[House Report 115-401]
[From the U.S. Government Publishing Office]
115th Congress } { Report
HOUSE OF REPRESENTATIVES
1st Session } { 115-401
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PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 2201) TO AMEND THE
SECURITIES ACT OF 1933 TO EXEMPT CERTAIN MICRO-OFFERINGS FROM THE
REGISTRATION REQUIREMENTS OF SUCH ACT, AND FOR OTHER PURPOSES
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November 7, 2017.--Referred to the House Calendar and ordered to be
printed
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Mr. Buck, from the Committee on Rules,
submitted the following
R E P O R T
[To accompany H. Res. 609]
The Committee on Rules, having had under consideration
House Resolution 609, by a record vote of 9 to 4, report the
same to the House with the recommendation that the resolution
be adopted.
SUMMARY OF PROVISIONS OF THE RESOLUTION
The resolution provides for consideration of H.R. 2201, the
Micro Offering Safe Harbor Act, under a structured rule. The
resolution provides one hour of debate equally divided and
controlled by the chair and ranking minority member of the
Committee on Financial Services. The resolution waives all
points of order against consideration of the bill. The
resolution provides that the bill shall be considered as read.
The resolution waives all points of order against provisions in
the bill. The resolution makes in order only the amendment
printed in this report, if offered by the Member designated in
this report, which shall be considered as read, shall be
debatable for the time specified in this report equally divided
and controlled by the proponent and an opponent, shall not be
subject to amendment, and shall not be subject to a demand for
division of the question. The resolution waives all points of
order against the amendment printed in this report. The
resolution provides one motion to recommit with or without
instructions.
EXPLANATION OF WAIVERS
Although the resolution waives all points of order against
consideration of the bill, the Committee is not aware of any
points of order. The waiver is prophylactic in nature.
Although the resolution waives all points of order against
provisions in the bill, the Committee is not aware of any
points of order. The waiver is prophylactic in nature.
Although the resolution waives all points of order against
the amendment printed in this report, the Committee is not
aware of any points of order. The waiver is prophylactic in
nature.
COMMITTEE VOTES
The results of each record vote on an amendment or motion
to report, together with the names of those voting for and
against, are printed below:
Rules Committee record vote No. 139
Motion by Mr. Cole to report the rule. Adopted: 9-4
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Majority Members Vote Minority Members Vote
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Mr. Cole........................................ Yea Ms. Slaughter..................... Nay
Mr. Woodall..................................... Yea Mr. McGovern...................... Nay
Mr. Burgess..................................... Yea Mr. Hastings of Florida........... Nay
Mr. Collins..................................... Yea Mr. Polis......................... Nay
Mr. Byrne....................................... Yea
Mr. Newhouse.................................... Yea
Mr. Buck........................................ Yea
Ms. Cheney...................................... Yea
Mr. Sessions, Chairman.......................... Yea
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SUMMARY OF THE AMENDMENT MADE IN ORDER
1. Emmer (MN): Amends the bill to not allow the exemption
to be available for those who have been disqualified under the
``bad actor'' disqualification standard of section 230.506(d)
of title 17, Code of Federal Regulations, providing an
additional layer of investor protection in the bill. (10
minutes)
TEXT OF AMENDMENT MADE IN ORDER
1. An Amendment To Be Offered by Representative Emmer of Minnesota or
His Designee, Debatable for 10 Minutes
Page 3, line 14, strike ``The transactions'' and insert the
following:
``(1) In general.--The transactions''.
Page 3, line 19, strike ``(1)'' and insert ``(A)'' and adjust
the margin 2 ems to the right.
Page 3, line 24, strike ``(2)'' and insert ``(B)'' and adjust
the margin 2 ems to the right.
Page 4, line 5, strike ``(3)'' and insert ``(C)'' and adjust
the margin 2 ems to the right.
Page 4, line 10, strike the quotation mark and final period
and insert after such line the following:
``(2) Disqualification.--
``(A) In general.--The exemption provided
under subsection (a)(8) shall not be available
for a transaction involving a sale of
securities if any person described in
subparagraph (B) would have triggered
disqualification pursuant to section 230.506(d)
of title 17, Code of Federal Regulations.
``(B) Persons described.--The persons
described in this subparagraph are the
following:
``(i) The issuer.
``(ii) Any predecessor of the issuer.
``(iii) Any affiliated issuer.
``(iv) Any director, executive
officer, other officer participating in
the offering, general partner, or
managing member of the issuer.
``(v) Any beneficial owner of 20
percent or more of the issuer's
outstanding voting equity securities,
calculated on the basis of voting
power.
``(vi) Any promoter connected with
the issuer in any capacity at the time
of such sale.
``(vii) Any investment manager of an
issuer that is a pooled investment
fund.
``(viii) Any person that has been or
will be paid (directly or indirectly)
remuneration for solicitation of
purchasers in connection with such sale
of securities.
``(ix) Any general partner or
managing member of any such investment
manager or solicitor.
``(x) Any director, executive
officer, or other officer participating
in the offering of any such investment
manager or solicitor or general partner
or managing member of such investment
manager or solicitor.''.
[all]