,,ib ,union ,cal5d> ,no4 #dib #aai?     
,,congress  #b;d ,session  ,h4 ,r4 #daga
 ,report ,no4 #aai-egb ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,june #bf1        
#bjbe,mr4 ,g>b>9o introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,f9ancial ,s]vices  ,m>* #be1           
#bjbf,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be printed,strike
 out all aft] ! enact+ clause & ins]t ! 
"p pr9t$ 9 italic,for text ( introduc$  
bill1 see copy ( bill z introduc$ on    
,june #bf1 #bjbe  ,a ,,bill  ,to am5d ! 
,securities ,act ( #aicc to provide     
small issu]s ) a micro-(f]+ exemption   
free ( m&at$ disclosures or (f]+ fil+s1 
b subject to ! antifraud provisions ( ! 
,f$]al securities laws1 & = o!r         
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,small ,entrepr5eurs'      
,emp[]m5t & ,developm5t ,act ( #bjbe or 
! ,,se$ ,act ( #bjbe4  #b4 ,micro-(f]+  
exemption  7a7 ,9 g5]al ,section #d ( ! 
,securities ,act ( #aicc 7#ae ,u4,s4,c4 

#gg;d7 is am5d$-- 7#a7 9 subsection 7a71
 by add+ at ! end ! foll[+3  7#h7       
transactions meet+ ! requirem5ts (      
subsection 7f74  2 &  7#b7 by add+ at ! 
end ! foll[+3  7f7 ,micro-,(f]+s  7#a7  
,9 g5]al ,! transactions ref]r$ to 9    
subsection 7a77#h7 are transactions     
involv+ ! (f] or sale ( securities by an
 issu] 7includ+ all entities controll$  
by or "u common control ) ! issu]7 :]e !
 aggregate am\nt ( all securities (f]$  
or sold by ! issu]1 includ+ any am\nt   
sold 9 reliance on ! exemption provid$  
"u subsection 7a77#h71 dur+ ! #ab-mon?  
p]iod prec$+ ! date ( su* transaction1  
does n exce$ #ejj1jjj4  7#b7 ,adju/m5t  
,! doll> am\nt 9 p>agraph 7#a7 %all be  
adju/$ by ! ,commission n less frequ5tly
 ?an once e #e ye>s & at ! same "t z !  
adju/m5ts made "u section #d;,a7h71 by  
notice publi%$ 9 ! ,f$]al ,regi/] to    
reflect any *ange 9 ! ,consum] ,price   
,index = ,all ,urban ,consum]s publi%$  
by ! ,bureau ( ,labor ,/ati/ics1 sett+ !
 ?re%old to ! ne>e/ #aj1jjj4  7#c7 ,bad 

actor prohibition ,! exemption "u ?is   
subsection %all n apply to any p]son    
subject to-- 7,a7 an ev5t t w\ld        
disqualify an issu] or o!r cov]$ p]son  
"u section #bcj4ejf7;d7 ( title #ag1    
,code ( ,f$]al ,regulations1 or any     
successor regulation2 or  7,b7 a        
/atutory disqualification1 z def9$ 9    
section #c7;a7 ( ! ,securities ,ex*ange 
,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774  
4  7b7 ,exemption "u ,/ate regulations  
,section #ah7;b77#d7 ( ! ,securities    
,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#d77
 is am5d$-- 7#a7 9 subp>agraph 7,f71 by 
/rik+ or at ! end2  7#b7 9 subp>agraph  
7,g71 by /rik+ ! p]iod & ins]t+ 2 or2 & 
7#c7 by add+ at ! end ! foll[+3  7,h7   
section #d7;a77#h74  4  ,m>* #be1       
#bjbf,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be pr9t$