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![handle is hein.congrecreports/crptxabqb0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Op
115TH CONGRESS REPORT
2d Session HOUSE OF REPRESENTATIVES 115-889
DEVELOPING AND EMPOWERING OUR ASPIRING LEADERS
ACT OF 2018
AUGUST 3, 2018.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
[To accompany H.R. 6177]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (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, having
considered the same, report favorably thereon with amendments
and recommend that the bill as amended do pass.
The amendments are as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. SHORT TITLE.
This Act may be cited as the Developing and Empowering our Aspiring Leaders
Act of 2018.
SEC. 2. DEFINITIONS.
Not later than the end of the 180-day period beginning on the date of the enact-
ment of this Act, the Securities and Exchange Commission shall-
(1) revise the definition of a qualifying investment under paragraph (c) of sec-
tion 275.203(1)-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 quali-
fying investments of the private fund are predominantly qualifying investments
that were acquired directly from a qualifying portfolio company.
79-006](ViewImageLocal?handle=hein.congrecreports/crptxabqb0001&div=1&collection=&method=preview&ext=.png&size=3)