Bill > S3576

This bill requires the Securities and Exchange Commission (SEC) 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 the purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940. Specifically, the bill requires the SEC to revise the rules to ensure that the qualifying investments of a private fund must be predominantly acquired directly from a qualifying portfolio company, and to include equity securities issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition, as a qualifying investment.

Housing and Urban Affairs

https://www.congress.gov/bill/115th-congress/senate-bill/3576/all-info