H.R. 2940 (112th): Access to Capital for Job Creators Act

112th Congress, 2011–2013. Text as of Sep 15, 2011 (Reported by House Committee).

Status & Summary | PDF | Source: GPO

IB

Union Calendar No. 176

112th CONGRESS

1st Session

H. R. 2940

[Report No. 112–263]

IN THE HOUSE OF REPRESENTATIVES

September 15, 2011

introduced the following bill; which was referred to the Committee on Financial Services

October 31, 2011

Additional sponsors: Mr. Dold and Ms. Hayworth

October 31, 2011

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic


A BILL

To direct the Securities and Exchange Commission to eliminate the prohibition against general solicitation as a requirement for a certain exemption under Regulation D.


1.

Short title

This Act may be cited as the Access to Capital for Job Creators Act.

2.

Modification of exemption

Not later than 90 days after the date of the enactment of this Act, the Securities and Exchange Commission shall revise its rules issued in section 230.506 of title 17, Code of Federal Regulations, to provide that the prohibition against general solicitation or general advertising contained in section 230.502(c) of such title shall not apply to offers and sales of securities made pursuant to section 230.506, provided that all purchasers of the securities are accredited investors.

1.

Short title

This Act may be cited as the Access to Capital for Job Creators Act.

2.

Modification of exemption

(a)

Removal of restriction

Section 4(2) of the Securities Act of 1933 (15 U.S.C. 77d(2)) is amended by adding before the period the following: , whether or not such transactions involve general solicitation or general advertising.

(b)

Modification of rules

Not later than 90 days after the date of the enactment of this Act, the Securities and Exchange Commission shall revise its rules issued in section 230.506 of title 17, Code of Federal Regulations, to provide that the prohibition against general solicitation or general advertising contained in section 230.502(c) of such title shall not apply to offers and sales of securities made pursuant to section 230.506, provided that all purchasers of the securities are accredited investors. Such rules shall require the issuer to take reasonable steps to verify that purchasers of the securities are accredited investors, using such methods as determined by the Commission.

October 31, 2011

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed