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H. Rept. 114-661 1 (2016-07-05)

handle is hein.congrecreports/crptxrrr0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-661 FIX CROWDFUNDING ACT JULY 5, 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 [To accompany H.R. 4855] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 4855) to amend provisions in the securities laws relating to regulation crowdfunding to raise the dollar amount limit and to clarify certain requirements and exclusions for funding portals es- tablished by such Act, 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 Fix Crowdfunding Act. SEC. 2. CROWDFUNDING VEHICLES. (a) AMENDMENTS TO THE SECURITIES ACT OF 1933.-The Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended- (1) in section 4A(f)(3), by inserting by any of paragraphs (1) through (14) of' before section 3(c); and (2) in section 4(a)(6)(B), by inserting after any investor the following: other than a crowdfunding vehicle (as defined in section 2(a) of the Investment Company Act of 1940),. (b) AMENDMENTS TO THE INVESTMENT COMPANY ACT OF 1940.-The Investment Company Act of 1940 (15 U.S.C. 80a-1 et seq.) is amended- (1) in section 2(a), by adding at the end the following: (55) The term 'crowdfunding vehicle' means a company- (A) whose purpose (as set forth in its organizational documents) is lim- ited to acquiring, holding, and disposing securities issued by a single com- pany in one or more transactions and made pursuant to section 4(a)(6) of the Securities Act of 1933; (B) which issues only one class of securities; (C) which receives no compensation in connection with such acquisition, holding, or disposition of securities; 59-006

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