[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 1831 Introduced in Senate (IS)]

112th CONGRESS
  1st Session
                                S. 1831

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


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                   IN THE SENATE OF THE UNITED STATES

                            November 9, 2011

   Mr. Thune introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   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 inserting before the period at 
the end 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 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.
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