; or (B) predominantly qualifying investments in another venture capital fund or other venture capital funds. 2603. Reports (a) GAO report The Comptroller General of the United States shall issue a report to Congress on the risks and impacts of concentrated sectoral counterparty risk in the banking sector, in light of the failure of Silicon Valley Bank. (b) Advocate for Small Business Capital Formation report The Advocate for Small Business Capital Formation shall issue a report to Congress and the Securities and Exchange Commission— (1) examining the access to banking services for venture funds and companies funded by venture capital, in light of the failure of Silicon Valley Bank, especially those funds and companies located outside of the established technology and venture capital hubs of California, Massachusetts, and New York; and (2) containing any policy recommendations of the Advocate. VII Improving Crowdfunding Opportunities 2701. Short title This title may be cited as the Improving Crowdfunding Opportunities Act . 2702. Crowdfunding revisions (a) Exemption from State regulation Section 18(b)(4)(A) of the Securities Act of 1933 ( 15 U.S.C. 77r(b)(4)(A) ) is amended by striking pursuant to section and all that follows through the semicolon at the end and inserting the following: “pursuant to— (i) section 13 or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m , 78o(d)); or (ii) section 4A(b) or any regulation issued under that section; . (b) Liability for material misstatements and omissions Section 4A(c) of the Securities Act of 1933 ( 15 U.S.C. 77d–1(c) ) is amended— (1) by redesignating paragraph (3) as paragraph (4)