Text: H.R.4697 — 113th Congress (2013-2014)All Information (Except Text)

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Introduced in House (05/21/2014)


113th CONGRESS
2d Session
H. R. 4697


To require the Securities and Exchange Commission to revise the definition of a well-known seasoned issuer to reduce the worldwide market value threshold under the definition.


IN THE HOUSE OF REPRESENTATIVES

May 21, 2014

Mr. McCarthy of California introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To require the Securities and Exchange Commission to revise the definition of a well-known seasoned issuer to reduce the worldwide market value threshold under the definition.

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 “Small-Cap Access to Capital Act”.

SEC. 2. Definition of well-known seasoned issuer.

Not later than 60 days after the date of the enactment of this Act, the Securities and Exchange Commission shall revise its definition of a well-known seasoned issuer under section 230.405 of title 17, Code of Federal Regulations, to reduce the dollar amount under paragraph (1)(i)(A) of such definition (relating to worldwide market value of outstanding voting and non-voting common equity held by non-affiliates) from $700 million to $250 million and to prohibit an emerging growth company from qualifying as a well-known seasoned issuer.


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