United States 114th Congress Status: Died 1 R cosponsors

HR 2357 — Accelerating Access to Capital Act of 2016

Last action — Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

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.

Bill Text

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Action History

  1. Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

  2. Motion to reconsider laid on the table Agreed to without objection.

  3. On passage Passed by recorded vote: 236 - 178 (Roll no. 493).

  4. On motion to recommit with instructions Failed by the Yeas and Nays: 180 - 233 (Roll no. 492).

  5. The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H5199)

  6. 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.

  7. Mr. Kilmer moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H5198-5200; text: CR H5198-5199)

  8. The previous question was ordered pursuant to the rule. (consideration: CR H5198)

  9. 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)

  10. The House rose from the Committee of the Whole House on the state of the Union to report H.R. 2357.

  11. GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 2357.

  12. The Speaker designated the Honorable John J. Duncan, Jr. to act as Chairman of the Committee.

  13. House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 844 and Rule XVIII.

  14. Rule provides for consideration of H.R. 2357 and H.R. 5424.

  15. Considered under the provisions of rule H. Res. 844. (consideration: CR H5188-5201)

  16. Rules Committee Resolution H. Res. 844 Reported to House. Rule provides for consideration of H.R. 2357 and H.R. 5424.

  17. Placed on the Union Calendar, Calendar No. 386.

  18. Reported by the Committee on Financial Services. H. Rept. 114-506.

  19. Ordered to be Reported by the Yeas and Nays: 33 - 24.

  20. Committee Consideration and Mark-up Session Held.

  21. Referred to the House Committee on Financial Services.

  22. Introduced in House

  23. Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

finance technology
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Frequently asked questions

What does HR 2357 do?
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.
Who sponsors HR 2357?
HR 2357 is sponsored by Ann Wagner (R).
What is the current status of HR 2357?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 2357?
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