H. Rept. 115-1009 1 (2018-11-02)

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                   115TH CONGRESS                                     REPORT
                      2d Session    HOUSE OF REPRESENTATIVES 1       115-1009





                    STREAMLINING COMMUNICATIONS FOR INVESTORS ACT


                    NOVEMBER 2, 2018.-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. 6035]
                            [Including cost estimate of the Congressional Budget Office]
                     The Committee on Financial Services, to whom was referred the
                   bill (H.R. 6035) to direct the Securities and Exchange Commission
                   to revise section 230.163 of title 17, Code of Federal Regulations,
                   to apply the exemption offered in such section to communications
                   made by underwriters and dealers acting by or on behalf of a well-
                   known seasoned issuer, having considered the same, report favor-
                   ably thereon without amendment and recommend that the bill do
                   pass.
                                       PURPOSE AND SUMMARY
                     On June 7, 2018, Representative Ted Budd introduced H.R. 6035,
                   the Streamlining Communications for Investors Act. H.R. 6035
                   directs the U.S. Securities and Exchange Commission (SEC) to re-
                   vise SEC Rule 163(c) to allow a well-known seasoned issuer (WKSI)
                   to authorize an underwriter or dealer to act as its agent or rep-
                   resentative in communicating about offerings of the issuer's securi-
                   ties prior to the filing of a registration statement. The legislation
                   allows a WKSI to rely on the exemption provided in Rule 163 if,
                   before such a communication is made, the underwriter or dealer
                   making such communication receives written authorization from
                   the WKSI to act as its agent or representative and the WKSI au-
                   thorized or approved such communication. Additionally, a WKSI
                   must identify, in the prospectus filed for an offering, each under-
                      89-006

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