Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Save to My Library
Look up keyword
Like this
6Activity
0 of .
Results for:
No results containing your search query
P. 1
Bill -- 500 Shareholder Rule

Bill -- 500 Shareholder Rule

Ratings: (0)|Views: 4,136 |Likes:
Published by venturewire
Rep. David Schweikert (R-Ariz.) today introduced a bill that would amend the Securities Exchange Act of 1934, allowing allow private companies to have 1,000 shareholders instead of the current 500 before they’re required to publicly disclose their finances, often compelling them to go public.
Rep. David Schweikert (R-Ariz.) today introduced a bill that would amend the Securities Exchange Act of 1934, allowing allow private companies to have 1,000 shareholders instead of the current 500 before they’re required to publicly disclose their finances, often compelling them to go public.

More info:

Published by: venturewire on Jun 14, 2011
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

07/13/2014

pdf

text

original

 
.....................................................................(Original Signature of Member)
112
TH
CONGRESS1
ST
S
ESSION
 
H. R.
 ll 
To amend the Securities Exchange Act of 1934 to change the thresholdnumber of shareholders for required registration under that Act.
IN THE HOUSE OF REPRESENTATIVES
Mr. S
CHWEIKERT
introduced the following bill; which was referred to theCommittee on
 llllllllllllll 
A BILL
To amend the Securities Exchange Act of 1934 to changethe threshold number of shareholders for required reg-istration under that Act.
 Be it enacted by the Senate and House of Representa-
1
tives of the United States of America in Congress assembled,
2
SECTION 1. SHORT TITLE.
3
This Act may be cited as the ‘‘Private Company 
4
Flexibility and Growth Act’’.
5
SEC. 2. THRESHOLD FOR REGISTRATION.
6
Section 12(g)(1)(B) of the Securities Exchange Act
7
of 1934 (15 U.S.C. 78
l
(g)(1)(B)) is amended by striking
8
VerDate Nov 24 2008 10:31 Jun 10, 2011Jkt 000000PO 00000Frm 00001Fmt 6652Sfmt 6201C:\DOCUMENTS AND SETTINGS\BJYOUNG\APPLICATION DATA\SOFTQUAD\XMETAL\5
June 10, 2011 (10:31 a.m.)
F:\M12\SCHWEI\SCHWEI_019.XML
f:\VHLC\061011\061011.008.xml (495775|6)
 
2‘‘shall—’’ and all that follows through ‘‘register’’ and in-
1
sert ‘‘shall, within 120 days after the last day of its first
2
fiscal year ended on which the issuer has total assets ex-
3
ceeding $10,000,000 and a class of equity security (other
4
than an exempted security) held of record by 1,000 per-
5
sons, register’’.
6
SEC. 3. ACCREDITED INVESTORS AND EMPLOYEES.
7
Section 12(g)(5) of the Securities Exchange Act of 
8
1934 (15 U.S.C. 78l(g)(5)) is amended by adding at the
9
end the following: ‘‘For purposes of determining whether
10
an issuer is required to register a security with the Com-
11
mission pursuant to paragraph (1), the definition of ‘held
12
of record’ shall not include securities held by persons who
13
qualify as accredited investors (as that term is defined by 
14
the Commission) or securities that are held by persons
15
 who received the securities pursuant to an employee com-
16
pensation plan in transactions exempted from the registra-
17
tion requirements of section 5 of the Securities Act of 
18
1933.’’.
19
SEC. 4. COMMISSION RULEMAKING.
20
The Securities and Exchange Commission shall revise
21
the definition of ‘‘held of record’’ pursuant to section
22
12(g)(5) of the Securities Exchange Act of 1934 (15
23
U.S.C. 78l(g)(5)) to implement the amendment made by 
24
section 2. The Commission shall also adopt safe harbor
25
VerDate Nov 24 2008 10:31 Jun 10, 2011Jkt 000000PO 00000Frm 00002Fmt 6652Sfmt 6201C:\DOCUMENTS AND SETTINGS\BJYOUNG\APPLICATION DATA\SOFTQUAD\XMETAL\5
June 10, 2011 (10:31 a.m.)
F:\M12\SCHWEI\SCHWEI_019.XML
f:\VHLC\061011\061011.008.xml (495775|6)

Activity (6)

You've already reviewed this. Edit your review.
1 thousand reads
1 hundred reads

You're Reading a Free Preview

Download
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->