H.R.2201 - Micro Offering Safe Harbor Act115th Congress (2017-2018) |
|Sponsor:||Rep. Emmer, Tom [R-MN-6] (Introduced 04/27/2017)|
|Committees:||House - Financial Services | Senate - Banking, Housing, and Urban Affairs|
|Committee Reports:||H. Rept. 115-383|
|Latest Action:||Senate - 11/13/2017 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
|Roll Call Votes:||There has been 1 roll call vote|
This bill has the status Passed House
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.2201 — 115th Congress (2017-2018)All Information (Except Text)
Passed House amended (11/09/2017)
Micro Offering Safe Harbor Act
(Sec. 2) This bill amends the Securities Act of 1933 to exempt certain micro-offerings from: (1) state regulation of securities offerings, and (2) federal prohibitions related to interstate solicitation.
The exempted micro-offerings must meet all of the following requirements:
- the purchaser has a substantive pre-existing relationship with the issuer,
- during the 12-month period preceding the transaction there are no more than 35 purchasers relying on the exemption, and
- the 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.
A transaction shall not qualify for the exemption if the issuer or one of certain related persons triggers a "bad actor" disqualification under specified regulations due to a relevant criminal conviction, court or regulatory order, or other disciplinary event.