3.0.0 4227 2023-03-08T20:12:35Z 2023-03-08T20:12:35Z House HR 2021-06-29 117 [Congressional Record Volume 167, Number 113 (Tuesday, June 29, 2021)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HOLLINGSWORTH:H.R. 4227.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 18[Page H3308]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2022-07-27T16:27:18Z hsba00 Financial Services Committee House Standing Referred to 2021-06-29T14:02:05Z Developing and Empowering our Aspiring Leaders Act of 2022 117 3914 S 2022-04-05 Committee on Banking, Housing, and Urban Affairs. Hearings held. Related bill CRS 2022-07-27 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2022-07-26 21:34:09 The title of the measure was amended. Agreed to without objection. Floor H38800 2 House floor actions 2022-07-26 21:34:07 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2022-07-26 21:34:05 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7152) Floor H37300 2 House floor actions 2022-07-26 21:34:05 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7152) Floor 8000 9 Library of Congress 2022-07-26 21:27:13 DEBATE - The House proceeded with forty minutes of debate on H.R. 4227. Floor H8D000 2 House floor actions 2022-07-26 21:27:12 Considered under suspension of the rules. (consideration: CR H7152-7153) Floor H30000 2 House floor actions 2022-07-26 21:26:45 Ms. Waters moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2021-06-29 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2021-06-29 Introduced in House IntroReferral Intro-H 9 Library of Congress 2021-06-29 Introduced in House IntroReferral 1000 9 Library of Congress H001074 Rep. Hollingsworth, Trey [R-IN-9] Trey Hollingsworth R IN 9 N Finance and Financial Sector Administrative law and regulatory procedures Financial services and investments Securities Securities and Exchange Commission (SEC) Finance and Financial Sector 00 2021-06-29 Introduced in House 2022-01-05T16:17:55Z Developing and Empowering our Aspiring Leaders Act of 2021

This bill directs the Securities and Exchange Commission to revise venture capital investment regulations. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Under current law, non-qualifying investments—which include secondary transactions and investments in other venture capital funds—may comprise up to 20% of a venture capital fund.

The bill allows investments acquired through secondary transactions or investments in other venture capital funds to be considered as qualifying investments for venture capital funds. However, for a private fund to qualify as a venture capital fund, the fund's investments must predominately (1) be acquired directly, or (2) be investments in other venture capital funds.

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53 2022-07-26 Passed House 2022-10-19T13:27:44Z Developing and Empowering our Aspiring Leaders Act of 2022

This bill directs the Securities and Exchange Commission (SEC) to revise venture capital investment regulations if the SEC determines such revisions would facilitate capital formation without compromising investor protection. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Under current law, non-qualifying investments—which include secondary transactions and investments in other venture capital funds—may comprise up to 20% of a venture capital fund.

The bill allows, after SEC approval, investments acquired through secondary transactions or investments in other venture capital funds to be considered as qualifying investments for venture capital funds. However, for a private fund to qualify as a venture capital fund, the fund's investments must predominately be acquired directly from a qualifying portfolio company.

]]> 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. Display Title 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. Short Title(s) as Passed House Developing and Empowering our Aspiring Leaders Act of 2022 H House Engrossed in House EH 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. Engrossed in House EH Official Title as Introduced To require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes. Introduced in House IH Official Titles as Amended by House 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. H House Short Title(s) as Introduced Developing and Empowering our Aspiring Leaders Act of 2021 Introduced in House IH Referred in Senate 2022-07-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr4227rfs/xml/BILLS-117hr4227rfs.xml Engrossed in House 2022-07-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr4227eh/xml/BILLS-117hr4227eh.xml Introduced in House 2021-06-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117hr4227ih/xml/BILLS-117hr4227ih.xml 2022-07-27 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.