Congress 115 - HR 477 - Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

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Banking and financial institutions regulation Business records Corporate finance and management Finance and Financial Sector Licensing and registrations Securities Small business

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Summary

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that:

receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer;
engage on behalf of an issuer in a public offering of registered securities;
engage on behalf of any party in a transaction involving specified shell companies;
provide financing related to the transfer of ownership;
assist any party to obtain financing from a third party in specified circumstances;
represent both buyer and seller without disclosure and consent from both parties;
facilitate a transaction with a group of buyers formed with the assistance of the broker;
engage in transferring ownership to a passive buyer;
bind a party to a transfer of ownership; or
are subject to suspension or revocation of registration or to other specified disqualifications.

Actions

Dec 11, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Dec 7, 2017

Motion to reconsider laid on the table Agreed to without objection.
Dec 7, 2017

On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
Dec 7, 2017

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
Dec 7, 2017

Considered as unfinished business. (consideration: CR H9742-9743)
Dec 7, 2017

POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 477, the Chair put the question on passage of the bill, and announced by voice vote that the ayes had prevailed. Mr. Hensarling demanded the yeas and nays, and the Chair postponed further proceedings on the question of passage until later in the legislative day.
Dec 7, 2017

DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
Dec 7, 2017

DEBATE - The House proceeded with one hour of debate on H.R. 477.
Dec 7, 2017

Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
Dec 7, 2017

Considered under the provisions of rule H. Res. 647. (consideration: CR H9739-9742; text of amendment in the nature of a substitute: CR H9739-9740)
Dec 6, 2017

Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
Nov 30, 2017

Placed on the Union Calendar, Calendar No. 318.
Nov 30, 2017

Reported by the Committee on Financial Services. H. Rept. 115-431.
Oct 12, 2017

Ordered to be Reported by the Yeas and Nays: 37 - 23.
Oct 12, 2017

Committee Consideration and Mark-up Session Held.
Oct 11, 2017

Committee Consideration and Mark-up Session Held.
Jan 12, 2017

Referred to the House Committee on Financial Services.
Jan 12, 2017

Introduced in House

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