,,ib ,union ,calendar ,no4 #bjc #aaith  
,,congress  #ast ,session  ,h4 ,r4 #ddbi
 ,report ,no4 #aai-bdf ,,in ,,the       
,,house ,,of ,,representatives  ,july   
#af1 #bjbe,mrs4 ,wagner introduced the  
following bill2 which was referred to   
the ,committee on ,financial ,services  
,september #h1 #bjbe;,additional        
sponsor3 ,mr4 ,casten  ,september #h1   
#bjbe,reported with an amendment1       
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed,strike
 out all after the enacting clause and  
insert the part printed in italic,for   
text of introduced bill1 see copy of    
bill as introduced on ,july #af1 #bjbe  
,a ,,bill  ,to require the ,securities  
and ,exchange ,commission to revise the 
definition of a qualifying investment1  
for purposes of the exemption from      
registration for venture capital fund   
advisers under the ,investment ,advisers
 ,act of #aidj1 to include an equity    
security issued by a qualifying         

portfolio company and to include an     
investment in another venture capital   
fund1 and for other purposes4  #a4      
,short title ,this ,act may be cited as 
the ,developing and ,empowering our     
,aspiring ,leaders ,act of #bjbe4  #b4  
,definitions ,not later than the end of 
the #ahj-;day period beginning on the   
date of the enactment of this ,act1 the 
,securities and ,exchange ,commission   
shall-- 7#a7 revise the definition of a 
qualifying investment under paragraph   
7c7 of section #bge4bjc7l7-#a of title  
#ag1 ,code of ,federal ,regulations--   
7,a7 to include an equity security      
issued by a qualifying portfolio        
company1 whether acquired directly from 
the company or in a secondary           
acquisition2 and  7,b7 to specify that  
an investment in another venture capital
 fund is a qualifying investment under  
such definition2 and  7#b7 revise       
paragraph 7a7 of such section to-- 7,a7 
require1 as a condition of a private    
fund qualifying as a venture capital    

fund under such paragraph1 that not less
 than #ea percent of the fund's         
aggregate capital contributions and     
uncalled committed capital 7other than  
short term holdings7 shall consist of   
equity securities acquired directly from
 a qualifying portfolio company1        
including immediately after the         
acquisition of any asset2 and  7,b7     
specify that up to #di percent of the   
fund's aggregate capital contributions  
and uncalled committed capital 7other   
than short term holdings7 may consist of
 investments in one or more venture     
capital funds1 as well as securities    
acquired in a secondary acquisition4    
,september #h1 #bjbe,reported with an   
amendment1 committed to the ,committee  
of the ,whole ,house on the ,state of   
the ,union1 and ordered to be printed