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B-333063 Mar 11, 2021 1 (2021-03-11)

handle is hein.gao/gaombm0001 and id is 1 raw text is: 1Oo- U.S. GOVERNMENT ACCOUNTABILITY OFFICE G A O A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-333063 March 11, 2021 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey 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: Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets 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 Facilitating Capital Formation and Expanding Investment Opportunities by Improving Access to Capital in Private Markets (RIN: 3235-AM27).1 We received the rule on November 4, 2020. It was published in the Federal Register as a final rule on January 14, 2021. 86 Fed. Reg. 3496. The effective date is March 15, 2021. According to the Commission, the final rule adopts changes to facilitate capital formation and increase opportunities for investors by expanding access to capital for small- and medium-sized businesses and entrepreneurs across the United States. Specifically, the Commission stated the final rule will simplify, harmonize, and improve certain aspects of the exempt offering framework to promote capital formation while preserving or enhancing important investor protections. The Commission further stated the final rule also seeks to close gaps and reduce complexities in the exempt offering framework that may impede access to investment opportunities for investors and access to capital for businesses and entrepreneurs. 1 The due date for this major rule report was January 29, 2021. Due to a processing error on our part, we are delayed in our issuance of this report.

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