,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #dacj  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #be1 #bjbe,mr4  
,g>b>9o introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,ex*ange ,act ( #aicd to    
exclude qualifi$ in/itutional buy]s &   
in/itutional accr$it$ inve/ors :5       
calculat+ hold]s ( a security = purposes
 ( ! m&atory regi/ration ?re%old "u su* 
,act1 & = o!r purposes4  #a4 ,%ort title
 ,?is ,act may be cit$ z ! ,small       
,bus9ess ,relief ,act4  #b4 ,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$--  7#a7 
9 p>agraph 7,a77i71 by ins]t+ aft]      
p]sons ! foll[+3 7t are n a qualifi$    
in/itutional buy] or an in/itutional    
accr$it$ inve/or72 &  7#b7 9 p>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