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Bills 112hr2167ih

Bills 112hr2167ih

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Published by Joe Wallin

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Categories:Business/Law
Published by: Joe Wallin on Jun 16, 2011
Copyright:Attribution Non-commercial

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06/16/2011

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I
112
TH
CONGRESS1
ST
S
ESSION
 
H. R. 2167
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
J
UNE
14, 2011Mr. S
CHWEIKERT
(for himself, Mr. H
IMES
, Mr. C
 ANSECO
, Mr. Q
UIGLEY
, Mr.J
ONES
, Mr. P
ERLMUTTER
, Mrs. B
IGGERT
, and Mr. I
SSA 
) introduced thefollowing bill; which was referred to the Committee on Financial Services
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. 78l(g)(1)(B)) is amended by striking
8
‘‘shall—’’ and all that follows through ‘‘register’’ and in-
9
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2
HR 2167 IH
sert ‘‘shall, within 120 days after the last day of its first
1
fiscal year ended on which the issuer has total assets ex-
2
ceeding $10,000,000 and a class of equity security (other
3
than an exempted security) held of record by 1,000 per-
4
sons, register’’.
5
SEC. 3. ACCREDITED INVESTORS AND EMPLOYEES.
6
Section 12(g)(5) of the Securities Exchange Act of 
7
1934 (15 U.S.C. 78l(g)(5)) is amended by adding at the
8
end the following: ‘‘For purposes of determining whether
9
an issuer is required to register a security with the Com-
10
mission pursuant to paragraph (1), the definition of ‘held
11
of record’ shall not include securities held by persons who
12
qualify as accredited investors (as that term is defined by 
13
the Commission) or securities that are held by persons
14
 who received the securities pursuant to an employee com-
15
pensation plan in transactions exempted from the registra-
16
tion requirements of section 5 of the Securities Act of 
17
1933.’’.
18
SEC. 4. COMMISSION RULEMAKING.
19
The Securities and Exchange Commission shall revise
20
the definition of ‘‘held of record’’ pursuant to section
21
12(g)(5) of the Securities Exchange Act of 1934 (15
22
U.S.C. 78l(g)(5)) to implement the amendment made by 
23
section 2. The Commission shall also adopt safe harbor
24
provisions that issuers can follow when determining
25
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