H.R. 2357Accelerating Access to Capital Act of 2016

2 recorded actions126 of these members are on the 2026 ballotWhat the measure does Read on Congress.gov

Sponsor: Ann Wagner [R-MO-02]
Policy area: Finance and Financial Sector
Committees: Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Latest action: Sep 12, 2016 · Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

IntroducedMay 15, 2015
Passed the HouseSep 8, 2016
Passed the SenateNot yet reached
Sent to the PresidentNot yet reached
Became lawNot yet reached

What the measure doesCRS 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.

Roll calls on H.R. 23572 roll calls on this measure

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Sep 8, 2016Each bar: ✓ Yea from the bottom, ✕ Nay aboveSep 8, 2016

How every member votedHouse roll call 493

House Sep 8, 2016 · the primary vote

On Passage

Accelerating Access to Capital Act of 2016

Passed

236 Yea 178 Nay 17 not voting

Party-line vote 3 of 414 voting members broke with their own party: 2 Democrats, 1 Republican.

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How the chamber split

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DemocratsRepublicansFilled: YeaRing: NayGrey: not voting or present

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All members431 members

Democratic186 members

Republican245 members

marks half of the votes cast. A party’s majority is the side most of its voting members took.

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H.R. 2357Accelerating Access to Capital Act of 2016

What the measure doesCRS summary

Roll calls on H.R. 23572 roll calls on this measure

How every member votedHouse roll call 493

On Passage

How the chamber split

H.R. 2357Accelerating Access to Capital Act of 2016

What the measure doesCRS summary

Roll calls on H.R. 23572 roll calls on this measure

How every member votedHouse roll call 493

On Passage

How the chamber split

Who lobbied on H.R. 23576 organizations

Who lobbied on H.R. 23576 organizations