Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017
Latest action · Dec 11, 2017 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
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.
- IntroducedJan 12, 2017
- Passed HouseDec 7, 2017
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Recorded votes 1
Newest first. Open one to see how every member voted.
Cosponsors 10
Members who signed on, in the order they did. Signatures ran from Jan 12, 2017 to Nov 29, 2017; 2 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-FL | Bill Posey | Original | Jan 12, 2017 |
| D-NY | Brian Higgins | Original | Jan 12, 2017 |
| R-OH | David P. Joyce | Jan 31, 2017 | |
| R-TX | Kevin Brady | Mar 1, 2017 | |
| R-FL | Dennis A. Ross | Mar 7, 2017 | |
| R-OK | Frank D. Lucas | Mar 28, 2017 | |
| R-IA | David Young | Apr 3, 2017 | |
| D-CA | Zoe Lofgren | Jul 27, 2017 | |
| R-NC | Ted Budd | Nov 15, 2017 | |
| R-TX | Pete Sessions | Nov 29, 2017 |
Committees 2
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 Jan 12, 2017Markup Oct 12, 2017Reported Nov 30, 2017 |
| Senate | Banking, Housing, and Urban Affairs Committee | Referred Dec 11, 2017 |
Actions 17
Everything that happened, newest first.
- Dec 11, 2017Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- Dec 7, 2017Considered 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 7, 2017Provides 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, 2017DEBATE - The House proceeded with one hour of debate on H.R. 477.
- Dec 7, 2017DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H9722–H9730, H9739–H9742Text printed H9722, H9739Amendments H9728, H9741Recorded votes H9729, H9730, H9742consideration (H. Res. 647), previous questionenact | Bill Huizenga R-MI, Brad Sherman D-CA (amendment), Jeb Hensarling R-TX, Louise McIntosh Slaughter D-NY (amendment), Maxine Waters D-CA, Rob Woodall R-GA, Steve Chabot R-OH | Dec 7, 2017 |
| House | Declaratory Statements H9710 | — | Dec 6, 2017 |
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
- Nov 30, 2017H.R. 477, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017As ordered reported by the House Committee on Financial Services on October 12, 2017
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 8, January 12, 2017, page H472.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 115-406 | LEGISLATIVE PROPOSALS TO EXAMINE CORPORATE GOVERNANCE425 pages | Banking, Housing, and Urban Affairs Committee | Jun 28, 2018 |
| S. Hrg. 115-354 | LEGISLATIVE PROPOSALS TO INCREASE ACCESS TO CAPITAL405 pages | Banking, Housing, and Urban Affairs Committee | Jun 26, 2018 |
CRS reports 3
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 3
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| IN10950 | Financial Services and General Government (FSGG) FY2019 Appropriations and Financial Regulatory Reform Archived | Insight | Nov 27, 2018 |
| R45308 | JOBS and Investor Confidence Act (House-Amended S. 488): Capital Markets Provisions Archived | Report | Sep 7, 2018 |
| IF10893 | Merger and Acquisition Brokers: Overview and Proposals for Relief Archived | Resource | May 22, 2018 |
Amendments 2
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| HAmdt 494 | Pursuant to the provisions of H.Res. 647 the amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-43 is considered as adopted. | Rules Committee | House amendment offered |
| HAmdt 495 | An amendment numbered 1 printed in Part A of House Report 115-443 to make several changes that provide additional protections for investors and small businesses. Specifically the amendment includes provisions that would prohibit passive buyers in the M&A transaction, prohibit M&A brokers from binding a party to a transfer of ownership, prohibit M&A brokers from providing financing for the transfer, and require M&A brokers that represent both the buyer and seller to disclose that to both parties and receive written consent. | Brad Sherman D-CA | On agreeing to the Sherman amendment (A002) Agreed to by voice vote. |
Related bills 5
Companion bills and other measures the record links to this one.
Titles 4
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies.
- Short Titles as Introduced
- Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017
- Short Titles as Reported to House
- Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017
- Short Titles as Passed House
- Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 4
Each version as it was printed, newest first.
- Dec 11, 2017Referred in Senate
- Dec 7, 2017Engrossed in House
- Nov 30, 2017Reported in House
- Jan 12, 2017Introduced 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.
