118th Congress · HOUSE BILLBILL

H.R. 2579 — Developing and Empowering our Aspiring Leaders Act of 2023

“To require the Securities and Exchange Commission to revise the definition of a qualifying investment, for purposes of the exemption from registration for venture capital fund advisers under the Investment Advisers Act of 1940, to include an equity security issued by a qualifying portfolio company and to include an investment in another venture capital fund, and for other purposes.”

Finance and financial sector

Introduced Apr 13, 2023

Last action Apr 13, 2023

Pipeline · Bill → Law

Step 1

Introduced

Apr 13, 2023

Step 2

Referred

Apr 13, 2023

Financial Services

Step 3

Committee

Step 4

House floor

Step 5

Senate

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS Summary

This bill directs the Securities and Exchange Commission to revise venture capital investment regulations. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Under current law, non-qualifying investments—which include secondary transactions and investments in other venture capital funds—may comprise up to 20% of a venture capital fund. The bill allows investments acquired through secondary transactions or investments in other venture capital funds to be considered as qualifying investments for venture capital funds. However, for a private fund to qualify as...

Provisions · 2 sectionsIntroduced in House

Timeline · 2 actions

Apr 13, 2023

Introduced in House

Apr 13, 2023

Referred to the House Committee on Financial Services.