3.0.0 3914 2023-08-18T15:00:29Z 2023-08-18T15:00:29Z Senate S 2022-03-24 117 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Hearings by 2022-04-05T18:31:53Z Referred to 2022-03-24T16:51:05Z 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. 117 4227 HR 2022-07-27 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2022-04-05 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2022-03-24 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2022-03-24 Introduced in Senate IntroReferral 10000 9 Library of Congress R000605 Sen. Rounds, Mike [R-SD] Mike Rounds R SD 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 2022-03-24 Introduced in Senate 2022-03-31T17:52:12Z Developing and Empowering our Aspiring Leaders Act of 2022

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.

]]>

Developing and Empowering our Aspiring Leaders Act of 2022 Display Title Developing and Empowering our Aspiring Leaders Act of 2022 Short Title(s) as Introduced Developing and Empowering our Aspiring Leaders Act of 2022 Introduced in Senate IS Official Title as Introduced A bill 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 Senate IS Introduced in Senate 2022-03-24T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s3914is/xml/BILLS-117s3914is.xml 2022-04-05 Committee on Banking, Housing, and Urban Affairs. Hearings held. 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.