; and (2) by adding at the end the following: (C) The term qualifying venture capital fund means any venture capital fund (as defined pursuant to section 203(l)(1) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–3(l)(1) ) with no more than $50,000,000 in aggregate capital contributions and uncalled committed capital, as such dollar amount is annually adjusted by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor. . P Fix Crowdfunding 476. Crowdfunding exemption (a) Securities Act of 1933 Section 4(a) of the Securities Act of 1933 ( 15 U.S.C. 77d ) is amended by striking paragraph (6) and inserting the following: (6) transactions involving the offer or sale of securities by an issuer, provided that— (A) in the case of a transaction involving an intermediary between the issuer and the investor, such intermediary complies with the requirements under section 4A(a); and (B) in the case of a transaction not involving an intermediary between the issuer and the investor, the issuer complies with the requirements under section 4A(b). . (b) Requirements to qualify for crowdfunding exemption Section 4A of the Securities Act of 1933 ( 15 U.S.C. 77d–1 ) is amended to read as follows: 4A. Requirements with respect to certain small transactions (a) Requirements on intermediaries For purposes of section 4(a)(6), a person acting as an intermediary in a transaction involving the offer or sale of securities shall comply with the requirements of this subsection if the intermediary— (1) warns investors, including on the intermediary’s website used for the offer and sale of such securities, of the speculative nature generally applicable to investments in startups, emerging businesses, and small issuers, including risks in the secondary market related to illiquidity; (2) warns investors that they are subject to the restriction on sales requirement described under subsection (e)