It doesn't matter what the HP is rated at. In the last version we saw, the
new rule only cared how fast it would go, level at WOT.

Last one I saw said continuos rated power not maximum? Maximum power is the
determining factor for a Part 103 UL.

From my copy of the NPRM:
============
A light-sport aircraft would have a maximum speed in level flight with maximum
continuous power (VH) of 115 knots. This limits the commanded kinetic energy of
an aircraft
============
Has this been revised?
I also mis quoted the Rotax Hp, but the idea is the same.