[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6035 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6035

  To direct the Securities and Exchange Commission to revise section 
    230.163 of title 17, Code of Federal Regulations, 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 7, 2018

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

_______________________________________________________________________

                                 A BILL


 
  To direct the Securities and Exchange Commission to revise section 
    230.163 of title 17, Code of Federal Regulations, 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, Code of Federal Regulations, to 
apply the exemption offered in section 230.163 of title 17, Code of 
Federal Regulations, 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, Code of Federal Regulations.
    (c) Treatment if Revisions Not Completed in a Timely Manner.--If 
the Commission fails to complete the revisions required by subsection 
(a) by the time required by such subsection, the exemption offered in 
section 230.163 of title 17, Code of Federal Regulations, shall be 
deemed to apply 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.
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