S.2699 - Small Business Issuers' Simplification Act of 198096th Congress (1979-1980)
|Sponsor:||Sen. Nelson, Gaylord [D-WI] (Introduced 05/14/1980)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 05/14/1980 Referred to Senate Committee on Banking, Housing and Urban Affairs. (All Actions)|
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Summary: S.2699 — 96th Congress (1979-1980)All Information (Except Text)
Introduced in Senate (05/14/1980)
Small Business Issuers' Simplification Act of 1980 - Amends the Securities Act of 1933 to allow small issuers to make offerings of their securities to accredited investors without filing a registration statement, provided there is no advertising or public solicitation in connection with the transaction. Permits an accredited investor who acquires securities in such a transaction to resell such securities to other accredited investors without filing a registration statement under the exemption for transactions not involving an underwriter.
Defines the term "accredited investor" to include specified institutional investors and any person purchasing at least $100,000 of securities in such an offering by a small issuer.
Requires a small issuer to meet two of the three following criteria in order to qualify for the exemption provided by this Act: (1) assets at the end of its fiscal year of less than $15,000,000; (2) gross revenues in each of its last two fiscal years of less than $30,000,000; and (3) no more than 500 shareholders of any class of its securities.
Empowers the Securities and Exchange Commission to revise the definitions and criteria established by this Act.