3.0.0 3448 2023-01-11T13:23:27Z 2023-01-11T13:23:27Z House H HR 2013-11-12 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DUFFY:H.R. 3448.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8:To make all Laws which shall be necessary and proper forcarrying into Execution the foregoing Powers, and all otherPowers vested by this Constitution in the Government of theUnited States, or in any Department or Officer thereof.[Page H6998]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2014-02-12T16:28:47Z hsba00 Financial Services Committee House Standing hsba16 Capital Markets Subcommittee Hearings by 2013-10-23T14:51:00Z Reported by 2014-02-06T00:09:16Z Markup by 2013-11-14T14:39:55Z Referred to 2013-11-12T19:01:15Z H. Rept. 113-342 Promoting Job Creation and Reducing Small Business Burdens Act 113 5405 HR 2014-09-17 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS 2014-02-12 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. IntroReferral 2014-02-11 17:36:47 On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 62). (text: CR H1746-1747) Floor H37300 2 House floor actions 62 https://clerk.house.gov/evs/2014/roll062.xml House 113 2014-02-11T22:36:47Z 2 2014-02-11 17:36:47 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 62).(text: CR H1746-1747) Floor 8000 9 Library of Congress 62 https://clerk.house.gov/evs/2014/roll062.xml House 113 2014-02-11T22:36:47Z 2 2014-02-11 17:28:30 Considered as unfinished business. (consideration: CR H1758) Floor H30000 2 House floor actions 2014-02-11 15:45:56 At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. Floor H37220 2 House floor actions 2014-02-11 15:30:59 DEBATE - The House proceeded with forty minutes of debate on H.R. 3448. Floor H8D000 2 House floor actions 2014-02-11 15:30:58 Considered under suspension of the rules. (consideration: CR H1746-1748) Floor H30000 2 House floor actions 2014-02-11 15:30:44 Mr. Garrett moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2014-02-05 Placed on the Union Calendar, Calendar No. 252. Calendars H12410 2 House floor actions U00252 2014-02-05 Reported (Amended) by the Committee on Financial Services. H. Rept. 113-342. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2014-02-05 Reported (Amended) by the Committee on Financial Services. H. Rept. 113-342. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2013-11-14 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0. Committee 2013-11-14 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2013-11-12 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2013-11-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-11-12 Introduced in House IntroReferral 1000 9 Library of Congress 2013-10-23 hsba16 Capital Markets Subcommittee 1 House committee actions Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral. Committee D000614 Rep. Duffy, Sean P. [R-WI-7] Sean Duffy R WI P. 7 N C001083 Rep. Carney, John C., Jr. [D-DE-At Large] John Carney D DE C. 0 2013-11-12 True F000458 Rep. Fincher, Stephen Lee [R-TN-8] Stephen Fincher R TN Lee 8 2013-11-13 False Finance and Financial Sector Administrative law and regulatory procedures Corporate finance and management Financial services and investments Securities Securities and Exchange Commission (SEC) Small business Finance and Financial Sector 00 2013-11-12 Introduced in House 2014-01-09T17:48:50Z Small Cap Liquidity Reform Act of 2013 - Amends the Securities Exchange Act of 1934 to establish a liquidity pilot program for securities of emerging growth companies (EGC) with total annual gross revenues of less than $750 million, under which those securities shall be quoted using either: (1) a minimum increment of $0.05, (2) a minimum increment of $0.10, or (3) the increment at which the securities would be quoted without regard to such minimum increments.

Repeals the requirement for a Securities and Exchange Commission (SEC) study examining the transition to trading and quoting securities in one penny increments, known as decimalization.

Requires EGC securities quoted at a minimum increment of $0.05 or $0.10 to be traded at either such minimum increment or at one permitted by SEC regulations.

Prescribes procedures for an EGC board of directors to elect either to opt out or to change the minimum increment.

Prescribes pricing and trading procedures governing securities trading below $1.00.

Directs the SEC to require an EGC under this Act to submit additional reports and disclosures.

Shields an issuer from liability for losses caused solely by the quoting or trading of its securities at a minimum increment of $0.05, $0.10, or another SEC-authorized increment.

Directs the SEC to report biannually to Congress on: (1) the quoting and trading of securities in increments permitted by this Act, and (2) the extent to which such quoting and trading increases liquidity and active trading by incentivizing capital commitment, research coverage, and brokerage support.]]>

17 2014-02-05 Reported to House with amendment(s) 2014-03-26T19:40:54Z Small Cap Liquidity Reform Act of 2013 - Amends the Securities Exchange Act of 1934 to establish a pilot liquidity program for equity securities of emerging growth companies (EGCs) with total annual gross revenues of less than $750 million, under which those securities shall be quoted using either: (1) a minimum increment of $0.05 or $0.10, or (2) the increment at which the securities would be quoted without regard to such minimum increments.

Repeals the requirement for an SEC study examining the transition to trading and quoting securities in one penny increments, known as decimalization.

Directs the Securities and Exchange Commission (SEC) to determine, in the case of an EGC whose securities are quoted at a minimum increment of either $0.05 or $0.10, the increment at which such securities are traded.

Requires EGC securities quoted at a minimum increment of $0.05 or $0.10 to be traded at either such minimum increment or at one permitted by SEC regulations.

Permits an EGC to opt out or change such minimum increment upon notifying the SEC 90 days after enactment of this Act. Limits any EGC to a single change of minimum increment (thus prohibiting any increases in the minimum).

Requires the SEC, upon notification of an EGC election, to inform each trading venue where the EGC securities are quoted or traded.

Requires that securities of issuers that cease to be EGCs be quoted at the increment at which such securities would be quoted without regard to the minimum increments established under this Act.

Prescribes pricing and trading procedures governing securities trading below $1.00.

Directs the SEC to require an EGC under this Act to submit additional reports and disclosures.

Shields an issuer from liability for losses caused solely by the quoting or trading of its securities at a minimum increment of $0.05 or $0.10, another SEC-authorized increment, or by both such quoting and trading.

Directs the SEC to report biannually to Congress on: (1) the quoting and trading of securities in increments permitted by this Act, and (2) the extent to which such quoting and trading increases liquidity and active trading by incentivizing capital commitment, research coverage, and brokerage support.

Authorizes the SEC to: (1) make adjustments to the pilot program to ensure that it can provide statistically meaningful or reliable results, and (2) conduct any other study or pilot program to evaluate quoting or trading in various minimum increments.

Sunsets the pilot program five years after enactment of this Act.

]]> 36 2014-02-11 Passed House amended 2014-03-26T19:42:26Z

Small Cap Liquidity Reform Act of 2014 - Amends the Securities Exchange Act of 1934 to establish a pilot liquidity program for equity securities of emerging growth companies (EGCs) with total annual gross revenues of less than $750 million, under which those securities shall be quoted using either: (1) a minimum increment of $0.05 or $0.10, or (2) the increment at which the securities would be quoted without regard to such minimum increments.

Repeals the requirement for an SEC study examining the transition to trading and quoting securities in one penny increments, known as decimalization.

Directs the Securities and Exchange Commission (SEC) to determine, in the case of an EGC whose securities are quoted at a minimum increment of either $0.05 or $0.10, the increment at which such securities are traded.

Requires EGC securities quoted at a minimum increment of $0.05 or $0.10 to be traded at either such minimum increment or at one permitted by SEC regulations.

Permits an EGC to opt out or change such minimum increment upon notifying the SEC 90 days after enactment of this Act. Limits any EGC to a single change of minimum increment (thus prohibiting any increases in the minimum).

Requires the SEC, upon notification of an EGC election, to inform each trading venue where the EGC securities are quoted or traded.

Requires that securities of issuers that cease to be EGCs be quoted at the increment at which such securities would be quoted without regard to the minimum increments established under this Act.

Prescribes pricing and trading procedures governing securities trading below $1.00.

Directs the SEC to require an EGC under this Act to submit additional reports and disclosures.

Shields an issuer from liability for losses caused solely by the quoting or trading of its securities at a minimum increment of $0.05 or $0.10, another SEC-authorized increment, or by both such quoting and trading.

Directs the SEC to report biannually to Congress on: (1) the quoting and trading of securities in increments permitted by this Act, and (2) the extent to which such quoting and trading increases liquidity and active trading by incentivizing capital commitment, research coverage, and brokerage support.

Authorizes the SEC to: (1) make adjustments to the pilot program to ensure that it can provide statistically meaningful or reliable results, and (2) conduct any other study or pilot program to evaluate quoting or trading in various minimum increments.

Sunsets the pilot program five years after enactment of this Act.

]]> Small Cap Liquidity Reform Act of 2014 Display Title Small Cap Liquidity Reform Act of 2014 Official Title as Introduced To amend the Securities Exchange Act of 1934 to provide for an optional pilot program allowing certain emerging growth companies to increase the tick sizes of their stocks. Introduced in House IH Short Titles as Introduced Small Cap Liquidity Reform Act of 2013 Short Titles as Reported to House Small Cap Liquidity Reform Act of 2013 H House Short Titles as Passed House Small Cap Liquidity Reform Act of 2014 H House Referred in Senate 2014-02-12T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3448rfs/xml/BILLS-113hr3448rfs.xml Engrossed in House 2014-02-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3448eh/xml/BILLS-113hr3448eh.xml Reported in House 2014-02-05T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3448rh/xml/BILLS-113hr3448rh.xml Introduced in House 2013-11-12T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr3448ih/xml/BILLS-113hr3448ih.xml 2014-02-12 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. 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.