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H.R.2201 - Micro Offering Safe Harbor Act115th Congress (2017-2018) |

Bill

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Sponsor: Rep. Emmer, Tom [R-MN-6] (Introduced 04/27/2017)
Committees: House - Financial Services | Senate - Banking, Housing, and Urban Affairs
Committee Reports: H. Rept. 115-383
Latest Action: Senate - 11/13/2017 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.  (All Actions)
Roll Call Votes: There has been 1 roll call vote

Tracker:

This bill has the status Passed House

Here are the steps for Status of Legislation:

  1. Introduced
  2. Passed House
  3. Passed Senate
  4. To President
  5. Became Law

More on This Bill

  • Constitutional Authority Statement
  • CBO Cost Estimates [1]

Subject — Policy Area:

Summary: H.R.2201 — 115th Congress (2017-2018)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed House amended (11/09/2017)

Micro Offering Safe Harbor Act

(Sec. 2) This bill amends the Securities Act of 1933 to exempt certain micro-offerings from: (1) state regulation of securities offerings, and (2) federal prohibitions related to interstate solicitation.

The exempted micro-offerings must meet all of the following requirements:

  • the purchaser has a substantive pre-existing relationship with the issuer,
  • during the 12-month period preceding the transaction there are no more than 35 purchasers relying on the exemption, and
  • the amount of all securities sold by the issuer (including any amount sold in reliance upon the exemption) during the 12-month period preceding the transaction does not exceed $500,000.

A transaction shall not qualify for the exemption if the issuer or one of certain related persons triggers a "bad actor" disqualification under specified regulations due to a relevant criminal conviction, court or regulatory order, or other disciplinary event.