U.S. Congress - H.R.1070 Small Company Capital Formation Act of 2011
H.R.1070 - Small Company Capital Formation Act of 2011
To amend the Securities Act of 1933 to authorize the Securities and Exchange Commission to exempt a certain class of securities from such Act. view all titles (5)
All Bill Titles
- Official: To amend the Securities Act of 1933 to authorize the Securities and Exchange Commission to exempt a certain class of securities from such Act. as introduced.
- Short: Small Company Capital Formation Act of 2011 as introduced.
- Short: Small Company Capital Formation Act of 2011 as reported to house.
- Official: To amend the Securities Act of 1933 to require the Securities and Exchange Commission to exempt a certain class of securities from such Act. as amended by house.
- Short: Small Company Capital Formation Act of 2011 as passed house.
This Bill currently has no wiki content. If you would like to create a wiki entry for this bill, please Login, and then select the wiki tab to create it.
Bill's Views
- Today: 9
- Past Seven Days: 26
- All-Time: 3,654
Latest Vote
Result: Passed - November 02, 2011
Roll call number 820 in the House
Question: On Motion to Suspend the Rules and Pass, as Amended: H R 1070 Small Company Capital Formation Act
Required percentage of 'Aye' votes: 2/3 (66%)
Percentage of 'aye' votes:
97%
Official Summary
11/2/2011--Passed House amended. Small Company Capital Formation Act of 2011 - (Sec. 2) Amends the Securities Act of 1933 (Act) to direct the Securities and Exchange Commission (SEC) to exempt from its regulation a class of securities for which the aggregate offering amount of all securitiOfficial Summary
11/2/2011--Passed House amended. Small Company Capital Formation Act of 2011 -(Sec. 2)
Amends the Securities Act of 1933 (Act) to direct the Securities and Exchange Commission (SEC) to exempt from its regulation a class of securities for which the aggregate offering amount of all securities sold within the prior 12-month period in reliance upon such exemption does not exceed $50 million. Restricts any such exemption to equity securities, debt securities, and debt securities convertible or exchangeable to equity interests, including any guarantees of such securities. Subjects to civil liability certain violations arising from offering or selling securities by use of prospectuses and communications. Authorizes the SEC to:(1) require an issuer of such exempted class of securities to make periodic disclosures available to investors regarding the issuer, its business operations, financial condition, corporate governance principles, and use of investor funds;
(2) require the issuer to file electronically with the SEC and distribute to prospective investors an offering statement which includes this information;
(3) provide for the suspension and termination of this disclosure requirement with respect to that issuer; and
(4) prescribe exemption disqualification requirements, substantially similar to regulations adopted in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act, under which the exemption shall not be available to the issuer and related persons, including predecessors, affiliates, officers, directors, and underwriters. Requires the SEC to:
(1) review and increase biennially such offering amount limitation, as appropriate; and
(2) report to certain congressional committees its reasons for not increasing the amount if it determines not to do so. Exempts from state regulation the securities covered and required exempted from SEC regulation by this Act.
(Sec. 3)
Directs the Comptroller General to study the impact of state laws regulating securities offerings (Blue Sky laws) on offerings made under Regulation A (which specifies the terms and conditions of exemption from the registration requirements of the Securities Act of 1933)....Read the Rest
Organizations Supporting H.R.1070
- Securities Industry and Financial Markets Association
- CompTIA
- Tech America PAC
- GATE Technologies
- NASDAQ OMX Group
- NYSE Euronext
- ...and 11 more. See all.
Organizations Opposing H.R.1070
- AFL-CIO
- Americans for Financial Reform
- Consumer Federation of America
See the money trail behind this bill for more info on how campaign contributions may be influencing senators' and representatives' votes.
Vote on This Bill
-
Share This Bill
More Share via Email
