,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #ddbi  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #af1 #bjbe,mrs4 
,wagn] introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,a ,,bill  ,to require !      
,securities & ,ex*ange ,commission to   
revise ! def9ition ( a qualify+         
inve/m5t1 = purposes ( ! exemption f    
regi/ration = v5ture capital fund       
advis]s "u ! ,inve/m5t ,advis]s ,act (  
#aidj1 to include an equity security    
issu$ by a qualify+ portfolio company & 
to include an inve/m5t 9 ano!r v5ture   
capital fund1 & = o!r purposes4  #a4    
,%ort title ,?is ,act may be cit$ z !   
,develop+ & ,emp[]+ our ,aspir+ ,lead]s 
,act ( #bjbe4  #b4 ,def9itions ,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 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 t ! qualify+ inve/m5ts ( 
! private fund are ei!r-- 7,a7          
pr$om9antly qualify+ inve/m5ts t 7      
acquir$ directly f a qualify+ portfolio 
company2 or  7,b7 pr$om9antly qualify+  
inve/m5ts 9 ano!r v5ture capital fund or
 o!r v5ture capital funds4