Developing and Empowering our Aspiring Leaders Act of 2018

Bill: 115-hr-6177
Sponsor: full_name: Rep. Hollingsworth, Trey [R-IN-9]
Introduced: 2018-06-21
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Business investment and capital

Financial services and investments

Licensing and registrations

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2018-08-03
text: Placed on the Union Calendar, Calendar No. 687.

Summaries:
action_date: 2018-06-21
action_desc: Introduced in House
text: <p><b>Developing and Empowering our Aspiring Leaders Act</b></p> <p>This bill directs the Securities and Exchange Commission (SEC) to exempt certain&nbsp;investments by venture capital funds in&nbsp;emerging growth companies (in general, newly public companies with revenues below a specified threshold) from SEC registration requirements. </p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6177 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.

1. Short title This Act may be cited as the Developing and Empowering our Aspiring Leaders Act . 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.

tv_txt: IB Union Calendar No. 687 115th CONGRESS 2d Session H. R. 6177 [Report No. 115–889] 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.

1. Short title This Act may be cited as the Developing and Empowering our Aspiring Leaders Act of 2018 . 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. .

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