US Codex
Bill
Notes

H.R. 6177 — what changed

Developing and Empowering our Aspiring Leaders Act of 2018

From Introduced in House to Reported in House. 2 sections amended between Introduced in House and Reported in House.

Section 1 Short title

changed This Act may be cited as the “Developing and Empowering our Aspiring Leaders Act”.Act of 2018” .

Sec. 2 Definitions

added 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—

(a)
removed 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)
removed 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)
removed 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.
(1)
changed Treatment if revisions not completed in a timely manner— If revise the Commission fails definition of a qualifying investment under paragraph (c) of section 275.203(l)–1 of title 17, Code of Federal Regulations, to complete the revisions required by subsection (a) include an equity security issued by a qualifying portfolio company, whether acquired directly from the time required by such subsection—company or in a secondary acquisition; and
(2)
added 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.
(1)
removed 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)
removed 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.