H.R. 4227 — what changed
Developing and Empowering our Aspiring Leaders Act of 2022
From Introduced in House to Engrossed in House. 2 sections amended between Introduced in House and Engrossed in House.
Section 1 Short title
changed
This Act may be cited as the “Developing and Empowering our Aspiring Leaders Act of 2021”.2022”.
Sec. 2 Definitions
changed Not later than the end of the 180-day period beginning on the date of the enactment of this Act, if the Securities and Exchange Commission determines the revisions would facilitate capital formation without compromising investor protection, the Commission shall—
changed
revise the definition of a qualifying investment under paragraph (c) of section 275.203(l)–1 of title 17, Code of Federal Regulations—Regulations, to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition; and
removed
to include an equity security issued by a qualifying portfolio company, whether acquired directly from the company or in a secondary acquisition; and
removed
to specify that an investment in another venture capital fund is a qualifying investment under such definition; and
changed
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 either—predominantly qualifying investments that were acquired directly from a qualifying portfolio company.
removed
predominantly qualifying investments that were acquired directly from a qualifying portfolio company; or
removed
predominantly qualifying investments in another venture capital fund or other venture capital funds.