US Congress House Bill 4852 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on March 23 2016 - 25% progression, died in chamber
Action: 2016-09-06 - Placed on the Union Calendar, Calendar No. 562.
Text: Latest bill text (Introduced) [PDF]

Private Placement Improvement Act of 2016 This bill directs the Securities and Exchange Commission (SEC) to revise the filing requirements of Regulation D (which provides exemptions from securities registration requirements) to require an issuer that offers or sells securities in reliance upon a certain exemption from registration (for limited offers and sales without regard to the dollar amount of the offering [Rule 506]) to file, no earlier than 15 days after the date of first sale of such securities, a single notice of sales containing the information required by Form D (used to file a notice of an exempt offering of securities under Regulation D) for each new offering of securities. The SEC shall not: (1) require the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) condition the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) require issuers to submit written general solicitation materials in connection with a limited offering subject to Rule 506, except when it requests such materials pursuant to specified authority. The SEC shall revise a specified rule, regarding a Rule 506 offering of a private fund, to characterize as an accredited investor a "knowledgeable employee" of that private fund or the fund's investment adviser. The SEC shall not extend to private funds the requirements governing investment company sales literature.

Private Placement Improvement Act of 2016

Rep. Scott Garrett [R-NJ]

Rep. Patrick McHenry [R-NC]

Date	Chamber	Action
2016-09-06	House	Placed on the Union Calendar, Calendar No. 562.
2016-09-06	House	Reported (Amended) by the Committee on Financial Services. H. Rept. 114-726.
2016-06-16	House	Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 26.
2016-06-16	House	Committee Consideration and Mark-up Session Held.
2016-06-15	House	Committee Consideration and Mark-up Session Held.
2016-04-14	House	Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
2016-03-23	House	Referred to the House Committee on Financial Services.
2016-03-23	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/4852/all-info
Text	https://www.congress.gov/114/bills/hr4852/BILLS-114hr4852ih.pdf
Text	https://www.congress.gov/114/bills/hr4852/BILLS-114hr4852rh.pdf