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Small Cap Liquidity Reform Act of 2014 - Amends the Securities Exchange Act of 1934 to establish a pilot liquidity program for equity securities of emerging growth companies (EGCs) with total annual gross revenues of less than $750 million, under which those securities shall be quoted using either: (1) a minimum increment of $0.05 or $0.10, or (2) the increment at which the securities would be quoted without regard to such minimum increments.
Repeals the requirement for an SEC study examining the transition to trading and quoting securities in one penny increments, known as decimalization.
Directs the Securities and Exchange Commission (SEC) to determine, in the case of an EGC whose securities are quoted at a minimum increment of either $0.05 or $0.10, the increment at which such securities are traded.
Requires EGC securities quoted at a minimum increment of $0.05 or $0.10 to be traded at either such minimum increment or at one permitted by SEC regulations.
Permits an EGC to opt out or change such minimum increment upon notifying the SEC 90 days after enactment of this Act. Limits any EGC to a single change of minimum increment (thus prohibiting any increases in the minimum).
Requires the SEC, upon notification of an EGC election, to inform each trading venue where the EGC securities are quoted or traded.
Requires that securities of issuers that cease to be EGCs be quoted at the increment at which such securities would be quoted without regard to the minimum increments established under this Act.
Prescribes pricing and trading procedures governing securities trading below $1.00.
Directs the SEC to require an EGC under this Act to submit additional reports and disclosures.
Shields an issuer from liability for losses caused solely by the quoting or trading of its securities at a minimum increment of $0.05 or $0.10, another SEC-authorized increment, or by both such quoting and trading.
Directs the SEC to report biannually to Congress on: (1) the quoting and trading of securities in increments permitted by this Act, and (2) the extent to which such quoting and trading increases liquidity and active trading by incentivizing capital commitment, research coverage, and brokerage support.
Authorizes the SEC to: (1) make adjustments to the pilot program to ensure that it can provide statistically meaningful or reliable results, and (2) conduct any other study or pilot program to evaluate quoting or trading in various minimum increments.
Sunsets the pilot program five years after enactment of this Act.
Written by the nonpartisan Congressional Research Service, describing H.R. 3448 as passed House amended on Feb 11, 2014. It is not the text of the measure; a later amendment may have changed what it does.
House Feb 11, 2014
To amend the Securities Exchange Act of 1934 to provide for an optional pilot program allowing certain emerging growth companies to increase the tick sizes of their stocks
Passed · Two-thirds required
412 Yea 4 Nay 15 not voting
Crossed both parties 4 of 416 voting members broke with their own party: 4 Republicans.
DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present
431 members on this roll call, from the official House record. Party majorities need at least five voting members, so an independent never counts as breaking with a party.
Signing on is not a vote: a member can cosponsor H.R. 3448 and vote against it. 1 signed when it was filed.
Organizations that named H.R. 3448 in a lobbying disclosure. Only those that cited the bill by number appear, so this is a floor, not a full list.
63 disclosures name this measure. Retrieved from LDA.gov on 2026-10-05. Senate Office of Public Records cannot vouch for the data or analyses derived from these data after the data have been retrieved from LDA.gov.