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H. Rept. 114-398 1 (2016-01-28)

handle is hein.congrecreports/crptxrhu0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-398 ENCOURAGING EMPLOYEE OWNERSHIP ACT OF 2015 JANUARY 28, 2016.-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. 1675] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1675) to direct the Securities and Exchange Commission to revise its rules so as to increase the threshold amount for requir- ing issuers to provide certain disclosures relating to compensatory benefit plans, having considered the same, report favorably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY Introduced by Representative Hultgren on March 26, 2015, H.R. 1675, the Encouraging Employee Ownership Act of 2015, amend Securities and Exchange Commission (SEC) Rule 701, originally adopted in 1988 under Section 3(b) of the Securities Act of 1933 (Securities Act) and last updated in 1999. Under current law, if an issuer sells, in the aggregate, more than $5 million of securities in any consecutive 12-month period, the issuer is required to provide additional disclosures to investors, such as risk factors, the plans under which offerings are made, and certain financial statements. H.R. 1675 requires the SEC to increase that threshold from $5 mil- lion to $10 million and index the amount for inflation every five years. Identical legislation has been introduced by Senators Pat Toomey and Mark Warner, and support for this effort to update Rule 701 can be found in the SEC's Government-Business Forum 59-006

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