3.0.0 1791 2019-02-20T23:16:53Z 2019-02-23T17:37:42Z Senate S S 2011-11-02 112 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Hearings by 2011-12-01T21:24:33Z Referred to 2011-11-02T21:51:57Z Entrepreneur Access to Capital Act 112 2930 HR 2011-12-01 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-444. Related bill CRS 2011-12-01 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-444. Committee 2011-11-02 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2011-11-02 Introduced in Senate IntroReferral 10000 9 Library of Congress B001268 Sen. Brown, Scott P. [R-MA] Scott Brown R MA P. N A000368 Sen. Ayotte, Kelly [R-NH] Kelly Ayotte R NH 2011-11-10 False C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA 2011-11-10 False Finance and Financial Sector Administrative law and regulatory procedures Financial services and investments Fraud offenses and financial crimes Securities Securities and Exchange Commission (SEC) State and local government operations User charges and fees Finance and Financial Sector 00 2011-11-02 Introduced in Senate 2012-02-08T20:14:39Z Democratizing Access to Capital Act of 2011 - Amends the Securities Act of 1933 to exempt from its prohibitions against use of interstate commerce and the mails for sale (or delivery after sale) of unregistered securities, including unregistered security-based swaps, any transactions involving the issuance of securities through a crowdfunding intermediary, whether or not the transaction involves a public offering, for which: (1) the aggregate annual amount raised through the issue of the securities during any 12-month period by an incorporated entity formed under state law is $1 million or less, and (2) individual investments in the securities are limited to a maximum aggregate annual amount of $1,000.

(Crowdfunding is a method of capital formation where groups of people pool money, typically composed of very small individual contributions, and often via internet platforms, to invest in a company or otherwise support an effort by others to accomplish a specific goal.)

Sets forth criteria for the crowdfunding exemption.

Amends the Securities Act of 1934 to exclude: (1) persons holding crowdfunded securities under this Act from application of the 500-to-750 shareholder "held of record" criterion for a class of equity security subject to mandatory registration, and (2) crowdfunding intermediaries from regulation under such Act as "brokers" or "dealers."

Amends the Securities Act of 1933 to preempt state law with respect to regulation of crowdfunded securities. Subjects crowdfunding intermediaries, however, to state authority to investigate and bring enforcement actions with respect to fraud, deceit, or unlawful conduct in connection with securities or securities transactions.

Limits authority to impose fees on crowdfunded securities to: (1) the securities commission of the issuer's state of organization, or (2) any state in which purchasers of 50% or greater of the aggregate amount of the issue are residents.

]]> Democratizing Access to Capital Act of 2011 Short Titles as Introduced Democratizing Access to Capital Act of 2011 Display Title Democratizing Access to Capital Act of 2011 Official Title as Introduced A bill to amend the securities laws to provide for registration exemptions for certain crowdfunded securities, and for other purposes. Introduced in Senate 2011-11-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1791is/xml/BILLS-112s1791is.xml 2011-12-01 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 112-444. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.