,,ib ,union ,cal5d> ,no4 #bjc #aai?     
,,congress  #a/ ,session  ,h4 ,r4 #ddbi 
,report ,no4 #aai-bdf ,,9 ,,! ,,h\se ,,(
 ,,repres5tatives  ,july #af1 #bjbe,mrs4
 ,wagn] introduc$ ! foll[+ bill2 :i* 0  
ref]r$ to ! ,committee on ,f9ancial     
,s]vices  ,septemb] #h1                 
#bjbe;,additional sponsor3 ,mr4 ,ca/5   
,septemb] #h1 #bjbe,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 ,july #af1   
#bjbe  ,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-- 7,a7 require1 z a condition ( a    
private fund qualify+ z a v5ture capital
 fund "u su* p>agraph1 t n less ?an #ea 
p]c5t ( ! fund's aggregate capital      
contributions & uncall$ committ$ capital
 7o!r ?an %ort t]m hold+s7 %all consi/ (
 equity securities acquir$ directly f a 
qualify+ portfolio company1 includ+     

imm$iately aft] ! acquisition ( any     
asset2 &  7,b7 specify t up to #di p]c5t
 ( ! fund's aggregate capital           
contributions & uncall$ committ$ capital
 7o!r ?an %ort t]m hold+s7 may consi/ ( 
inve/m5ts 9 "o or m v5ture capital      
funds1 z well z securities acquir$ 9 a  
second>y acquisition4  ,septemb] #h1    
#bjbe,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be pr9t$