About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

H. Rept. 114-281 1 (2015-10-06)

handle is hein.congrecreports/crptxrdx0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-281 REFORMING ACCESS FOR INVESTMENTS IN STARTUP ENTERPRISES ACT OF 2015 OCTOBER 6, 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. 1839] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1839) to amend the Securities Act of 1933 to exempt cer- tain transactions involving purchases by accredited investors, 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. SHORT TITLE. This Act may be cited as the Reforming Access for Investments in Startup Enter- prises Act of 2015 or the RAISE Act of 2015. SEC. 2. EXEMPTED TRANSACTIONS. (a) EXEMPTED TRANSACTIONS.-Section 4 of the Securities Act of 1933 (15 U.S.C. 77d) is amended- (1) in subsection (a), by adding at the end the following new paragraph: (7) transactions meeting the requirements of subsection (d).; (2) by redesignating the second subsection (b) (relating to securities offered and sold in compliance with Rule 506 of Regulation D) as subsection (c); and (3) by adding at the end the following: (d) CERTAIN ACCREDITED INVESTOR TRANSACTIONS.-The transactions referred to in subsection (a)(7) are transactions meeting the following requirements: (1) ACCREDITED INVESTOR REQUIREMENT.-Each purchaser is an accredited investor, as that term is defined in section 230.501(a) of title 17, Code of Fed- eral Regulations (or any successor regulation). (2) PROHIBITION ON GENERAL SOLICITATION OR ADVERTISING.-Neither the seller, nor any person acting on the seller's behalf, offers or sells securities by any form of general solicitation or general advertising. (3) INFORMATION REQUIREMENT.-In the case of a transaction involving the securities of an issuer that is neither subject to section 13 or 15(d) of the Securi- 59-006

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.