[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4554 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4554

 To amend the securities laws to improve private market offerings, and 
                          for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                              May 1, 2014

  Mr. Mulvaney (for himself and Mrs. Wagner) introduced the following 
    bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
 To amend the securities laws to improve private market offerings, and 
                          for other purposes.

    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 ``Restricted Securities Relief Act of 
2014''.

SEC. 2. IMPROVING PRIVATE MARKET OFFERINGS.

    (a) Revisions to Regulations.--The Securities and Exchange 
Commission shall--
            (1) revise section 230.144(d)(1)(i) of title 17, Code of 
        Federal Regulations, to change the holding period for 
        restricted securities issued by an issuer that is, and has been 
        for a period of at least 90 days immediately before the sale, 
        subject to the reporting requirements of section 13 or 15(d) of 
        the Securities Exchange Act of 1934 from 6 months to 3 months; 
        and
            (2) revise section 230.144(i) of title 17, Code of Federal 
        Regulations, to permit an issuer of securities that was 
        described under paragraph (1) of such section 230.144(i) that 
        has ceased to be an issuer described under such paragraph to 
        sell such securities (subject to the requirements of such 
        section) after two years has elapsed from the date that the 
        issuer files a Form 8-K with the Commission stating that the 
        issuer is no longer described under paragraph (1) of such 
        section.
    (b) Covered Securities.--Section 18(b) of the Securities Act of 
1933 (15 U.S.C. 77r(b)) is amended by adding at the end the following:
            ``(5) Securities offered or sold under rule 144a.--A 
        security is a covered security if it is offered or sold in 
        compliance with the conditions set forth in section 230.144A of 
        title 17, Code of Federal Regulations.''.
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