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H. Rept. 114-726 1 (2016-09-06)

handle is hein.congrecreports/crptxrtz0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 2d Session HOUSE OF REPRESENTATIVES 114-726 PRIVATE PLACEMENT IMPROVEMENT ACT OF 2016 SEPTEMBER 6, 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. 4852] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 4852) to direct the Securities and Exchange Commission to revise Regulation D relating to exemptions from registration re- quirements for certain sales of securities, having considered the same, report favorably thereon with an amendment and rec- ommend 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 Private Placement Improvement Act of 2016. SEC. 2. REVISIONS TO SEC REGULATION D. Not later than 45 days following the date of the enactment of this Act, the Securi- ties and Exchange Commission shall revise Regulation D (17 C.F.R. 501 et seq.) in accordance with the following: (1) The Commission shall revise Form D filing requirements to require an issuer offering or selling securities in reliance on an exemption provided under Rule 506 of Regulation D to file with the Commission a single notice of sales containing the information required by Form D for each new offering of securi- ties no earlier than 15 days after the date of the first sale of securities in the offering. The Commission shall not require such an issuer to file any notice of sales containing the information required by Form D except for the single notice described in the previous sentence. (2) The Commission shall make the information contained in each Form D fil- ing available to the securities commission (or any agency or office performing 59-006

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