3.0.0 4860 2022-11-01T04:32:35Z 2022-11-01T04:32:35Z House HR 2019-10-28 116 [Congressional Record Volume 165, Number 170 (Monday, October 28, 2019)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. McHENRY:H.R. 4860.Congress has the power to enact this legislation pursuantto the following:The Congress shall have Power To lay and collect Taxes,Duties, Imposts and Excises, to pay the Debts and provide forthe common Defence . . . of the United States; but allDuties, Imposts, and Excises shall be uniform throughout theUnited States.[Page H8539]]]> ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Referred to 2019-10-29T18:21:40Z hsba00 Financial Services Committee House Standing Referred to 2019-10-28T20:40:00Z 2019-10-29 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 2019-10-28 16:47:55 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2019-10-28 16:47:54 On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8493) Floor H37300 2 House floor actions 2019-10-28 16:47:54 Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8493) Floor 8000 9 Library of Congress 2019-10-28 16:42:04 DEBATE - The House proceeded with forty minutes of debate on H.R. 4860. Floor H8D000 2 House floor actions 2019-10-28 16:42:03 Considered under suspension of the rules. (consideration: CR H8493-8494) Floor H30000 2 House floor actions 2019-10-28 16:42:01 Mr. Scott, David moved to suspend the rules and pass the bill, as amended. Floor H30300 2 House floor actions 2019-10-28 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2019-10-28 Introduced in House IntroReferral Intro-H 9 Library of Congress 2019-10-28 Introduced in House IntroReferral 1000 9 Library of Congress M001156 Rep. McHenry, Patrick T. [R-NC-10] Patrick McHenry R NC 10 N W000187 Rep. Waters, Maxine [D-CA-43] MAXINE WATERS D CA 43 2019-10-28 True Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Financial services and investments Licensing and registrations Securities Finance and Financial Sector 00 2019-10-28 Introduced in House 2019-11-19T14:35:50Z Crowdfunding Amendments Act

This bill allows a crowdfunding issuer to sell shares through a crowdfunding vehicle. (Crowdfunding is a method of capital formation in which groups of people pool money to invest in a company or to support an effort to accomplish a specific goal.)

A "crowdfunding vehicle" is defined as a company that

  • has purposes limited to acquiring, holding, and disposing only one class of crowdfunding securities issued by a single company;
  • receives no compensation for doing so; and
  • meets other specified requirements, including those related to reporting obligations and the use of investment advisers.

The bill provides for the registration of crowdfunding vehicle advisers.

The bill also revises the conditions upon which the Securities and Exchange Commission (SEC) shall exempt securities issued in crowdfunding transactions from registration requirements. Under current law, holders of crowdfunded shares do not count toward the shareholder threshold beyond which an issuer is required to register its securities with the SEC, provided that the issuer (1) is current in its annual reporting obligations, (2) retains the services of a registered transfer agent, and (3) has less than $25 million in assets. The bill maintains this exemption but alters the conditions upon which it applies. Specifically, holders of crowdfunded shares shall not count toward the shareholder threshold if the issuer has (1) a public float of less than $75 million, or (2) a public float of $0 and annual revenues of less than $50 million.

]]> 53 2019-10-28 Passed House 2019-12-05T19:01:44Z Crowdfunding Amendments Act

This bill allows a crowdfunding issuer to sell shares through a crowdfunding vehicle. (Crowdfunding is a method of capital formation in which groups of people pool money to invest in a company or to support an effort to accomplish a specific goal.)

A "crowdfunding vehicle" is defined as a company that

  • has purposes limited to acquiring, holding, and disposing only one class of crowdfunding securities issued by a single company;
  • receives no compensation for doing so; and
  • meets other specified requirements, including those related to reporting obligations and the use of investment advisers.

The bill provides for the registration of crowdfunding vehicle advisers.

The bill also revises the conditions upon which the Securities and Exchange Commission (SEC) shall exempt securities issued in crowdfunding transactions from registration requirements. Under current law, holders of crowdfunded shares do not count toward the shareholder threshold beyond which an issuer is required to register its securities with the SEC, provided that the issuer (1) is current in its annual reporting obligations, (2) retains the services of a registered transfer agent, and (3) has less than $25 million in assets. The bill maintains this exemption but alters the conditions upon which it applies. Specifically, holders of crowdfunded shares shall not count toward the shareholder threshold if the issuer has (1) a public float of less than $75 million, or (2) a public float of $0 and annual revenues of less than $50 million.

]]> Crowdfunding Amendments Act Display Title Crowdfunding Amendments Act Short Title(s) as Passed House Crowdfunding Amendments Act H House Engrossed in House EH Official Title as Introduced To amend the Securities Act of 1933 to subject crowdfunding vehicles to the jurisdiction of the Securities and Exchange Commission, and for other purposes. Engrossed in House EH Short Titles as Passed House Crowdfunding Amendments Act H House Referred in Senate 2019-10-29T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr4860rfs/xml/BILLS-116hr4860rfs.xml Engrossed in House 2019-10-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr4860eh/xml/BILLS-116hr4860eh.xml 2019-10-29 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.