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S. 1831 (112th): Access to Capital for Job Creators Act

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The text of the bill below is as of Nov 9, 2011 (Introduced). The bill was not enacted into law.

II

112th CONGRESS

1st Session

S. 1831

IN THE SENATE OF THE UNITED STATES

November 9, 2011

introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

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

(a)

Removal of restriction

Section 4(2) of the Securities Act of 1933 (15 U.S.C. 77d(2)) is amended by inserting before the period at the end 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 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.