Micro Offering Safe Harbor Act
Latest action · Sep 6, 2016 Placed on the Union Calendar, Calendar No. 561.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 23, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 7
Members who signed on, in the order they did. All signed on Mar 23, 2016.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KY | Andy Barr | Original | Mar 23, 2016 |
| R-CA | Edward R. Royce | Original | Mar 23, 2016 |
| R-IN | Luke Messer | Original | Mar 23, 2016 |
| R-AL | Mo Brooks | Original | Mar 23, 2016 |
| R-TX | Roger Williams | Original | Mar 23, 2016 |
| R-CO | Scott R. Tipton | Original | Mar 23, 2016 |
| R-OH | Steve Chabot | Original | Mar 23, 2016 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 23, 2016Markup Jun 16, 2016Reported Sep 6, 2016 |
| Capital Markets Subcommittee | Hearings Apr 14, 2016 |
Actions 8
Everything that happened, newest first.
- Sep 6, 2016Reported (Amended) by the Committee on Financial Services. H. Rept. 114-723.
- Sep 6, 2016Placed on the Union Calendar, Calendar No. 561.
- Jun 16, 2016Committee Consideration and Mark-up Session Held.
- Jun 16, 2016Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 25.
- Jun 15, 2016Committee Consideration and Mark-up Session Held.
- Apr 14, 2016Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
- Mar 23, 2016Introduced in House
- Mar 23, 2016Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee report
Congressional Budget Office cost estimate
- Sep 2, 2016H.R. 4850, Micro Offering Safe Harbor ActAs ordered reported by the House Committee on Financial Services on June 16, 2016
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 162, no. 46, March 23, 2016, page H1584.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 114-82 | THE JOBS ACT AT FOUR: EXAMINING ITS IMPACT AND PROPOSALS TO FURTHER ENHANCE CAPITAL FORMATION114 pages | Financial Services Committee | Apr 14, 2016 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R44255 | Selected Securities Legislation in the 114th Congress Archived | Report | Sep 7, 2016 |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2201 | Micro Offering Safe Harbor Act | Reintroduced Bill | Nov 13, 2017 |
| HR 2357 | Accelerating Access to Capital Act of 2016 | Related bill | Sep 12, 2016 |
| HR 5983 | Financial CHOICE Act of 2016 | Related bill | Dec 20, 2016 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Securities Act of 1933 to exempt certain micro-offerings from the registration requirements of such Act, and for other purposes.
- Short Titles as Introduced
- Micro Offering Safe Harbor Act
- Short Titles as Reported to House
- Micro Offering Safe Harbor Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 2
Each version as it was printed, newest first.
- Sep 6, 2016Reported in House
- Mar 23, 2016Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
