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B-332492 1 (2020-09-16)

handle is hein.gao/gaobaebul0001 and id is 1 raw text is: GU.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332492 September 16, 2020 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: U. S. Securities and Exchange Commission: Temporary Amendments to Regulation Crowdfunding; Extension 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 Temporary Amendments to Regulation Crowdfunding; Extension (Release No. 33-10829). We received the rule on August 31, 2020. It was published in the Federal Register as a temporary final rule; extension on September 2, 2020. 85 Fed. Reg. 54483. The amendments in this rule are effective from August 31, 2020, through September 1, 2021. This rule extends the effective date of temporary final rules published under Temporary Amendments to Regulation Crowdfunding, 85 Fed. Reg. 27116 (May 7, 2020), from March 1, 2021, to September 1, 2021. According to the Commission, this temporary final rule extends the effective date and applicability dates of the Commission's temporary final rules under Regulation Crowdfunding to facilitate capital formation for small businesses impacted by coronavirus disease 2019 (COVID-19). The Commission states the temporary final rule is intended to expedite the offering process for smaller, previously established companies directly or indirectly affected by COVID-19 that are seeking to meet their funding needs through the offer and sale of securities pursuant to Regulation Crowdfunding. The temporary final rule is designed to facilitate this offering process by providing tailored, conditional relief from certain requirements of Regulation Crowdfunding relating to the timing of the offering and the availability of financial statements required to be included in issuers' offering materials while retaining appropriate investor protections. The Congressional Review Act (CRA) 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 60-day delay in effective date can be waived, however, if the agency finds for good cause that delay is impracticable, unnecessary, or contrary to the public interest, and the agency incorporates a statement of the findings and its reasons in the rule

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