[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5999 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 5999

  To direct the Securities and Exchange Commission to revise section 
230.163 of title 17, United States Code, to apply the exemption offered 
  in such section to communications made by underwriters and dealers 
        acting by or on behalf of a well-known seasoned issuer.


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                    IN THE HOUSE OF REPRESENTATIVES

                              June 5, 2018

   Mr. Budd introduced the following bill; which was referred to the 
                    Committee on Financial Services

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                                 A BILL


 
  To direct the Securities and Exchange Commission to revise section 
230.163 of title 17, United States Code, to apply the exemption offered 
  in such section to communications made by underwriters and dealers 
        acting by or on behalf of a well-known seasoned issuer.

    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 ``Streamlining Communications for 
Investors Act''.

SEC. 2. EXEMPTION OF COMMUNICATIONS MADE BY UNDERWRITERS AND DEALERS 
              ACTING BY OR ON BEHALF OF WELL-KNOWN SEASONED ISSUER.

    (a) In General.--Not later than 120 days after the date of the 
enactment of this section, the Securities and Exchange Commission shall 
revise section 230.163(c) of title 17, United States Code, to apply the 
exemption offered in section 230.163 of title 17, United States Code, 
to written and oral communications made by an underwriter or dealer 
acting by or on behalf of a well-known seasoned issuer if, before such 
a communication is made--
            (1) the underwriter or dealer making such communication 
        receives written authorization from the well-known seasoned 
        issuer to act as its agent or representative; and
            (2) the well-known seasoned issuer authorized or approved 
        such communication.
    (b) Inclusion in Prospectus.--A well-known seasoned issuer shall 
identify in the prospectus filed for an offering each underwriter or 
dealer that has made oral or written communications related the 
offering in reliance on the exemption under section 230.163 of title 
17, United States Code.
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