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H. Rept. 114-201 1 (2015-07-14)

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                   114TH CONGRESS                                      REPORT
                      1st Session   HOUSE   OF REPRESENTATIVES         114-201





                      SMALL  COMPANY SIMPLE REGISTRATION ACT OF 2015


                    JULY 14, 2015.-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. 1723]

                             [Including cost estimate of the Congressional Budget Office]
                     The  Committee  on Financial Services, to whom was referred the
                   bill (H.R. 1723) to direct the Securities and Exchange Commission
                   to revise Form S-1 so as to permit smaller reporting companies to
                   use forward incorporation by reference for such form, having con-
                   sidered the same, report favorably thereon without amendment and
                   recommend   that the bill do pass.
                                        PURPOSE  AND SUMMARY
                     H.R.  1723, the  Small  Company   Simple  Registration Act of
                   2015, simplifies the securities registration process by amending
                   the Securities and Exchange  Commission's  Form  S-1 registration
                   statement, which is the basic registration form for new securities
                   offerings, to allow smaller reporting companies to incorporate by
                   reference any documents filed with the SEC after the effective date
                   of the Form S-1.
                                BACKGROUND   AND NEED  FOR LEGISLATION
                     H.R.  1723, the  Small  Company   Simple  Registration Act of
                   2015, simplifies the securities registration process by amending
                   the SEC's Form  S-1 registration statement, which is the basic reg-
                   istration form for new securities offerings, to allow smaller report-
                   ing companies to incorporate by reference any documents filed with
                   the SEC  after the effective date of the Form S-1. This forward in-
                   corporation by reference eliminates the need for filing excessive
                   paperwork  with each subsequent filing. Simplifying this disclosure
                   regime will lower compliance costs associated with filing redundant
                      49-006

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