[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4430 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 4430

  To lower the aggregate market value of voting and non-voting common 
  equity necessary for an issuer to qualify as a well-known seasoned 
                                issuer.


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                    IN THE HOUSE OF REPRESENTATIVES

                             July 16, 2025

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

_______________________________________________________________________

                                 A BILL


 
  To lower the aggregate market value of voting and non-voting common 
  equity necessary for an issuer to qualify as 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. DEFINITION OF WELL-KNOWN SEASONED ISSUER.

    For purposes of the Federal securities laws, and regulations issued 
thereunder, an issuer shall be a ``well-known seasoned issuer'' if--
            (1) the aggregate market value of the voting and non-voting 
        common equity held by non-affiliates of the issuer is 
        $75,000,000 or more (as determined under Form S-3 general 
        instruction I.B.1. as in effect on the date of enactment of 
        this Act); and
            (2) the issuer otherwise satisfies the requirements of the 
        definition of ``well-known seasoned issuer'' contained in 
        section 230.405 of title 17, Code of Federal Regulations (as in 
        effect on the date of enactment of this Act) without reference 
        to any requirement in such definition relating to minimum 
        worldwide market value of outstanding voting and non-voting 
        common equity held by non-affiliates.
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