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.