H.R. 4850 · 114th Congress
Micro Offering Safe Harbor Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
EmmerSponsor7 cosponsors · 7 R
7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Securities Act of 1933 to exempt from specified prohibitions against the sale or delivery after sale of unregistered securities, among other things, transactions involving the sale of securities by an issuer of micro-offerings that meet all of the following criteria:
What it does: CRS summary · Reported to House with amendment(s) · Sep 6, 2016
Micro Offering Safe Harbor Act
This bill amends the Securities Act of 1933 to exempt from specified prohibitions against the sale or delivery after sale of unregistered securities, among other things, transactions involving the sale of securities by an issuer of micro-offerings that meet all of the following criteria:
- each purchaser has a substantive pre-existing relationship with either an officer or director of the issuer, or with a shareholder holding 10% or more of the issuer's shares;
- during the 12-month period preceding the transaction there are no more than 35 purchasers of such micro-offerings sold in reliance on this exemption; and
- the aggregate 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.
The exemption provided under this bill is not available for a transaction involving a sale of securities if any of specified persons connected with their issuance would have triggered disqualification as a "bad actor" pursuant to regulations under the Act.
The bill also exempts such micro-offerings from state regulation of securities offerings.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Micro Offering Safe Harbor Act
Latest action (Sep 6, 2016): Placed on the Union Calendar, Calendar No. 561.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Mar 23, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.