,,ii  #aaith ,,congress  #ast ,session  
,s4 #ccea  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,december #d1  
#bjbe,mr4 ,rounds 7for himself and ,mr4 
,warnock7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,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  
,revisions of regulatory definitions    
,not later than #ahj days after the date
 of enactment of this ,act1 the         
,securities and ,exchange ,commission   

shall-- 7#a7 revise the definition of a 
qualifying investment under section     
#bge4bjc7l7-#a7;c7 of title #ag1 ,code  
of ,federal ,regulations1 or any        
successor regulation-- 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 7as defined in     
section #bge4bjc7l7-#a7;a7 of title #ag1
 ,code of ,federal ,regulations1 or any 
successor regulation7 is a qualifying   
investment under that definition2 and   
7#b7 revise section #bge4bjc7l7-#a7;a7  
of title #ag1 ,code of ,federal         
,regulations1 or any successor          
regulation1 to require1 as a condition  
of a private fund qualifying as a       
venture capital fund under that         
provision1 that1 immediately after the  
acquisition of any asset1 the fund holds
 not more than #di percent of the amount
 of the aggregate capital contributions 

and uncalled committed capital          
7excluding short-term holdings7 of the  
fund in-- 7,a7 #a or more venture       
capital funds2 or  7,b7 qualifying      
investments acquired in a secondary     
acquisition1 valued at cost or fair     
value1 consistently applied by the fund4