Developing and Empowering our Aspiring Leaders Act of 2023
- Last Action
- 4/13/2023
Actions
- 2023-04-13Referred to the House Committee on Financial Services.
- 2023-04-13Introduced in House
- 2023-04-13Introduced in House
CRS Summary
As of 2023-04-13 (00)
Developing and Empowering our Aspiring Leaders Act of 2023
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 a venture capital fund, the fund's investments must predominately (1) be acquired directly, or (2) be investments in other venture capital funds.
Subjects
- Administrative law and regulatory procedures
- Financial services and investments
- Securities
- Securities and Exchange Commission (SEC)
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.