[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4430 Referred in Senate (RFS)]

<DOC>
119th CONGRESS
  1st Session
                                H. R. 4430


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                   IN THE SENATE OF THE UNITED STATES

                            December 2, 2025

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT


 
  To lower the aggregate market value of voting and non-voting common 
  equity necessary for an issuer to qualify as a well-known seasoned 
                                issuer.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Expanding WKSI Eligibility Act''.

SEC. 2. DEFINITION OF WELL-KNOWN SEASONED ISSUER.

    (a) In General.--For purposes of the Federal securities laws, and 
regulations issued thereunder, an issuer shall be a ``well-known 
seasoned issuer'' if--
            (1) the aggregate market value of the voting and non-voting 
        common equity held by non-affiliates of the issuer is 
        $400,000,000 or more (as determined under Form S-3 general 
        instruction I.B.1. as in effect on the date of enactment of 
        this Act); and
            (2) the issuer otherwise satisfies the requirements of the 
        definition of ``well-known seasoned issuer'' contained in 
        section 230.405 of title 17, Code of Federal Regulations (as in 
        effect on the date of enactment of this Act) without reference 
        to any requirement in such definition relating to minimum 
        worldwide market value of outstanding voting and non-voting 
        common equity held by non-affiliates.
    (b) Report on Withdrawn Applications Related to Well-known Seasoned 
Issuer Status.--The Securities and Exchange Commission shall, not later 
than 90 days after the end of each calendar year, publish the total 
number of applications submitted during such calendar year where the 
applicant--
            (1) submitted the application under section 230.405 of 
        title 17, Code of Federal Regulations, for a determination by 
        the Commission that the applicant not be considered an 
        ineligible issuer under such section;
            (2) requested such determination in order to meet the 
        definition of a well-known seasoned issuer under such section; 
        and
            (3) withdrew the application.

            Passed the House of Representatives December 1, 2025.

            Attest:

                                             KEVIN F. MCCUMBER,

                                                                 Clerk.