Title: Developing and Empowering our Aspiring Leaders Act of 2018
Policy area: Finance and Financial Sector

Summary:
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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