Micro Offering Safe Harbor Act
USA115th CongressHR-2201| House
| Updated: 11/13/2017
Tom Emmer
Republican Representative
Minnesota
Cosponsors (5)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 34 - 26.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 280.
Reported by the Committee on Financial Services. H. Rept. 115-383.
Rules Committee Resolution H. Res. 609 Reported to House. Rule provides for consideration of H.R. 2201 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions.
Rule H. Res. 609 passed House.
Considered under the provisions of rule H. Res. 609. (consideration: CR H8667-8678; text of measure as reported in House: CR H8667)
Rule provides for consideration of H.R. 2201 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions.
DEBATE - The House proceeded with one hour of debate on H.R. 2201.
DEBATE - The House resumed debate on H.R. 2201.
DEBATE - Pursuant to the provisions of H.Res. 609, the House proceeded with 10 minutes of debate on the Emmer amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 2201, the Chair put the question on passage and by voice vote, announced the ayes had prevailed. Ms. Maxine Waters (CA) demanded the yeas and nays and the Chair postponed further proceedings on the question of passage until a time to be announced.
Considered as unfinished business. (consideration: CR H8678-8679)
On passage Passed by the Yeas and Nays: 232 - 188 (Roll no. 622).
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
SecuritiesState and local government operations
Micro Offering Safe Harbor Act
USA115th CongressHR-2201| House
| Updated: 11/13/2017
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 34 - 26.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 280.
Reported by the Committee on Financial Services. H. Rept. 115-383.
Rules Committee Resolution H. Res. 609 Reported to House. Rule provides for consideration of H.R. 2201 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions.
Rule H. Res. 609 passed House.
Considered under the provisions of rule H. Res. 609. (consideration: CR H8667-8678; text of measure as reported in House: CR H8667)
Rule provides for consideration of H.R. 2201 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions.
DEBATE - The House proceeded with one hour of debate on H.R. 2201.
DEBATE - The House resumed debate on H.R. 2201.
DEBATE - Pursuant to the provisions of H.Res. 609, the House proceeded with 10 minutes of debate on the Emmer amendment.
POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 2201, the Chair put the question on passage and by voice vote, announced the ayes had prevailed. Ms. Maxine Waters (CA) demanded the yeas and nays and the Chair postponed further proceedings on the question of passage until a time to be announced.
Considered as unfinished business. (consideration: CR H8678-8679)
On passage Passed by the Yeas and Nays: 232 - 188 (Roll no. 622).
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Tom Emmer
Republican Representative
Minnesota
Cosponsors (5)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
SecuritiesState and local government operations