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B-330769 1 (2019-02-14)

handle is hein.gao/gaobadvoh0001 and id is 1 raw text is: GAOU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-330769 February 14, 2019 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Conditional Small Issues Exemption Under the Securities Act of 1933 (Regulation A) Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission) entitled Conditional Small Issues Exemption Under the Securities Act of 1933 (Regulation A) (RIN 3235-AM42). We received the rule on December 21, 2018. It was published in the Federal Register as a final rule on January 31, 2019. 84 Fed. Reg. 520. The effective date of the final rule was January 31, 2019. The final rule adopts amendments to 17 C.F.R. § 230.251 and 17 C.F.R. § 230.257 under the Securities Act of 1933, which are a part of Regulation A. Regulation A provides an exemption from registration under the Securities Act for offerings of securities up to $50 million. As mandated by the Economic Growth, Regulatory Relief, and Consumer Protection Act, the amendments permit entities subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934 to use Regulation A, and the amendments revise Regulation A to provide that entities meeting the reporting requirements of the Exchange Act will be deemed to have met the reporting requirements of Regulation A. The rule also makes conforming changes to Form 1-A. The Congressional Review Act requires a 60-day delay in the effective date of a major rule from the date of publication in the Federal Register or receipt of the rule by Congress, whichever is later. 5 U.S.C. § 801(a)(3)(A). The Senate received the final rule on January 2, 2019. 165 Cong. Rec. S101 (daily ed. January 9, 2019). The Congressional Record does not reflect the date of receipt by the House of Representatives. It was published in the Federal Register on January 31, 2019, and has a stated effective date of January 31, 2019. 84 Fed. Reg. 520. Therefore, the final rule does not have the required 60-day delay in effective date.

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