancial pr(essionals & _! cli5ts are   
misalign$ or :5 _! pr(essional          
responsibilities may be 9 conflict )    
f9ancial motivations2 &  7vii7 su* o!r  
crit]ia z ! ,commission det]m9es        
necess>y or appropriate 9 ! public      
int]e/ or = ! protection ( inve/ors4    

7c7 ,adm9i/ration ,beg9n+ n lat] ?an    
#ahj days aft] ! date ! exam9ation is   
e/abli%$ "u subsection 7b71 su*         
exam9ation %all be adm9i/]$ & (f]$ free 
( *>ge to ! public by a regi/]$ national
 securities association "u section      
#ae;,a ( ! ,securities ,ex*ange ,act (  
#aicd 7#ae ,u4,s4,c4 #gho-#c74  7d7     
,commission def9$ ,9 ?is section1 ! t]m 
,commission means ! ,securities &       
,ex*ange ,commission4  #bjd4 ,s5ior     
,security  7a7 ,s5ior ,inve/or ,task=ce 
,section #d ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4 #gh;d71 z   
am5d$ by section #aje is fur!r am5d$ by 
add+ at ! end ! foll[+3  7l7 ,s5ior     
,inve/or ,task=ce  7#a7 ,e/abli%m5t ,!re
 is e/abli%$ )9 ! ,commission ! ,s5ior  
,inve/or ,task=ce 79 ?is subsection     
ref]r$ to z ! ,task=ce74  7#b7 ,director
 ( ! ,task=ce ,! head ( ! ,task=ce %all 
be ! ,director1 :o %all--  7,a7 report  
directly to ! ,*airman2 &  7,b7 be      
appo9t$ by ! ,*airman1 9 consultation ) 
! ,commission1 f among individuals--    

7i7 curr5tly employ$ by ! ,commission or
 f outside ( ! ,commission2 &  7ii7 hav+
 exp]i5ce 9 advocat+ = ! int]e/s ( s5ior
 inve/ors4  7#c7 ,/aff+ ,! ,*airman %all
 ensure t-- 7,a7 ! ,task=ce is /aff$    
suffici5tly to c>ry out fully !         
requirem5ts ( ?is subsection2 &  7,b7   
su* /aff %all include individuals f !   
,division ( ,en=cem5t1 ,(fice (         
,compliance ,inspections & ,exam9ations1
 & ,(fice ( ,inve/or ,education &       
,advocacy4  7#d7 ,no comp5sation =      
memb]s ( ,task=ce ,all memb]s ( !       
,task=ce appo9t$ "u p>agraph 7#b7 or    
7#c7 %all s]ve )\t comp5sation 9        
addition to t receiv$ = _! s]vices z    
(fic]s or employees ( ! ,unit$ ,/ates4  
7#e7 ,m9imiz+ duplication ( ef=ts ,9    
organiz+ & /aff+ ! ,task=ce1 ! ,*airman 
%all take su* actions z may be necess>y 
to m9imize ! duplication ( ef=ts )9 !   
divisions & (fices describ$ "u p>agraph 
7#c77;,b7 & any o!r divisions1 (fices1  
or task=ces ( ! ,commission4  7#f7      
,functions ( ! ,task=ce ,! ,task=ce     

%all--  7,a7 id5tify *all5ges t s5ior   
inve/ors enc\nt]1 includ+ problems      
associat$ ) f9ancial exploitation &     
cognitive decl9e2  7,b7 id5tify areas 9 
:i* s5ior inve/ors w\ld b5efit f *anges 
9 ! regulations ( ! ,commission or !    
rules ( self-regulatory organizations2  
7,c7 coord9ate1 z appropriate1 ) o!r    
(fices )9 ! ,commission1 o!r task=ces t 
may be e/abli%$ )9 ! ,commission1       
self-regulatory organizations1 & ! ,eld]
 ,ju/ice ,coord9at+ ,c\ncil2 &  7,d7    
consult1 z appropriate1 ) ,/ate         
securities & law en=cem5t au?orities1   
,/ate insurance regulators1 & o!r ,f$]al
 ag5cies4  7#g7 ,report ,! ,task=ce1 9  
coord9ation1 z appropriate1 ) ! ,(fice (
 ! ,inve/or ,advocate & self-regulatory 
organizations1 & 9 consultation1 z      
appropriate1 ) ,/ate securities & law   
en=cem5t au?orities1 ,/ate insurance    
regulators1 & ,f$]al ag5cies1 %all issue
 a report e #b ye>s to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs & !    
,special ,committee on ,ag+ ( ! ,s5ate &

 ! ,committee on ,f9ancial ,s]vices ( ! 
,h\se ( ,repres5tatives1 ! fir/ ( :i*   
%all n be issu$ until aft] ! report     
describ$ 9 section #c ( ! ,national     
,s5ior ,inve/or ,initiative ,act ( #bjbe
 has be5 issu$ & consid]$ by ! ,task=ce1
 conta9+-- 7,a7 appropriate /ati/ical   
in=mation & full & sub/antive analysis2 
7,b7 a summ>y ( rec5t tr5ds &           
innovations t h impact$ ! inve/m5t      
l&scape = s5ior inve/ors2  7,c7 a summ>y
 ( regulatory initiatives t h conc5trat$
 on s5ior inve/ors & indu/ry practices  
relat$ to s5ior inve/ors2  7,d7 key     
obs]vations1 be/ practices1 & areas ne$+
 improvem5t1 involv+ s5ior inve/ors     
id5tifi$ dur+ exam9ations1 en=cem5t     
actions1 & inve/or education outrea*2   
7,e7 a summ>y ( ! mo/ s]i\s issues      
enc\nt]$ by s5ior inve/ors1 includ+     
issues involv+ f9ancial products &      
s]vices2  7,f7 an analysis ) reg>d to   
exi/+ policies & proc$ures ( brok]s1    
deal]s1 inve/m5t advis]s1 & o!r m>ket   
p>ticipants relat$ to s5ior inve/ors &  

s5ior inve/or-relat$ topics & :e!r ^!   
policies & proc$ures ne$ to be fur!r    
develop$ or ref9$2  7,g7 recomm5dations 
= su* *anges to ! regulations1 guidance1
 & ord]s ( ! ,commission &              
self-regulatory organizations & su*     
legislative actions z may be appropriate
 to resolve problems enc\nt]$ by s5ior  
inve/ors2 &  7,h7 any o!r in=mation1 z  
det]m9$ appropriate by ! ,director ( !  
,task=ce4  7#h7 ,reque/ = reports ,!    
,task=ce %all make any report issu$ "u  
p>agraph 7#g7 available to a ,memb] (   
,congress :o reque/s su* a report4  7#i7
 ,sunset ,! ,task=ce %all t]m9ate aft] !
 end ( ! #aj-ye> p]iod beg9n+ on ! date 
( ! enactm5t ( ?is subsection4  7#aj7   
,s5ior inve/or def9$ ,9 ?is subsection1 
! t]m s5ior inve/or means an inve/or ov]
 ! age ( #fe4  7#aa7 ,use ( exi/+ funds 
,! ,commission %all use exi/+ funds to  
c>ry out ?is subsection4  4  7b7 ,,gao  
/udy  7#a7 ,/udy ,n lat] ?an #b ye>s    
aft] ! date ( enactm5t ( ?is ,act1 !    
,comptroll] ,g5]al ( ! ,unit$ ,/ates    

%all submit to ,congress & ! ,s5ior     
,inve/or ,task=ce ! results ( a /udy (  
f9ancial exploitation ( s5ior citiz5s4  
7#b7 ,cont5ts ,! /udy requir$ "u        
p>agraph 7#a7 %all include in=mation )  
respect to-- 7,a7 economic co/s ( !     
f9ancial exploitation ( s5ior citiz5s-- 
7i7 associat$ ) losses by victims t 7   
incurr$ z a result ( ! f9ancial         
exploitation ( s5ior citiz5s2  7ii7     
incurr$ by ,/ate & ,f$]al ag5cies1 law  
en=cem5t & inve/igatory ag5cies1 public 
b5efit programs1 public heal? programs1 
& o!r public programs z a result ( !    
f9ancial exploitation ( s5ior citiz5s2  
7iii7 incurr$ by ! private sector z a   
result ( ! f9ancial exploitation ( s5ior
 citiz5s2 &  7iv7 any o!r relevant co/s 
t--  7,i7 result f ! f9ancial           
exploitation ( s5ior citiz5s2 &  7,,ii7 
! ,comptroll] ,g5]al det]m9es are       
necess>y & appropriate to include 9 ord]
 to provide ,congress & ! public ) a    
full & accurate und]/&+ ( ! economic    
co/s result+ f ! f9ancial exploitation (

 s5ior citiz5s 9 ! ,unit$ ,/ates2  7,b7 
frequ5cy ( s5ior f9ancial exploitation &
 correlat$ or contribut+ factors-- 7i7  
in=mation ab\t p]c5tage ( s5ior citiz5s 
f9ancially exploit$ ea* ye>2 &  7ii7    
in=mation ab\t factors contribut+ to    
increas$ risk ( exploitation1 includ+   
su* factors z race1 social isolation1   
income1 net wor?1 religion1 region1     
occupation1 education1 home-own]%ip1    
illness1 & loss ( sp\se2 &  7,c7 policy 
responses & report+ ( s5ior f9ancial    
exploitation--  7i7 ! degree to :i*     
f9ancial exploitation ( s5ior citiz5s   
unreport$ to au?orities2  7ii7 ! reasons
 t f9ancial exploitation may be         
unreport$ to au?orities2  7iii7 to !    
ext5t t suspect$ eld] f9ancial          
exploitation is curr5tly be+ report$--  
7,i7 in=mation reg>d+ :i* ,f$]al1 ,/ate1
 & local ag5cies are receiv+ reports1   
includ+ adult protective s]vices1 law   
en=cem5t1 indu/ry1 regulators1 &        
pr(essional lic5s+ bo>ds2  7,,ii7       
in=mation reg>d+ :at in=mation is be+   

collect$ by su* ag5cies2 &  7,,iii7     
in=mation reg>d+ ! actions t are tak5 by
 su* ag5cies ^u receipt ( ! report & any
 limits on ! ag5cies' ability to prev5t 
exploitation1 su* z jurisdictional      
limits1 a lack ( exp]tise1 res\rce      
*all5ges1 or limit+ crit]ia ) reg>d to !
 types ( victims !y are p]mitt$ to s]ve2
  7iv7 an analysis ( gaps t may exi/ 9  
emp[]+ ,f$]al1 ,/ate1 & local ag5cies to
 prev5t s5ior exploitation or respond   
effectively to suspect$ s5ior f9ancial  
exploitation2 &  7v7 an analysis ( !    
legal hurdles t prev5t ,f$]al1 ,/ate1 & 
local ag5cies f effectively p>tn]+ ) ea*
 o!r & private pr(essionals to          
effectively respond to s5ior f9ancial   
exploitation4  7#c7 ,s5ior citiz5 def9$ 
,9 ?is subsection1 ! t]m s5ior citiz5   
means an individual ov] ! age ( #fe4    
#bje4 ,improv+ disclosure = inve/ors    
7a7 ,promulgation ( rules ,n lat] ?an   
#ahj days aft] ! date ( ! enactm5t ( ?is
 section1 ! ,securities & ,ex*ange      
,commission %all propose &1 n lat] ?an  

#a ye> aft] ! date ( ! enactm5t ( ?is   
section1 ! ,commission %all f9alize     
rules1 regulations1 am5dm5ts1 or        
int]pretations1 z appropriate1 to all[ a
 cov]$ entity to satisfy ! entity's     
obligation to deliv] regulatory docum5ts
 requir$ "u ! securities laws to        
inve/ors us+ electronic deliv]y4  7b7   
,requir$ provisions ,rules1 regulations1
 am5dm5ts1 or int]pretations !          
,commission promulgates pursuant to     
subsection 7a7 %all3 7#a7 ,) respect to 
inve/ors t d n receive all regulatory   
docum5ts by electronic deliv]y1 provide 
=--  7,a7 deliv]y ( an initial          
communication 9 pap] =m reg>d+          
electronic deliv]y2  7,b7 a transition  
p]iod n to exce$ #ahj days until su*    
regulatory docum5ts are deliv]$ to su*  
inve/ors by electronic deliv]y2 &  7,c7 
dur+ a p]iod n to exce$ #b ye>s foll[+ !
 transition p]iod set =? 9 subp>agraph  
7,b71 deliv]y ( an annual notice 9 pap] 
=m solely rem9d+ su* inve/ors ( !       
ability to opt out ( electronic deliv]y 

at any "t & receive pap] v]sions (      
regulatory docum5ts4  7#b7 ,set =?      
requirem5ts = ! cont5t ( ! initial      
communication describ$ 9 p>agraph       
7#a77;,a74  7#c7 ,set =? requirem5ts = !
 tim+ ( deliv]y ( a notice ( website    
availability ( regulatory docum5ts & !  
cont5t ( ! appropriate notice describ$ 9
 subsection 7g77#c77;,b74  7#d7 ,provide
 a me*anism = inve/ors to opt out (     
electronic deliv]y at any "t & receive  
pap] v]sions ( regulatory docum5ts4     
7#e7 ,require measures reasonably       
design$ to id5tify & rem$iate fail$     
electronic deliv]ies ( regulatory       
docum5ts4  7#f7 ,set =? m9imum          
requirem5ts reg>d+ readability &        
reta9ability = regulatory docum5ts t are
 deliv]$ electronically4  7#g7 ,= cov]$ 
entities o!r ?an brok]s1 deal]s1        
inve/m5t advis]s regi/]$ ) !            
,commission1 & inve/m5t companies1      
require measures reasonably design$ to  
ensure ! confid5tiality ( p]sonal       
in=mation 9 regulatory docum5ts t are   

deliv]$ to inve/ors electronically4  7c7
 ,exemption f c]ta9 requirem5ts ,section
 #aja7;c7 ( ! ,electronic ,signatures 9 
,global & ,national ,comm]ce ,act 7#ae  
,u4,s4,c4 #gjja7;c77 %all n apply )     
respect to a regulatory docum5t deliv]$ 
9 accordance ) ?is section4  7d7 ,rule (
 con/ruction ,no?+ 9 ?is section %all be
 con/ru$ z alt]+ ! sub/ance or tim+ (   
any regulatory docum5t obligation "u !  
securities laws or regulations ( a      
self-regulatory organization4  7e7      
,treatm5t ( revisions n complet$ 9 a    
timely mann] ,if ! ,commission fails to 
f9alize ! rules1 regulations1 am5dm5ts1 
or int]pretations requir$ "u subsection 
7a7 be=e ! date specifi$ 9 su*          
subsection--  7#a7 a cov]$ entity may   
deliv] regulatory docum5ts us+          
electronic deliv]y 9 accordance )       
subsections 7b7 & 7c72 &  7#b7 su*      
electronic deliv]y %all be deem$ to     
satisfy ! obligation ( ! cov]$ entity to
 deliv] regulatory docum5ts requir$ "u !
 securities laws4  7f7 ,o!r requir$     

actions  7#a7 ,review ( rules ,!        
,commission %all-- 7,a7 )9 #ahj days ( !
 date ( enactm5t ( ?is ,act1 conduct a  
review ( ! rules & regulations ( !      
,commission to det]m9e :e!r any su*     
rules or regulations require deliv]y (  
writt5 docum5ts to inve/ors2 &  7,b7 )9 
#a ye> ( ! date ( enactm5t ( ?is ,act1  
promulgate am5dm5ts to su* rules or     
regulations to provide t any requirem5t 
to deliv] a regulatory docum5t 9 writ+  
may be satisfi$ by electronic deliv]y4  
7#b7 ,actions by self-regulatory        
organizations ,ea* self-regulatory      
organization %all adopt rules &         
regulations1 or am5d ! rules &          
regulations ( ! self-regulatory         
organization1 consi/5t ) ?is section &  
consi/5t ) rules1 regulations1 am5dm5ts1
 or int]pretations f9aliz$ by !         
,commission pursuant to subsection 7a74 
7#c7 ,rule ( application ,?is subsection
 %all n apply to a rule or regulation   
issu$ pursuant to a ,f$]al /atute if t  
,f$]al /atute specifically requires     

deliv]y ( pap] docum5ts to inve/ors4    
7g7 ,def9itions ,9 ?is section3  7#a7   
,commission ,! t]m ,commission means !  
,securities & ,ex*ange ,commission4     
7#b7 ,cov]$ entity ,! t]m cov]$ entity  
means--  7,a7 an inve/m5t company 7z    
def9$ 9 section #c7;a77#a7 ( ! ,inve/m5t
 ,company ,act ( #aidj 7#ae ,u4,s4,c4   
#hj;a-#c7;a77#a777 t is regi/]$ "u su*  
,act2  7,b7 a bus9ess developm5t company
 7z def9$ 9 section #b7;a7 ( ! ,inve/m5t
 ,company ,act ( #aidj 7#ae ,u4,s4,c4   
#hj;a-#b7;a777 t has elect$ to be       
regulat$ z su* "u su* ,act2  7,c7 a     
regi/]$ brok] or deal] 7z su* t]ms are  
def9$1 respectively1 9 p>agraphs 7#d7 & 
7#e7 ( section #c7;a7 ( ! ,securities   
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a7772  7,d7 a regi/]$ municipal   
securities deal] 7z def9$ 9 section     
#c7;a77#cj7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4             
#gh;c7a77#cj7772  7,e7 a regi/]$        
gov]nm5t securities brok] or gov]nm5t   
securities deal] 7z su* t]ms are def9$1 

respectively1 9 p>agraphs 7#dc7 & 7#dd7 
( section #c7;a7 ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c7a7772  7,f7 a regi/]$ inve/m5t    
advis] 7z def9$ 9 section #bjb7;a77#aa7 
( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae
 ,u4,s4,c4 #hj;b-#a7;a77#aa7772  7,g7 a 
regi/]$ transf] ag5t 7z def9$ 9 section 
#c7;a77#be7 ( ! ,securities ,ex*ange    
,act ( #aicd 7#ae ,u4,s4,c4             
#gh;c7a77#be7772 or  7,h7 a regi/]$     
fund+ portal 7z def9$ 9 ! second        
p>agraph 7#hj7 ( section #c7;a7 ( !     
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a7774  7#c7 ,electronic 
deliv]y ,! t]m electronic deliv]y1 )    
respect to regulatory docum5ts1         
includes-- 7,a7 ! direct deliv]y ( su*  
regulatory docum5t to an electronic     
address ( an inve/or2  7,b7 ! po/+ ( su*
 regulatory docum5t to a website1 &     
direct deliv]y ( an appropriate notice (
 ! availability ( ! regulatory docum5t  
to an electronic address ( ! inve/or2 or
  7,c7 any o!r electronic me?od         

reasonably design$ to ensure receipt (  
su* regulatory docum5t by ! inve/or4    
7#d7 ,regulatory docum5ts ,! t]m        
regulatory docum5ts includes-- 7,a7     
prospectuses meet+ ! requirem5ts (      
section #aj7;a7 ( ! ,securities ,act (  
#aicc 7#ae ,u4,s4,c4 #gg;j7a772  7,b7   
summ>y prospectuses meet+ ! requirem5ts 
(-- 7i7 section #bcj4dih ( title #ag1   
,code ( ,f$]al ,regulations2 or  7ii7   
section #bcj4dih;,a ( title #ag1 ,code (
 ,f$]al ,regulations2  7,c7 /atem5ts (  
additional in=mation1 z describ$ "u     
section #bgj4cj;e-#c7;h77#b7 ( title    
#ag1 ,code ( ,f$]al ,regulations2  7,d7 
annual & semi-annual reports to inve/ors
 meet+ ! requirem5ts ( section #cj7;e7 (
 ! ,inve/m5t ,company ,act ( #aidj 7#ae 
,u4,s4,c4 #hj;a-#bi7;e772  7,e7 notices 
meet+ ! requirem5ts "u section          
#bgj4ai;a-#a ( title #ag1 ,code ( ,f$]al
 ,regulations2  7,f7 confirmations &    
acc\nt /atem5ts meet+ ! requirem5ts "u  
section #bdj4aj;b ( title #ag1 ,code (  
,f$]al ,regulations2  7,g7 proxy        

/atem5ts meet+ ! requirem5ts "u section 
#bdj4ad;a-#c ( title #ag1 ,code ( ,f$]al
 ,regulations2  7,h7 privacy notices    
meet+ ! requirem5ts ( ,regulation ,s-,p 
"u subp>t ,a ( "p #bdh ( title #ag1     
,code ( ,f$]al ,regulations2  7,i7      
affiliate m>ket+ notices meet+ !        
requirem5ts ( ,regulation ,s-,,am "u    
subp>t ,b ( "p #bdh ( title #ag1 ,code (
 ,f$]al ,regulations2 &  7,j7 all o!r   
regulatory docum5ts requir$ to be       
deliv]$ by cov]$ entities to inve/ors "u
 ! securities laws & ! rules &          
regulations ( ! ,commission & !         
self-regulatory organizations4  7#e7    
,securities laws ,! t]m securities laws 
has ! mean+ giv5 ! t]m 9 section #c7;a7 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #gh;c7a774  7#f7         
,self-regulatory organization ,! t]m    
self-regulatory organization means--    
7,a7 a self-regulatory organization1 z  
def9$ 9 section #c7;a77#bf7 ( !         
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#bf772 &  7,b7 !     

,municipal ,securities ,rulemak+ ,bo>d4 
7#g7 ,website ,! t]m website means an   
int]net website or o!r digital1 int]net1
 or electronic-bas$ in=mation           
repository1 includ+ a mobile            
application4  #bjf4 ,increas+ inve/or   
opportunities  7a7 ,9 g5]al ,section #e 
( ! ,inve/m5t ,company ,act ( #aidj 7#ae
 ,u4,s4,c4 #hj;a-#e7 is am5d$ by add+ at
 ! end ! foll[+3  7d7 ,clos$-end company
 au?ority to inve/ 9 private funds  7#a7
 ,9 g5]al ,except z o!rwise prohibit$ or
 re/rict$ by ?is ,act 7or any rule issu$
 "u ?is ,act71 ! ,commission may n      
prohibit or o!rwise limit a clos$-end   
company f inve/+ any or all ( ! assets (
 ! clos$-end company 9 securities issu$ 
by private funds4  7#b7 ,o!r re/rictions
 on ,commission au?ority ,except z      
o!rwise prohibit$ or re/rict$ by ?is    
,act 7or any rule issu$ "u ?is ,act71 ! 
,commission may n impose any condition  
on1 re/rict1 or o!rwise limit-- 7,a7 !  
(f] to sell1 or ! sale (1 securities    
issu$ by a clos$-end company t inve/s1  

or proposes to inve/1 9 securities issu$
 by private funds2 or  7,b7 ! li/+ ( !  
securities ( a clos$-end company        
describ$ 9 subp>agraph 7,a7 on a        
national securities ex*ange4  7#c7      
,unrelat$ re/rictions ,! ,commission may
 impose a condition on1 re/rict1 or     
o!rwise limit an activity describ$ 9    
p>agraph 7#a7 or subp>agraph 7,a7 or    
7,b7 ( p>agraph 7#b7 if t condition1    
re/riction1 or limitation is unrelat$ to
 ! und]ly+ *>act]i/ics ( a private fund 
or ! /atus ( a private fund z a private 
fund4  7#d7 ,rule ( application ,not)/&+
 section #f7;f71 ?is subsection %all    
also apply to a clos$-end company t     
elects to be treat$ z a bus9ess         
developm5t company pursuant to section  
#ed4  4  7b7 ,def9ition ( private fund  
,section #b7;a7 ( ! ,inve/m5t ,company  
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#b7;a77 is am5d$ by add+ at ! end 
! foll[+3  7#ee7 ,! t]m private fund has
 ! mean+ giv5 9 section #bjb7;a7 ( !    
,inve/m5t ,advis]s ,act ( #aidj 7#ae    

,u4,s4,c4 #hj;b-#b7;a774  4  7c7        
,treatm5t by national securities        
ex*anges ,section #f ( ! ,securities    
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;f7 is am5d$ by add+ at ! end !      
foll[+3  7m7  7#a7 ,except z o!rwise    
prohibit$ or re/rict$ by rules ( !      
ex*ange t are consi/5t ) section #e7;d7 
( ! ,inve/m5t ,company ,act ( #aidj 7#ae
 ,u4,s4,c4 #hj;a-#e7;d771 an ex*ange may
 n prohibit1 condition1 re/rict1 or     
impose any o!r limitation on ! li/+ or  
trad+ ( ! securities ( a clos$-end      
company :5 ! clos$-end company inve/s1  
or may inve/1 "s or all ( ! assets ( !  
clos$-end company 9 securities issu$ by 
private funds4  7#b7 ,9 ?is subsection--
  7,a7 ! t]m clos$-end company-- 7i7 has
 ! mean+ giv5 ! t]m 9 section #e7;a7 ( !
 ,inve/m5t ,company ,act ( #aidj 7#ae   
,u4,s4,c4 #hj;a-#e7;a772 &  7ii7        
includes a clos$-end company t elects to
 be treat$ z a bus9ess developm5t       
company pursuant to section #ed ( !     
,inve/m5t ,company ,act ( #aidj 7#ae    

,u4,s4,c4 #hj;a-#ec72 &  7,b7 ! t]m     
private fund has ! mean+ giv5 9 section 
#bjb7;a7 ( ! ,inve/m5t ,advis]s ,act (  
#aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a774  4  
7d7 ,inve/m5t limitation ,section #c7;c7
 ( ! ,inve/m5t ,company ,act ( #aidj    
7#ae ,u4,s4,c4 #hj;a-#c7;c77 is am5d$-- 
7#a7 9 p>agraph 7#a71 9 ! matt] prec$+  
subp>agraph 7,a71 9 ! second s5t5ce1 by 
/rik+ subp>agraphs 7,a77i7 & 7,b77i7 &  
ins]t+ subp>agraphs 7,a77i71 7,b77i71 & 
7,c72 &  7#b7 9 p>agraph 7#g77;,d71 by  
/rik+ subp>agraphs 7,a77i7 & 7,b77i7 &  
ins]t+ subp>agraphs 7,a77i71 7,b77i71 & 
7,c74  7e7 ,rules ( con/ruction  7#a7   
,no?+ 9 ?is section or ! am5dm5ts made  
by ?is section may be con/ru$ to limit  
or am5d any fiduci>y duty ow$ to a      
clos$-end company 7z def9$ 9 section    
#e7;a77#b7 ( ! ,inve/m5t ,company ,act (
 #aidj 7#ae ,u4,s4,c4 #hj;a-#e7;a77#b777
 or by an inve/m5t advis] 7z def9$ "u   
section #b7;a7 ( ! ,inve/m5t ,company   
,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#b7;a777 to a clos$-end company4  

7#b7 ,no?+ 9 ?is section or ! am5dm5ts  
made by ?is section may be con/ru$ to   
limit or am5d ! valuation1 liquidity1 or
 r$emption requirem5ts or obligations ( 
a clos$-end company 7z def9$ 9 section  
#e7;a77#b7 ( ! ,inve/m5t ,company ,act (
 #aidj 7#ae ,u4,s4,c4 #hj;a-#e7;a77#b777
 z requir$ by ! ,inve/m5t ,company ,act 
( #aidj4  ,,iii ,/r5g!n+ ,public ,m>kets
  #cja4 ,enc\rag+ local em]g+ v5tures & 
economic gr[? ,section #ab7;b7 ( !      
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7b77 is am5d$--  7#a7 9   
p>agraph 7#a77,k71 by /rik+ ye>s1 &     
ins]t+ ye>s 7or1 9 ! case ( an em]g+    
gr[? company1 n m ?an ! two prec$+      
ye>s712 &  7#b7 by add+ at ! end !      
foll[+3  ,any issu] may confid5tially   
submit to ! ,commission a draft         
regi/ration /atem5t = confid5tial       
nonpublic review by ! /aff ( !          
,commission prior to public fil+1       
provid$ t ! initial confid5tial         
submission & all am5dm5ts !reto %all be 
publicly fil$ ) ! ,commission n lat] ?an

 #aj days be=e li/+ on a national       
securities ex*ange4 ,not)/&+ any o!r    
provision ( ?is title1 ! ,commission    
%all n be compell$ to disclose any      
in=mation provid$ to or obta9$ by !     
,commission pursuant to ?is subsection4 
,= purposes ( section #eeb ( title #e1  
?is subsection %all be consid]$ a /atute
 describ$ 9 subsection 7b77#c77;,b7 (   
su* section #eeb4 ,in=mation describ$ 9 
or obta9$ pursuant to ?is subsection    
%all be deem$ to con/itute confid5tial  
in=mation = purposes ( section #bd4 4   
#cjb4 ,access to small bus9ess inve/or  
capital  7a7 ,def9itions ,= purposes (  
?is section3 7#a7 ,acquir$ ,fund ,! t]m 
,acquir$ ,fund has ! mean+ giv5 ! t]m 9 
,=ms ,n-#a;,a1 ,n-#b1 & ,n-#c4  7#b7    
,acquir$ ,fund ,fees & ,exp5ses ,! t]m  
,acquir$ ,fund ,fees & ,exp5ses means ! 
,acquir$ ,fund ,fees & ,exp5ses         
sub-caption 9 ! ,fee ,table ,disclosure4
  7#c7 ,bus9ess developm5t company ,!   
t]m bus9ess developm5t company has !    
mean+ giv5 ! t]m 9 section #b7;a7 ( !   

,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#b7;a774  7#d7 ,fee     
table disclosure ,! t]m ,fee ,table     
,disclosure means ! fee table describ$ 9
 ,item #c ( ,=m ,n-#a;,a1 ,item #c ( ,=m
 ,n-#b1 or ,item #d ( ,=m ,n-#c 7z      
applicable1 & ) respect to ea*1 9 any   
successor fee table disclosure t !      
,securities & ,ex*ange ,commission      
adopts74  7#e7 ,=m ,n-#a;a ,! t]m ,=m   
,n-#a;,a means ! =m describ$ 9 section  
#bgd4aa;,a ( title #ag1 ,code ( ,f$]al  
,regulations1 or any successor          
regulation4  7#f7 ,=m ,n-#b ,! t]m ,=m  
,n-#b means ! =m describ$ 9 section     
#bgd4aa;a-#a ( title #ag1 ,code ( ,f$]al
 ,regulations1 or any successor         
regulation4  7#g7 ,=m ,n-#c ,! t]m ,=m  
,n-#c means ! =m describ$ 9 section     
#bgd4aa;b ( title #ag1 ,code ( ,f$]al   
,regulations1 or any successor          
regulation4  7#h7 ,regi/]$ inve/m5t     
company ,! t]m regi/]$ inve/m5t company 
means an inve/m5t company1 z def9$ "u   
section #c7;a7 ( ! ,inve/m5t ,company   

,act ( #aidj 7#ae ,u4,s4,c4             
#hj;a-#c7;a771 regi/]$ ) ! ,securities &
 ,ex*ange ,commission "u su* ,act4  7b7 
,exclud+ bus9ess developm5t companies f 
acquir$ fund fees & exp5ses ,a regi/]$  
inve/m5t company may1 on any inve/m5t   
company regi/ration /atem5t fil$        
pursuant to section #h7;b7 ( ! ,inve/m5t
 ,company ,act ( #aidj 7#ae ,u4,s4,c4   
#hj;a-#h7;b771 omit f ! calculation (   
,acquir$ ,fund ,fees & ,exp5ses ^? fees 
& exp5ses t ! inve/m5t company incurr$  
indirectly z a result ( inve/m5t 9 %>es 
( "o or m ,acquir$ ,funds t is a bus9ess
 developm5t company4  #cjc4 ,enc\rag+   
public (f]+s  7a7 ,exp&+ te/+ ! wat]s   
,section #e7;d7 ( ! ,securities ,act (  
#aicc 7#ae ,u4,s4,c4 #gg;e7d77 is       
am5d$-- 7#a7 by /rik+ ,not)/&+ & ins]t+ 
! foll[+3  7#a7 ,9 g5]al ,not)/&+  2    
7#b7 by /rik+ an em]g+ gr[? company or  
any p]son au?oriz$ to act on behalf ( an
 em]g+ gr[? company & ins]t+ an issu] or
 any p]son au?oriz$ to act on behalf (  
an issu]2 &  7#c7 by add+ at ! end !    

foll[+3  7#b7 ,additional requirem5ts   
7,a7 ,9 g5]al ,! ,commission may        
promulgate regulations1 subject to      
public notice & comm5t1 to impose su*   
o!r t]ms1 conditions1 or requirem5ts on 
! engag+ 9 oral or writt5 communications
 describ$ "u p>agraph 7#a7 by an issu]  
o!r ?an an em]g+ gr[? company z !       
,commission det]m9es appropriate4  7,b7 
,report to ,congress ,prior to any      
rulemak+ describ$ "u subp>agraph 7,a71 !
 ,commission %all submit to ,congress a 
report conta9+ a li/ ( ! f9d+s support+ 
! basis ( ! rulemak+4  4  7b7           
,confid5tial review ( draft regi/ration 
/atem5ts ,section #f7;e7 ( ! ,securities
 ,act ( #aicc 7#ae ,u4,s4,c4 #gg;f7e77  
is am5d$--  7#a7 9 ! head+1 by /rik+    
,em]g+ ,gr[? ,companies & ins]t+        
,confid5tial review ( draft regi/ration 
/atem5ts2  7#b7 by r$esignat+ p>agraph  
7#b7 z p>agraph 7#c72 &  7#c7 by /rik+  
p>agraph 7#a7 & ins]t+ ! foll[+3  7#a7  
,9 g5]al ,any issu] may1 ) respect to an
 initial public (f]+1 initial           

regi/ration ( a security ( ! issu] "u   
section #ab7;b7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #ghl7b771  
or foll[-on (f]+1 confid5tially submit  
to ! ,commission a draft regi/ration    
/atem5t1 = confid5tial nonpublic review 
by ! /aff ( ! ,commission prior to      
public fil+1 provid$ t ! initial        
confid5tial submission & all am5dm5ts   
!reto %all be publicly fil$ ) !         
,commission n lat] ?an--  7,a7 9 ! case 
( an initial public (f]+1 #aj days be=e 
! effective date ( su* regi/ration      
/atem5t2  7,b7 9 ! case ( an initial    
regi/ration ( a security ( ! issu] "u   
su* section #ab7;b71 #aj days be=e li/+ 
on an ex*ange2 or  7,c7 9 ! case ( any  
(f]+ aft] an initial public (f]+ or an  
initial regi/ration "u su* section      
#ab7;b71 #dh h\rs be=e ! effective date 
( su* regi/ration /atem5t4  7#b7        
,additional requirem5ts  7,a7 ,9 g5]al  
,! ,commission may promulgate           
regulations1 subject to public notice & 
comm5t1 to impose su* o!r t]ms1         

conditions1 or requirem5ts on !         
submission ( draft regi/ration /atem5ts 
describ$ "u ?is subsection by an issu]  
o!r ?an an em]g+ gr[? company z !       
,commission det]m9es appropriate4  7,b7 
,report to ,congress ,prior to any      
rulemak+ describ$ "u subp>agraph 7,a71 !
 ,commission %all submit to ,congress a 
report conta9+ a li/ ( ! f9d+s support+ 
! basis ( ! rulemak+4  4  #cjd4         
,gre5light+ gr[?  7a7 ,securities ,act (
 #aicc ,section #g7;a77#b7 ( !          
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;g7a77#b77 is am5d$--  7#a7 9        
subp>agraph 7,a71 by /rik+ & at ! end2  
7#b7 by r$esignat+ subp>agraph 7,b7 z   
subp>agraph 7,c72 &  7#c7 by ins]t+ aft]
 subp>agraph 7,a7 ! foll[+3  7,b7 ne$ n 
pres5t acquir$ company f9ancial /atem5ts
 or in=mation o!rwise requir$ "u section
 #baj4c-je or section #baj4h-jd ( title 
#ag1 ,code ( ,f$]al ,regulations1 or any
 successor !reto1 = any p]iod prior to !
 e>lie/ audit$ p]iod ( ! em]g+ gr[?     
company pres5t$ 9 connection ) its      

initial public (f]+ &1 !reaft]1 9 no    
ev5t %all an issu] t 0 an em]g+ gr[?    
company b is no long] an em]g+ gr[?     
company be requir$ to pres5t f9ancial   
/atem5ts ( ! issu] 7or acquir$ company  
f9ancial /atem5ts or in=mation o!rwise  
requir$ "u section #baj4c-je or section 
#baj4h-jd ( title #ag1 ,code ( ,f$]al   
,regulations1 or any successor !reto7 = 
any p]iod prior to ! e>lie/ audit$ p]iod
 ( ! em]g+ gr[? company pres5t$ 9       
connection ) its initial public (f]+2 & 
4  7b7 ,securities ,ex*ange ,act ( #aicd
 ,section #ab7;b77#a77,k7 ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7b77#a77,k77 is am5d$ by  
/rik+ firm & ins]t+ firm1 provid$ t !   
application ( an em]g+ gr[? company ne$ 
n pres5t acquir$ company f9ancial       
/atem5ts or in=mation o!rwise requir$ "u
 section #baj4c-je or section #baj4h-jd 
( title #ag1 ,code ( ,f$]al             
,regulations1 or any successor !reto1 = 
any p]iod prior to ! e>lie/ audit$ p]iod
 ( ! em]g+ gr[? company pres5t$ 9       

connection ) its application &1 !reaft]1
 9 no ev5t %all an issu] t 0 an em]g+   
gr[? company b is no long] an em]g+ gr[?
 company be requir$ to pres5t f9ancial  
/atem5ts ( ! issu] 7or acquir$ company  
f9ancial /atem5ts or in=mation o!rwise  
requir$ "u section #baj4c-je or section 
#baj4h-jd ( title #ag1 ,code ( ,f$]al   
,regulations1 or any successor !reto7 = 
any p]iod prior to ! e>lie/ audit$ p]iod
 ( ! em]g+ gr[? company pres5t$ 9       
connection ) any application "u ?is     
subsection4  #cje4 ,middle m>ket ,,ipo  
co/  7a7 ,/udy ,! ,comptroll] ,g5]al ( !
 ,unit$ ,/ates1 9 consultation ) !      
,securities & ,ex*ange ,commission & !  
,f9ancial ,indu/ry ,regulatory          
,au?ority1 %all c>ry out a /udy ( ! co/s
 associat$ ) small- & m$ium-siz$        
companies to und]take initial public    
(f]+s 7,i,p,os74 ,9 c>ry+ out su* /udy1 
! ,comptroll] ,g5]al %all--  7#a7       
consid] ! direct & indirect co/s ( an   
,,ipo1 includ+-- 7,a7 fees ( acc\ntants1
 und]writ]s1 & any o!r outside advisors 

) respect to ! ,,ipo2  7,b7 compliance )
 ,f$]al & ,/ate securities laws at ! "t 
( ! ,,ipo2 &  7,c7 su* o!r ,,ipo-relat$ 
co/s z ! ,comptroll] ,g5]al may consid]2
  7#b7 comp>e & analyze ! co/s ( an     
,,ipo ) ! co/s ( obta9+ alt]native      
s\rces ( f9anc+ & ( liquidity2  7#c7    
consid] ! impact ( su* co/s on capital  
=mation2  7#d7 analyze ! impact ( ^!    
co/s on ! availability ( public         
securities ( small- & m$ium-siz$        
companies to retail inve/ors2 &  7#e7   
analyze tr5ds 9 ,i,p,os ov] a "t p]iod !
 ,comptroll] ,g5]al det]m9es is         
appropriate to analyze ,,ipo pric+      
practices1 consid]+--  7,a7 ! numb] (   
,i,p,os2  7,b7 h[ co/s = ,i,p,os h      
evolv$ ov] "t = und]writ]s1 inve/m5t    
advisory firms1 & o!r pr(essions =      
s]vices 9 connection ) an ,,ipo2  7,c7 !
 numb] ( brok]s & deal]s active 9       
und]writ+ ,i,p,os2  7,d7 ! diff]5t types
 ( s]vices t und]writ]s & relat$ p]sons 
provide be=e & aft] a small- or         
m$ium-siz$ company ,,ipo & ! factors    

impact+ ,i,p,os co/s2  7,e7 *anges 9 !  
co/s & availability ( inve/m5t rese>* = 
small- & m$ium-siz$ companies2 &  7,f7 !
 impacts ( litigation & its co/s on be+ 
a public company4  7b7 ,report ,n lat]  
?an ! end ( ! #cfj-;day p]iod beg9n+ on 
! date ( ! enactm5t ( ?is ,act1 !       
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all issue a report to ! ,congress      
conta9+ all f9d+s & det]m9ations made 9 
c>ry+ out ! /udy requir$ "u subsection  
7a7 & any adm9i/rative or legislative   
recomm5dations ! ,comptroll] ,g5]al may 
h4  #cjf4 ,exp&+ ,,wksi eligibility  7a7
 ,9 g5]al ,= 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 #djj1jjj1jjj 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$]al            
,regulations 7z 9 effect on ! date (    
enactm5t ( ?is ,act7 )\t ref]5ce to any 
requirem5t 9 su* def9ition relat+ to    
m9imum worldwide m>ket value ( out/&+   
vot+ & non-vot+ common equity held by   
non-affiliates4  7b7 ,report on )drawn  
applications relat$ to well-kn[n season$
 issu] /atus ,! ,securities & ,ex*ange  
,commission %all1 n lat] ?an #ij days   
aft] ! end ( ea* cal5d> ye>1 publi% !   
total numb] ( applications submitt$ dur+
 su* cal5d> ye> :]e ! applicant-- 7#a7  
submitt$ ! application "u section       
#bcj4dje ( title #ag1 ,code ( ,f$]al    
,regulations1 = a det]m9ation by !      
,commission t ! applicant n be consid]$ 
an ineligible issu] "u su* section2     
7#b7 reque/$ su* det]m9ation 9 ord] to  
meet ! def9ition ( a well-kn[n season$  
issu] "u su* section2 &  7#c7 )drew !   
application4  #cjg4 ,enhanc+ multi-class
 %>e disclosures ,section #ad ( !       
,securities ,ex*ange ,act ( #aicd 7#ae  

,u4,s4,c4 #ghn7 is am5d$ by add+ at !   
end ! foll[+3  7l7 ,disclosure relat+ to
 multi-class %>e /ructures  7#a7        
,disclosure ,! ,commission %all1 by     
rule1 require ea* issu] ) a multi-class 
%>e /ructure to disclose ! in=mation    
describ$ 9 p>agraph 7#b7 9 any proxy or 
cons5t solicitation mat]ial = an annual 
meet+ ( ! %>ehold]s ( ! issu]1 or any   
o!r fil+ z ! ,commission det]m9es       
appropriate4  7#b7 ,cont5t ( disclosure 
,a disclosure made "u p>agraph 7#a7 %all
 include1 ) respect to ea* p]son :o is a
 director1 director nom9ee1 or nam$     
executive (fic] ( ! issu]1 or :o is !   
b5eficial own] ( securities ) #e p]c5t  
or m ( ! total comb9$ vot+ p[] ( all    
classes ( securities entitl$ to vote 9 !
 election ( directors-- 7,a7 ! numb] (  
%>es ( all classes ( securities entitl$ 
to vote 9 ! election ( directors        
b5eficially own$ by su* p]son1 express$ 
z a p]c5tage ( ! total numb] ( ! out/&+ 
securities ( ! issu] entitl$ to vote 9 !
 election ( directors2 &  7,b7 ! am\nt (

 vot+ p[] held by su* p]son1 express$ z 
a p]c5tage ( ! total comb9$ vot+ p[] (  
all classes ( ! securities ( ! issu]    
entitl$ to vote 9 ! election (          
directors4  7#c7 ,multi-class %>e       
/ructure ,9 ?is subsection1 ! t]m       
multi-class %>e /ructure means a        
capitalization /ructure t conta9s #b or 
m types ( securities t h diff]+ am\nts (
 vot+ rights 9 ! election ( directors4  
4  ,pass$ ! ,h\se ( ,repres5tatives     
,decemb] #aa1 #bjbe4;,cl]k4