Exchange Act of 1934 ( 15 U.S.C. 78i , 78j(b), 78u–1, 78u–2, or 78u–3). (5) The Commission shall not extend the requirements contained in Rule 156 to private funds. (6) The Commission shall revise Rule 501(a) of Regulation D to provide that a person who is a knowledgeable employee of a private fund or the fund’s investment adviser, as defined in Rule 3c–5(a)(4) (17 C.F.R. 270.3c–5(a)(4)), shall be an accredited investor for purposes of a Rule 506 offering of a private fund with respect to which the person is a knowledgeable employee. O Supporting America’s Innovators 471. Investor limitation for qualifying venture capital funds Section 3(c)(1) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–3(c)(1) ) is amended— (1) by inserting after one hundred persons the following: (or, with respect to a qualifying venture capital fund, 500 persons)