Developing and Empowering our Aspiring Leaders Act
This bill directs the Securities and Exchange Commission (SEC) to exempt certain investments by venture capital funds in emerging growth companies (in general, newly public companies with revenues below a specified threshold) from SEC registration requirements.
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6177 Introduced in House (IH)]
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115th CONGRESS
2d Session
H. R. 6177
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
_______________________________________________________________________
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''.
SEC. 2. DEFINITIONS.
(a) In General.--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
section 275.203(l)-1(c) of title 17, Code of Federal
Regulations, to include an equity security of an emerging
growth company (as defined under section 2(a) of the Securities
Act of 1933), whether acquired directly from the company or in
a secondary acquisition; and
(2) revise the definition of a qualifying portfolio company
under section 275.203(l)-1(c) of title 17, Code of Federal
Regulations, to include an emerging growth company.
(b) Treatment if Revisions Not Completed in a Timely Manner.--If
the Commission fails to complete the revisions required by subsection
(a) by the time required by such subsection--
(1) an equity security of an emerging growth company,
whether acquired directly from the company or in a secondary
acquisition, shall be deemed a qualifying investment under
section 275.203(l)-1(c) of title 17, Code of Federal
Regulations; and
(2) an emerging growth company shall be deemed a qualifying
portfolio company under section 275.203(l)-1(c) of title 17,
Code of Federal Regulations.
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Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended) by Voice Vote.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-889.
Reported (Amended) by the Committee on Financial Services. H. Rept. 115-889.
Placed on the Union Calendar, Calendar No. 687.
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