GovTrack’s Bill Summary
We don’t have a summary available yet.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Private Company Flexibility and Growth Act - Amends the Securities Exchange Act of 1934 to change the thresholds for total assets and for class of equity security holders of record which trigger the requirement for a securities issuer to register with the Securities and Exchange Commission (SEC). Increases the total assets threshold from $1 million to $10 million, and the class of equity security holders of record threshold from 500-750 to 2,000 persons.
Declares that, with respect to such registration requirement, the definition of "held of record" does not include securities held by persons who received them pursuant to an employee compensation plan in transactions exempted from specified registration requirements of the Securities Act of 1933 (exempt transactions).
(Thus exempts securities held such persons from registration requirements.) Directs the SEC to:
(1) revise the definition of "held of record" in accordance with this Act, and
(2) adopt safe harbor provisions issuers can follow to determine whether holders of securities have received securities pursuant to an employee compensation plan in an exempt transaction.
Requires termination of the registration of a class of security of a bank or bank holding company, and subjects to automatic suspension the related duty to file supplementary and periodic information with the SEC, if the number of holders of record of such class of security is reduced to less than 1,200 persons.
Excludes from the identity of municipal advisor (subject to registration requirements) any person appointed to or volunteering on a board, commission, committee, or similar function of a municipal entity.
Exempts also from registration requirements any banks, including agencies or branches of a foreign bank.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.