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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (4)

Short Titles

Short Titles - Senate

Short Titles as Passed Senate

Small Business Incentive Act of 1993

Short Titles as Reported to Senate

Small Business Incentive Act of 1993

Short Titles as Introduced

Small Business Incentive Act of 1993

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Securities Act of 1933 and the Investment Company Act of 1940 to promote capital formation for small businesses and others through exempted offerings under the Securities Act and through investment pools that are excepted or exempted from regulation under the Investment Company Act of 1940 and through business development companies.


Actions Overview (3)

Date Actions Overview
11/02/1993Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.
10/26/1993Committee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 103-166.
03/02/1993Introduced in Senate

All Actions (15)

Date Chamber All Actions
07/26/1994HouseSubcommittee Hearings Held.
Action By: House Energy and Commerce Subcommittee on Telecommunications and Finance
11/18/1993HouseReferred to the Subcommittee on Telecommunications and Finance.
Action By: Committee on Energy and Commerce
11/03/1993HouseReferred to the House Committee on Energy and Commerce.
11/03/1993SenateMessage on Senate action sent to the House.
11/03/1993-12:04pmHouseReceived in the House.
11/02/1993SenatePassed Senate with an amendment by Voice Vote.
11/02/1993SenateThe committee substitute agreed to by Voice Vote.
11/02/1993SenateMeasure laid before Senate by unanimous consent. (consideration: CR S14863-14864)
10/26/1993SenatePlaced on Senate Legislative Calendar under General Orders. Calendar No. 249.
10/26/1993SenateCommittee on Banking. Reported to Senate by Senator Riegle with an amendment in the nature of a substitute. With written report No. 103-166.
09/21/1993SenateCommittee on Banking. Ordered to be reported with an amendment in the nature of a substitute favorably.
09/09/1993SenateCommittee on Banking. Hearings held. Hearings printed: S.Hrg. 103-294.
03/04/1993SenateSubcommittee on Securities. Hearings held. Hearings printed: S.Hrg. 103-77.
Action By: Senate Banking, Housing, and Urban Affairs Subcommittee on Securities
03/02/1993SenateRead twice and referred to the Committee on Banking.
03/02/1993SenateSponsor introductory remarks on measure. (CR S2227-2230)

Cosponsors (15)


Committees (2)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
Senate Banking, Housing, and Urban Affairs03/02/1993 Referred to
09/09/1993 Hearings by
09/21/1993 Markup by
10/26/1993 Reported by S.Rept 103-166
Senate Banking, Housing, and Urban Affairs Subcommittee on Securities03/04/1993 Hearings by
House Energy and Commerce11/03/1993 Referred to
House Energy and Commerce Subcommittee on Telecommunications and Finance11/18/1993 Referred to
07/26/1994 Hearings by

No related bill information was received for S.479.


Latest Summary (3)

There are 3 summaries for S.479. View summaries

Shown Here:
Passed Senate amended (11/02/1993)

Small Business Incentive Act of 1993 - Amends the Securities Act of 1933 to increase from $5 million to $10 million the size of small business offerings that are exempt from the registration requirements of the Act.

Amends the Investment Company Act of 1940 to exclude from its definition of "investment company" any issuer all of whose securities are held by certain investors whom the Securities and Exchange Commission (SEC) has determined are "qualified purchasers" who possess such financial sophistication, net worth, and other specified factors as not to need the protections of such Act. Empowers the SEC to define such "qualified purchasers."

Sets forth conditions under which certain economic, business, and industrial development companies that are already subject to regulation by the State in which they are organized are exempt from the regulatory constraints of such Act.

Increases to $10 million the maximum aggregate amount of proceeds that certain interstate closed-end investment companies may receive from the sale of their outstanding securities and still retain their exempt status under such Act.

Expands the definition of "eligible portfolio company" to include any company which does not have total assets in excess of $4 million and capital and surpluses in excess of $2 million.

Declares that a "business development company" is not required to make available significant managerial assistance with respect to any eligible portfolio company or any other company that meets certain SEC criteria.

Permits a business development company to: (1) acquire the securities of an eligible portfolio company from persons other than such portfolio company itself; (2) issue multiple classes of debt without restriction; and (3) issue warrants, options, or rights to subscribe or convert to or purchase voting securities either alone or accompanied by debt or equity securities.

Provides conditions under which a business development company may:

(1) have a minimum asset coverage of 110 percent; and (2) issue or sell any class of senior security representing indebtedness.

Requires a business development company to file with the SEC a written evaluation of the risk factors involved in investment due to the nature of the company's capital structure.