US Congress House Bill 2357 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 1-0)
Status: Engrossed on September 12 2016 - 50% progression, died in committee
Action: 2016-09-12 - Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Engrossed) [PDF]

Accelerating Access to Capital Act of 2016 TITLE I--ACCELERATING ACCESS TO CAPITAL (Sec. 101) This bill directs the Securities and Exchange Commission (SEC) to revise Form S-3 (a simplified securities registration form for companies that have already met other reporting requirements) so as to permit securities to be registered pursuant to General Instruction I.B.1. of the form if: (1) the aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant is $75 million or more, or (2) the registrant has at least one class of common equity securities listed and registered on a national securities exchange. The SEC must remove a certain listing and registration requirement from General Instruction I.B.6. of Form S-3. TITLE II--MICRO-OFFERING SAFE HARBOR (Sec. 201) The Securities Act of 1933 is amended to exempt from specified prohibitions against the sale or delivery after sale of unregistered securities, among other things, transactions involving the sale of securities by an issuer of micro-offerings if: each purchaser has a substantive pre-existing relationship with either an officer or director of the issuer, or with a shareholder holding 10% or more of the issuer's shares; during the 12-month period preceding the transaction there are no more than 35 purchasers of such micro-offerings sold in reliance on this exemption; and the aggregate amount of all securities sold by the issuer (including any amount sold in reliance upon the exemption) during the 12-month period preceding the transaction does not exceed $500,000. The exemption shall not apply, however, to transactions involving a sale of securities if issuers, officers, beneficial owners, promotors, investment managers, or other specified persons would have triggered the SEC's "bad actor" disqualification standards for certain previous securities violations or criminal convictions. These bad actors are prohibited from participating in a micro-offering. The bill also exempts such micro-offerings from state regulation of securities offerings. TITLE III--PRIVATE PLACEMENT IMPROVEMENT (Sec. 301) The SEC must revise the filing requirements of Regulation D (which provides exemptions from securities registration requirements) to require an issuer that offers or sells securities in reliance upon a certain exemption from registration (for limited offers and sales without regard to the dollar amount of the offering [Rule 506]) to file, no earlier than 15 days after the date of first sale of such securities, a single notice of sales containing the information required by Form D (used to file a notice of an exempt offering of securities under Regulation D) for each new offering of securities. The SEC shall not: (1) require the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) condition the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) require issuers to submit written general solicitation materials in connection with a limited offering subject to Rule 506, except when it requests such materials pursuant to specified authority. The SEC shall revise a specified rule, regarding a Rule 506 offering of a private fund, to characterize as an accredited investor a "knowledgeable employee" of that private fund or the fund's investment adviser. The SEC shall not extend to private funds the requirements governing investment company sales literature.

Accelerating Access to Capital Act of 2016

Rep. Ann Wagner [R-MO]

House - On Motion to Recommit with Instructions (Y: 180 N: 233 NV: 18 Abs: 0) [FAIL]
House - On Passage (Y: 236 N: 178 NV: 17 Abs: 0) [PASS]
House - On Passage (Y: 236 N: 178 NV: 17 Abs: 0) [PASS]

Date	Chamber	Action
2016-09-12	Senate	Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2016-09-08	House	Motion to reconsider laid on the table Agreed to without objection.
2016-09-08	House	On passage Passed by recorded vote: 236 - 178 (Roll no. 493).
2016-09-08	House	On motion to recommit with instructions Failed by the Yeas and Nays: 180 - 233 (Roll no. 492).
2016-09-08	House	The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H5199)
2016-09-08	House	DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House forthwith with an amendment to allow the Securities and Exchange Commission to condition the availablity of an exemption on the disclosure of cybersecurity risks to the SEC.
2016-09-08	House	Mr. Kilmer moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H5198-5200; text: CR H5198-5199)
2016-09-08	House	The previous question was ordered pursuant to the rule. (consideration: CR H5198)
2016-09-08	House	The House adopted the amendment in the nature of a substitute as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H5198)
2016-09-08	House	The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2357.
2016-09-08	House	GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 2357.
2016-09-08	House	The Speaker designated the Honorable John J. Duncan, Jr. to act as Chairman of the Committee.
2016-09-08	House	House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 844 and Rule XVIII.
2016-09-08	House	Rule provides for consideration of H.R. 2357 and H.R. 5424.
2016-09-08	House	Considered under the provisions of rule H. Res. 844. (consideration: CR H5188-5201)
2016-09-06	House	Rules Committee Resolution H. Res. 844 Reported to House. Rule provides for consideration of H.R. 2357 and H.R. 5424.
2016-04-19	House	Placed on the Union Calendar, Calendar No. 386.
2016-04-19	House	Reported by the Committee on Financial Services. H. Rept. 114-506.
2015-05-20	House	Ordered to be Reported by the Yeas and Nays: 33 - 24.
2015-05-20	House	Committee Consideration and Mark-up Session Held.
2015-05-15	House	Referred to the House Committee on Financial Services.
2015-05-15	House	Introduced in House
2015-05-13	House	Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/2357/all-info
Text	https://www.congress.gov/114/bills/hr2357/BILLS-114hr2357ih.pdf
Text	https://www.congress.gov/114/bills/hr2357/BILLS-114hr2357rh.pdf
Text	https://www.congress.gov/114/bills/hr2357/BILLS-114hr2357eh.pdf
Roll Call	https://clerk.house.gov/Votes/2016493
Roll Call	https://clerk.house.gov/Votes/2016492