3.0.0 477 2023-01-11T13:34:25Z 2023-01-11T13:34:25Z House HR 2017-01-12 115 [Congressional Record Volume 163, Number 8 (Thursday, January 12, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HUIZENGA:H.R. 477.Congress has the power toenact this legislation pursuantto the following:Article I, Section 8, Clauses 1 (``The Congress shall havePower To lay andcollect Taxes, Duties, Imposts and Excises,to pay the Debts and provide for the common Defense andgeneral Welfare of theUnited States; but all Duties, Impostsand Excises shall be uniform throughout the United States''),3 (``To regulate Commercewith foreign Nations, and among theseveral States, and with the Indian Tribes''), and 18 (``Tomake all Laws which shall benecessary and proper for carryinginto Execution the foregoing Powers, and all other Powersvested by this Constitution in theGovernment of the UnitedStates, or in any Department or Officer thereof).[Page H472]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2017-12-11T22:06:17Z hsba00 Financial Services Committee House Standing Reported by 2017-11-30T19:42:01Z Markup by 2017-10-12T21:44:26Z Referred to 2017-01-12T15:03:40Z H. Rept. 115-431 Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019 115 6147 HR 2018-09-07 Message on Senate action sent to the House. Related bill CRS JOBS and Investor Confidence Act of 2018 115 488 S 2018-07-18 Message on House action received in Senate and at desk: House amendments to Senate bill. Related bill CRS Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018 115 3518 S 2018-09-27 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Related bill CRS Financial CHOICE Act of 2017 115 10 HR 2017-07-13 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108. Related bill CRS Providing for consideration of the bill (H.R. 477) 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; providing for consideration of the bill (H.R. 3971) to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and for other purposes; and providing for consideration of the joint resolution (H.J. Res. 123) making further continuing appropriations for fiscal year 2018, and for other purposes. 115 647 HRES 2017-12-07 Motion to reconsider laid on the table Agreed to without objection. 14:12:13 Related bill House Procedurally-related House 2017-12-11 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 2017-12-07 16:41:14 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2017-12-07 16:41:12 On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669). Floor H37100 2 House floor actions 669 https://clerk.house.gov/evs/2017/roll669.xml House 115 2017-12-07T21:41:12Z 1 2017-12-07 16:41:12 Passed/agreed to in House: On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669). Floor 8000 9 Library of Congress 669 https://clerk.house.gov/evs/2017/roll669.xml House 115 2017-12-07T21:41:12Z 1 2017-12-07 16:15:41 Considered as unfinished business. (consideration: CR H9742-9743) Floor H30000 2 House floor actions 2017-12-07 15:40:29 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. Floor H8D000 2 House floor actions 2017-12-07 15:34:22 DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1. Floor H8D000 2 House floor actions 2017-12-07 15:22:35 DEBATE - The House proceeded with one hour of debate on H.R. 477. Floor H8D000 2 House floor actions 2017-12-07 15:21:21 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 Floor H8D000 2 House floor actions 2017-12-07 15:21:16 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) Floor H30000 2 House floor actions 2017-12-06 16:57:02 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 Floor H1L210 2 House floor actions 2017-11-30 Placed on the Union Calendar, Calendar No. 318. Calendars H12410 2 House floor actions U00318 2017-11-30 Reported by the Committee on Financial Services. H. Rept. 115-431. Committee H12200 2 House floor actions hsba00 Financial Services Committee 2017-11-30 Reported by the Committee on Financial Services. H. Rept. 115-431. Committee 5000 9 Library of Congress hsba00 Financial Services Committee 2017-10-12 hsba00 Financial Services Committee 1 House committee actions Ordered to be Reported by the Yeas and Nays: 37 - 23. Committee 2017-10-12 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-10-11 hsba00 Financial Services Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2017-01-12 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2017-01-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-01-12 Introduced in House IntroReferral 1000 9 Library of Congress H001058 Rep. Huizenga, Bill [R-MI-2] Bill Huizenga R MI 2 N P000599 Rep. Posey, Bill [R-FL-8] Bill Posey R FL 8 2017-01-12 True H001038 Rep. Higgins, Brian [D-NY-26] Brian Higgins D NY 26 2017-01-12 True J000295 Rep. Joyce, David P. [R-OH-14] David Joyce R OH P. 14 2017-01-31 False B000755 Rep. Brady, Kevin [R-TX-8] KEVIN BRADY R TX 8 2017-03-01 False R000593 Rep. Ross, Dennis A. [R-FL-15] Dennis Ross R FL A. 15 2017-03-07 False L000491 Rep. Lucas, Frank D. [R-OK-3] FRANK LUCAS R OK D. 3 2017-03-28 False Y000066 Rep. Young, David [R-IA-3] David Young R IA 3 2017-04-03 False L000397 Rep. Lofgren, Zoe [D-CA-19] ZOE LOFGREN D CA 19 2017-07-27 False B001305 Rep. Budd, Ted [R-NC-13] Ted Budd R NC 13 2017-11-15 False S000250 Rep. Sessions, Pete [R-TX-32] PETE SESSIONS R TX 32 2017-11-29 False 2017-11-30T21:02:42Z H.R. 477, Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 https://www.cbo.gov/publication/53356 As ordered reported by the House Committee on Financial Services on October 12, 2017 Finance and Financial Sector Banking and financial institutions regulation Business records Corporate finance and management Licensing and registrations Securities Small business Finance and Financial Sector 00 2017-01-12 Introduced in House 2018-01-10T14:53:20Z Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

This bill amends the Securities Exchange Act of 1934 to generally exempt certain merger-and-acquisition brokers from that Act's registration requirements. This exemption shall not apply, however, to brokers that: (1) receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer of a privately held company that meets specified conditions; (2) engage on behalf of an issuer in a public offering of registered securities; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration or to other specified disqualifications.

]]> 79 2017-11-30 Reported to House without amendment 2018-02-22T15:59:23Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

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

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to generally exempt certain merger-and-acquisition brokers from that Act's registration requirements. This exemption shall not apply, however, to brokers that: (1) receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer of a privately held company that meets specified conditions; (2) engage on behalf of an issuer in a public offering of registered securities; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration or to other specified disqualifications.

]]> 36 2017-12-07 Passed House amended 2018-02-22T16:04:14Z 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.
]]> Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 Display Title Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 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. Introduced in House IH 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 H House Short Titles as Passed House Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 H House 495 115 HAMDT 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. 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. 2022-02-01T02:28:01Z 2017-12-07 On agreeing to the Sherman amendment (A002) Agreed to by voice vote. 15:39:32 S000344 Rep. Sherman, Brad [D-CA-30] BRAD SHERMAN D CA 30 2017-12-07T05:00:00Z House of Representatives 115 HR House H 477 Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 2023-01-11T13:34:25Z House Report 115-443 https://www.congress.gov/congressional-report/115th-congress/house-report/443 8 2017-12-07 15:39:32 On agreeing to the Sherman amendment (A002) Agreed to by voice vote. Floor H34111 2 House floor actions 2017-12-07 15:39:24 The previous question was ordered on the amendment and the bill without objection Floor H34180 2 House floor actions 2017-12-07 15:33:55 Amendment (A002) offered by Mr. Sherman. (consideration: CR H9741-9742; text: CR H9741) Floor H3A100 2 House floor actions 2017-12-07 15:33:55 House amendment offered/reported by: Amendment (A002) offered by Mr. Sherman.(consideration: CR H9741-9742; text: CR H9741) NotUsed 71500 9 Library of Congress 2017-12-07 House amendment offered Floor 71000 9 Library of Congress 2017-12-07 15:39:32 House amendment agreed to: On agreeing to the Sherman amendment (A002) Agreed to by voice vote. Floor 72000 9 Library of Congress 2017-12-07 15:39:32 Amendment agreed to by House: On agreeing to the Sherman amendment (A002) Agreed to by voice vote. NotUsed 79000 9 Library of Congress 494 115 HAMDT 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. 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. 2022-02-01T02:28:01Z Rules Committee 2017-12-07T05:00:00Z House of Representatives 115 HR House H 477 Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 2023-01-11T13:34:25Z Committee Print 115-43 https://www.congress.gov/committee-print/115th-congress/house-committee-print/27656 H.Res. 647 https://www.congress.gov/bill/115th-congress/house-resolution/647 2 2017-12-07 House amendment offered Floor 71000 9 Library of Congress Referred in Senate 2017-12-11T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr477rfs/xml/BILLS-115hr477rfs.xml Engrossed in House 2017-12-07T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr477eh/xml/BILLS-115hr477eh.xml Reported in House 2017-11-30T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr477rh/xml/BILLS-115hr477rh.xml Introduced in House 2017-01-12T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr477ih/xml/BILLS-115hr477ih.xml 2017-12-11 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. 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