(a) In general Section 12(g)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)(1)) is amended— (1) in paragraph subparagraph (A)(i), by inserting after persons the following: (that are not a qualified institutional buyer or an institutional accredited investor); and (2) in paragraph subparagraph (B), by inserting after persons the following: (that are not a qualified institutional buyer or an institutional accredited investor). (b) Nonapplicability of general exemptive authority Section 36 of the Securities Exchange Act of 1934 (15 U.S.C. 78mm) shall not apply to the matter inserted by the amendments made by subsection (a).investor).