3.0.0 8603 2023-01-11T13:44:31Z 2023-01-11T13:44:31Z House HR 2020-10-16 116 [Congressional Record Volume 166, Number 177 (Friday, October 16, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HOLLINGSWORTH:H.R. 8603.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18[Page H5694]]]> hsba00 Financial Services Committee House Standing Referred to 2020-10-16T13:04:10Z 2020-10-16 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-10-16 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-10-16 Introduced in House IntroReferral 1000 9 Library of Congress H001074 Rep. Hollingsworth, Trey [R-IN-9] Trey Hollingsworth R IN 9 N M001209 Rep. McAdams, Ben [D-UT-4] Ben McAdams D UT 4 2020-10-16 True Finance and Financial Sector Administrative law and regulatory procedures Financial services and investments Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2020-10-16 Introduced in House 2020-11-27T15:05:59Z Developing and Empowering our Aspiring Leaders Act of 2020

This bill directs the Securities and Exchange Commission (SEC) to revise venture capital investment regulations. Specifically, the bill allows investments acquired through secondary transactions to be considered as qualifying investments for venture capital funds. However, for a private fund to qualify as a venture capital fund, the investments predominately must be acquired directly. Under current law, non-qualifying investments—which include secondary transactions—may comprise up to 20% of a venture capital fund.

]]> Developing and Empowering our Aspiring Leaders Act of 2020 Display Title Developing and Empowering our Aspiring Leaders Act of 2020 Short Title(s) as Introduced Developing and Empowering our Aspiring Leaders Act of 2020 Introduced in House IH Official Title as Introduced To require the Securities and Exchange Commission to revise the definition of a qualifying investment to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, and for other purposes. Introduced in House IH Introduced in House 2020-10-16T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr8603ih/xml/BILLS-116hr8603ih.xml 2020-10-16 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.