H.R. 5913 · 117th Congress
Protecting Investors from Excessive SPACs Fees Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ShermanSponsorNo cosponsors.
This bill limits the transaction or recommendation by registered investment advisers to specified investors of securities belonging to certain special purpose acquisition companies and brokers. Special purpose acquisition companies raise capital through initial public offerings with the intent to acquire other companies.
What it does: CRS summary · Introduced in House · Nov 9, 2021
Protecting Investors from Excessive SPACs Fees Act of 2021
This bill limits the transaction or recommendation by registered investment advisers to specified investors of securities belonging to certain special purpose acquisition companies and brokers. Special purpose acquisition companies raise capital through initial public offerings with the intent to acquire other companies.
Specifically, these securities may not be recommended to a person who is not an accredited investor unless the related economic compensation is 5% or less or the company makes necessary disclosures to the Securities and Exchange Commission for the protection of investors. An accredited investor must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protecting Investors from Excessive SPACs Fees Act of 2021
Latest action (Nov 16, 2021): Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 29 - 23.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Nov 9, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.