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House Bill 4227
117th Congress(2021-2022)
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.
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Passed House on Jul 26, 2022
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H. R. 4227 (Engrossed-in-House)


117th CONGRESS
2d Session
H. R. 4227

AN ACT

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.

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 2022”.

SEC. 2. Definitions.

Not later than the end of the 180-day period beginning on the date of the enactment of this Act, if the Securities and Exchange Commission determines the revisions would facilitate capital formation without compromising investor protection, the 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.

Passed the House of Representatives July 26, 2022.

Attest:





Clerk.  

117th CONGRESS
     2d Session
H. R. 4227
AN ACT
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.