[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4430 Reported in House (RH)]

<DOC>





                                                 Union Calendar No. 204
119th CONGRESS
  1st Session
                                H. R. 4430

                          [Report No. 119-247]

  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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 16, 2025

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

                           September 8, 2025

       Additional sponsors: Mr. Fields, Mr. Meuser, and Mr. Himes

                           September 8, 2025

  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]
 [For text of introduced bill, see copy of bill as introduced on July 
                               16, 2025]


_______________________________________________________________________

                                 A BILL


 
  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.
                                                 Union Calendar No. 204

119th CONGRESS

  1st Session

                               H. R. 4430

                          [Report No. 119-247]

_______________________________________________________________________

                                 A BILL

  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.

_______________________________________________________________________

                           September 8, 2025

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