113 HR 2629 IH: Fostering Innovation Act of 2013 U.S. House of Representatives 2013-07-09 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

I 113th CONGRESS 1st Session H. R. 2629 IN THE HOUSE OF REPRESENTATIVES July 9, 2013 Mr. Fitzpatrick introduced the following bill; which was referred to the Committee on Financial Services A BILL To provide an exemption for low-revenue companies from certain SEC regulations.

1.

Short title

This Act may be cited as the Fostering Innovation Act of 2013.

2.

Exemption for low-revenue companies from certain SEC regulations

Not later than 180 days after the date of the enactment of this Act, the Securities and Exchange Commission shall revise the definition of accelerated filer, as such term is defined in Rule 12b–2 of the Commission (17 C.F.R. 240.12b–2), to include issuers that have annual revenues of greater than $100,000,000 during the most recently completed fiscal year for which audited financial statements are available and have an aggregated worldwide market value of the voting and non-voting common equity held by its non-affiliates of $250,000,000 or more, but less than $700,000,000, as of the last business day of the issuer’s most recently completed second fiscal quarter.