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U.S. GOVERNMENT
INFORMATION
Gp
115TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 115-292
TO DIRECT THE SECURITIES AND EXCHANGE COMMISSION TO ALLOW
CERTAIN ISSUERS TO BE EXEMPT FROM REGISTRATION REQUIRE-
MENTS, AND FOR OTHER PURPOSES
SEPTEMBER 5, 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
[To accompany H.R. 2864]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2864) to direct the Securities and Exchange Commission
to allow certain issuers to be exempt from registration require-
ments, and for other purposes, having considered the same, report
favorably thereon with an amendment and recommend that the bill
as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. APPLICATION OF EXEMPTION.
The Securities and Exchange Commission shall amend-
(1) section 230.251 of title 17, Code of Federal Regulations, to remove the re-
quirement that the issuer not be subject to section 13 or 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq.) immediately before the offering;
and
(2) section 230.257 of title 17, Code of Federal Regulations, with respect to
an offering described in section 230.251(a)(2) of title 17, Code of Federal Regula-
tions, to deem any issuer that is subject to section 13 or 15(d) of the Securities
Exchange Act of 1934 as having met the periodic and current reporting require-
ments of section 230.257 of title 17, Code of Federal Regulations, if such issuer
meets the reporting requirements of section 13 of the Securities Exchange Act
of 1934.
PURPOSE AND SUMMARY
H.R. 2864 was introduced by Representatives Kyrsten Sinema
and Trey Hollingsworth on June 8, 2017. H.R. 2864 would amend
the federal securities laws to direct the Securities and Exchange
Commission (SEC) to expand its Regulation A+ rules to include
companies that are fully reporting companies under the Securi-
ties Exchange Act of 1934. In doing so, the legislation will facilitate
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