[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6177 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 687
115th CONGRESS
  2d Session
                                H. R. 6177

                          [Report No. 115-889]

    To require the Securities and Exchange Commission to revise the 
    definitions of a qualifying portfolio company and a qualifying 
    investment to include an emerging growth company and the equity 
securities of an emerging growth company, respectively, for purposes of 
the exemption from registration for venture capital fund advisers under 
                  the Investment Advisers Act of 1940.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 21, 2018

Mr. Hollingsworth introduced the following bill; which was referred to 
                  the Committee on Financial Services

                             August 3, 2018

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]
 [For text of introduced bill, see copy of bill as introduced on June 
                               21, 2018]


_______________________________________________________________________

                                 A BILL


 
    To require the Securities and Exchange Commission to revise the 
    definitions of a qualifying portfolio company and a qualifying 
    investment to include an emerging growth company and the equity 
securities of an emerging growth company, respectively, for purposes of 
the exemption from registration for venture capital fund advisers under 
                  the Investment Advisers Act of 1940.


 


    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Developing and Empowering our 
Aspiring Leaders Act of 2018''.

SEC. 2. DEFINITIONS.

    Not later than the end of the 180-day period beginning on the date 
of the enactment of this Act, the Securities and Exchange Commission 
shall--
            (1) revise the definition of a qualifying investment under 
        paragraph (c) of section 275.203(l)-1 of title 17, Code of 
        Federal Regulations, to include an equity security issued by a 
        qualifying portfolio company, whether acquired directly from 
        the company or in a secondary acquisition; and
            (2) revise paragraph (a) of such section to require, as a 
        condition of a private fund qualifying as a venture capital 
        fund under such paragraph, that the qualifying investments of 
        the private fund are predominantly qualifying investments that 
        were acquired directly from a qualifying portfolio company.
            Amend the title so as to read: ``A bill 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.''.
                                                 Union Calendar No. 687

115th CONGRESS

  2d Session

                               H. R. 6177

                          [Report No. 115-889]

_______________________________________________________________________

                                 A BILL

    To require the Securities and Exchange Commission to revise the 
    definitions of a qualifying portfolio company and a qualifying 
    investment to include an emerging growth company and the equity 
securities of an emerging growth company, respectively, for purposes of 
the exemption from registration for venture capital fund advisers under 
                  the Investment Advisers Act of 1940.

_______________________________________________________________________

                             August 3, 2018

Reported with amendments, committed to the Committee of the Whole House 
          on the State of the Union, and ordered to be printed