[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2940 Engrossed in House (EH)]

112th CONGRESS
  1st Session
                                H. R. 2940

_______________________________________________________________________

                                 AN ACT


 
   To direct the Securities and Exchange Commission to eliminate the 
prohibition against general solicitation as a requirement for a certain 
                     exemption under Regulation D.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Access to Capital for Job Creators 
Act''.

SEC. 2. MODIFICATION OF EXEMPTION.

    (a) Removal of Restriction.--Section 4(2) of the Securities Act of 
1933 (15 U.S.C. 77d(2)) is amended by adding before the period the 
following: ``, whether or not such transactions involve general 
solicitation or general advertising''.
    (b) Modification of Rules.--Not later than 90 days after the date 
of the enactment of this Act, the Securities and Exchange Commission 
shall revise its rules issued in section 230.506 of title 17, Code of 
Federal Regulations, to provide that the prohibition against general 
solicitation or general advertising contained in section 230.502(c) of 
such title shall not apply to offers and sales of securities made 
pursuant to section 230.506, provided that all purchasers of the 
securities are accredited investors. Such rules shall require the 
issuer to take reasonable steps to verify that purchasers of the 
securities are accredited investors, using such methods as determined 
by the Commission.

            Passed the House of Representatives November 3, 2011.

            Attest:

                                                                 Clerk.
112th CONGRESS

  1st Session

                               H. R. 2940

_______________________________________________________________________

                                 AN ACT

   To direct the Securities and Exchange Commission to eliminate the 
prohibition against general solicitation as a requirement for a certain 
                     exemption under Regulation D.