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![handle is hein.congrecreports/crptxabvl0001 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
Op
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-
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