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![handle is hein.congrecreports/crptxaate0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-383
MICRO OFFERING SAFE HARBOR ACT
NOVEMBER 1, 2017.-Committed to the Committee of the Whole House on the State
of the Union and ordered to be printed
Mr. HENSARLING, from the Committee on Financial Services,
submitted the following
REPORT
together with
MINORITY VIEWS
[To accompany H.R. 2201]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2201) to amend the Securities Act of 1933 to exempt cer-
tain micro-offerings from the registration requirements of such Act,
and for other purposes, having considered the same, report favor-
ably thereon without amendment and recommend that the bill do
pass.
PURPOSE AND SUMMARY
On April 27, 2017, Representative Tom Emmer introduced H.R.
2201 the Micro Offering Safe Harbor Act, which amends the Se-
curities Act of 1933 (Securities Act) to exempt certain micro-offer-
ings from the Act's registration requirements. An issuer of securi-
ties would not violate the Act when making a non-public securities
offering if all of the following requirements are met: (1) each pur-
chaser has a substantive pre-existing relationship with an officer,
director, or shareholder with 10 percent or more of the shares of
the issuer; (2) the issuer reasonably believes that there are no more
than 35 purchasers of securities from the issuer that are sold in re-
liance on the exemption during the 12-month period preceding the
transaction; and (3) the aggregate amount of all securities sold by
the issuer does not exceed $500,000 over a 12-month period.
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