美国JOBS法案英文版本- V2 JOBS Act

美国JOBS法案英文版本- V2 JOBS Act
美国JOBS法案英文版本- V2 JOBS Act

H.R.3606

One Hundred Twelfth Congress

of the

United States of America

AT T HE SECOND SESSION

Begun and held at the City of Washington on Tuesday,

the third day of January, two thousand and twelve

An Act

To increase American job creation and economic growth by improving access to

the public capital markets for emerging growth companies.

Be it enacted by the Senate and House of Representativ es of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘‘Jumpstart Our Business Startups Act’’.

SEC. 2. TABLE OF CONTENTS.

The table of contents of this Act is as follows:

Sec. 1.Short title.

Sec. 2.Table of contents.

TITLE I—REOPENING AMERICAN CAPITAL MARKETS TO EMERGING

GROWTH COMPANIES

Sec.101.Definitions.

Sec.102.Disclosure obligations.

Sec.103.Internal controls audit.

Sec.104.Auditing standards.

Sec.105.Availability of information about emerging growth companies.

Sec.106.Other matters.

Sec.107.Opt-in right for emerging growth companies.

Sec.108.Review of Regulation S-K.

TITLE II—ACCESS TO CAPITAL FOR JOB CREATORS

Sec.201.Modification of exemption.

TITLE III—CROWDFUNDING

Sec.301.Short title.

Sec.302.Crowdfunding exemption.

Sec.303.Exclusion of crowdfunding investors from shareholder cap.

Sec.304.Funding portal regulation.

Sec.305.Relationship with State law.

TITLE IV—SMALL COMPANY CAPITAL FORMATION

Sec.401.Authority to exempt certain securities.

Sec.402.Study on the impact of State Blue Sky laws on Regulation A offerings.

TITLE V—PRIVATE COMPANY FLEXIBILITY AND GROWTH

Sec.501.Threshold for registration.

Sec.502.Employees.

https://www.360docs.net/doc/204883498.html,mission rulemaking.

https://www.360docs.net/doc/204883498.html,mission study of enforcement authority under Rule 12g5–1.

TITLE VI—CAPITAL EXPANSION

Sec.601.Shareholder threshold for registration.

Sec.602.Rulemaking.

TITLE VII—OUTREACH ON CHANGES TO THE LAW

Sec.701.Outreach by the Commission.

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T IT LE I—REOPENING AMERICAN CAP-

I T AL MARKE T S T O EMERGING GROWTH COMPANIES

SEC. 101. DEFINITIONS.

(a) S ECURITIES A CT OF1933.—Section 2(a) of the Securities

Act of 1933 (15 U.S.C. 77b(a)) is amended by adding at the end

the following:

‘‘(19) The term ‘emerging growth company’ means an issuer that had total annual gross revenues of less than

$1,000,000,000 (as such amount is indexed for inflation every

5 years by the Commission to reflect the change in the Con-

sumer Price Index for All Urban Consumers published by the

Bureau of Labor Statistics, setting the threshold to the nearest

1,000,000) during its most recently completed fiscal year. An

issuer that is an emerging growth company as of the first

day of that fiscal year shall continue to be deemed an emerging

growth company until the earliest of—

‘‘(A) the last day of the fiscal year of the issuer during which it had total annual gross revenues of $1,000,000,000

(as such amount is indexed for inflation every 5 years

by the Commission to reflect the change in the Consumer

Price Index for All Urban Consumers published by the

Bureau of L abor Statistics, setting the threshold to the

nearest 1,000,000) or more;

‘‘(B) the last day of the fiscal year of the issuer fol-lowing the fifth anniversary of the date of the first sale

of common equity securities of the issuer pursuant to an

effective registration statement under this title;

‘‘(C) the date on which such issuer has, during the previous 3-year period, issued more than $1,000,000,000

in non-convertible debt; or

‘‘(D) the date on which such issuer is deemed to be

a ‘large accelerated filer’, as defined in section 240.12b–

2 of title 17, Code of Federal Regulations, or any successor

thereto.’’.

(b) S ECURITIES E XCHANGE A CT OF1934.—Section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)) is amended—

(1) by redesignating paragraph (77), as added by section

941(a) of the Investor Protection and Securities Reform Act

of 2010 (Public L aw 111–203, 124 Stat. 1890), as paragraph

(79); and

(2) by adding at the end the following:

‘‘(80) E MERGING GROWTH COMPANY.—The term ‘emerging growth company’ means an issuer that had total annual gross

revenues of less than $1,000,000,000 (as such amount is indexed

for inflation every 5 years by the Commission to reflect the

change in the Consumer Price Index for All Urban Consumers

published by the Bureau of L abor Statistics, setting the

threshold to the nearest 1,000,000) during its most recently

completed fiscal year. An issuer that is an emerging growth

company as of the first day of that fiscal year shall continue

to be deemed an emerging growth company until the earliest

of—

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‘‘(A) the last day of the fiscal year of the issuer during which it had total annual gross revenues of $1,000,000,000

(as such amount is indexed for inflation every 5 years

by the Commission to reflect the change in the Consumer

Price Index for All Urban Consumers published by the

Bureau of L abor Statistics, setting the threshold to the

nearest 1,000,000) or more;

‘‘(B) the last day of the fiscal year of the issuer fol-lowing the fifth anniversary of the date of the first sale

of common equity securities of the issuer pursuant to an

effective registration statement under the Securities Act

of 1933;

‘‘(C) the date on which such issuer has, during the previous 3-year period, issued more than $1,000,000,000

in non-convertible debt; or

‘‘(D) the date on which such issuer is deemed to be

a ‘large accelerated filer’, as defined in section 240.12b–

2 of title 17, Code of Federal Regulations, or any successor

thereto.’’.

(c) O THER D EFINITIONS.—As used in this title, the following definitions shall apply:

(1) C OMMISSION.—The term ‘‘Commission’’ means the Secu-

rities and Exchange Commission.

(2) I NITIAL PUBLIC OFFERING DATE.—The term ‘‘initial public

offering date’’ means the date of the first sale of common equity securities of an issuer pursuant to an effective registra-tion statement under the Securities Act of 1933.

(d) E FFECTIVE D ATE.—Notwithstanding section 2(a)(19) of the Securities Act of 1933 and section 3(a)(80) of the Securities Exchange Act of 1934, an issuer shall not be an emerging growth company for purposes of such Acts if the first sale of common equity securities of such issuer pursuant to an effective registration statement under the Securities Act of 1933 occurred on or before December 8, 2011.

SEC. 102. DISCLOSURE OBLIGATIONS.

(a) E XECUTIVE C OMPENSATION.—

(1) E XEMPTION.—Section 14A(e) of the Securities Exchange

Act of 1934 (15 U.S.C. 78n–1(e)) is amended—

(A) by striking ‘‘The Commission may’’ and inserting

the following:

‘‘(1) I N GENERAL.—The Commission may’’;

(B) by striking ‘‘an issuer’’ and inserting ‘‘any other

issuer’’; and

(C) by adding at the end the following:

‘‘(2) T REATMENT OF EMERGING GROWTH COMPANIES.—

‘‘(A) I N GENERAL.—An emerging growth company shall be exempt from the requirements of subsections (a) and

(b).

‘‘(B) C OMPLIANCE AFTER TERMINATION OF EMERGING GROWTH COMPANY TREATMENT.—An issuer that was an

emerging growth company but is no longer an emerging

growth company shall include the first separate resolution

described under subsection (a)(1) not later than the end

of—

‘‘(i) in the case of an issuer that was an emerging growth company for less than 2 years after the date

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of first sale of common equity securities of the issuer

pursuant to an effective registration statement under

the Securities Act of 1933, the 3-year period beginning

on such date; and

‘‘(ii) in the case of any other issuer, the 1-year period beginning on the date the issuer is no longer

an emerging growth company.’’.

(2) P ROXIES.—Section 14(i) of the Securities Exchange Act

of 1934 (15 U.S.C. 78n(i)) is amended by inserting ‘‘, for any issuer other than an emerging growth company,’’ after ‘‘including’’.

(3) C OMPENSATION DISCLOSURES.—Section 953(b)(1) of the

Investor Protection and Securities Reform Act of 2010 (Public Law 111–203; 124 Stat. 1904) is amended by inserting ‘‘, other than an emerging growth company, as that term is defined in section 3(a) of the Securities Exchange Act of 1934,’’ after ‘‘require each issuer’’.

(b) F INANCIAL D ISCLOSURES AND A CCOUNTING P RONOUNCE-MENTS.—

(1) S ECURITIES ACT OF1933.—Section 7(a) of the Securities

Act of 1933 (15 U.S.C. 77g(a)) is amended—

(A) by striking ‘‘(a) The registration’’ and inserting

the following:

‘‘(a) I NFORMATION R EQUIRED IN R EGISTRATION S TATEMENT.— ‘‘(1) I N GENERAL.—The registration’’; and

(B) by adding at the end the following:

‘‘(2) T REATMENT OF EMERGING GROWTH COMPANIES.—An emerging growth company—

‘‘(A) need not present more than 2 years of audited financial statements in order for the registration statement

of such emerging growth company with respect to an initial

public offering of its common equity securities to be effec-

tive, and in any other registration statement to be filed

with the Commission, an emerging growth company need

not present selected financial data in accordance with sec-

tion 229.301 of title 17, Code of Federal Regulations, for

any period prior to the earliest audited period presented

in connection with its initial public offering; and

‘‘(B) may not be required to comply with any new or revised financial accounting standard until such date

that a company that is not an issuer (as defined under

section 2(a) of the Sarbanes-Oxley Act of 2002 (15 U.S.C.

7201(a))) is required to comply with such new or revised

accounting standard, if such standard applies to companies

that are not issuers.’’.

(2) S ECURITIES EXCHANGE ACT OF1934.—Section 13(a) of

the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)) is amended by adding at the end the following: ‘‘In any registra-tion statement, periodic report, or other reports to be filed with the Commission, an emerging growth company need not present selected financial data in accordance with section 229.301 of title 17, Code of Federal Regulations, for any period prior to the earliest audited period presented in connection with its first registration statement that became effective under this Act or the Securities Act of 1933 and, with respect to any such statement or reports, an emerging growth company may not be required to comply with any new or revised financial

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accounting standard until such date that a company that is not an issuer (as defined under section 2(a) of the Sarbanes- Oxley Act of 2002 (15 U.S.C. 7201(a))) is required to comply with such new or revised accounting standard, if such standard applies to companies that are not issuers.’’.

(c) O THER D ISCLOSURES.—An emerging growth company may comply with section 229.303(a) of title 17, Code of Federal Regula-tions, or any successor thereto, by providing information required by such section with respect to the financial statements of the emerging growth company for each period presented pursuant to section 7(a) of the Securities Act of 1933 (15 U.S.C. 77g(a)). An emerging growth company may comply with section 229.402 of title 17, Code of Federal Regulations, or any successor thereto, by disclosing the same information as any issuer with a market value of outstanding voting and nonvoting common equity held by non-affiliates of less than $75,000,000.

SEC. 103. INTERNAL CONTROLS AUDIT.

Section 404(b) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7262(b)) is amended by inserting ‘‘, other than an issuer that is an emerging growth company (as defined in section 3 of the Securities Exchange Act of 1934),’’ before ‘‘shall attest to’’.

SEC. 104. AUDITING STANDARDS.

Section 103(a)(3) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7213(a)(3)) is amended by adding at the end the following:

‘‘(C) T RANSITION PERIOD FOR EMERGING GROWTH COMPA-NIES.—Any rules of the Board requiring mandatory audit

firm rotation or a supplement to the auditor’s report in

which the auditor would be required to provide additional

information about the audit and the financial statements

of the issuer (auditor discussion and analysis) shall not

apply to an audit of an emerging growth company, as

defined in section 3 of the Securities Exchange Act of

1934. Any additional rules adopted by the Board after

the date of enactment of this subparagraph shall not apply

to an audit of any emerging growth company, unless the

Commission determines that the application of such addi-

tional requirements is necessary or appropriate in the

public interest, after considering the protection of investors

and whether the action will promote efficiency, competition,

and capital formation.’’.

SEC. 105. AVAILABILITY OF INFORMATION ABOUT EMERGING GROWTH COMPANIES.

(a) P ROVISION OF R ESEARCH.—Section 2(a)(3) of the Securities Act of 1933 (15 U.S.C. 77b(a)(3)) is amended by adding at the end the following: ‘‘The publication or distribution by a broker or dealer of a research report about an emerging growth company that is the subject of a proposed public offering of the common equity securities of such emerging growth company pursuant to a registration statement that the issuer proposes to file, or has filed, or that is effective shall be deemed for purposes of paragraph (10) of this subsection and section 5(c) not to constitute an offer for sale or offer to sell a security, even if the broker or dealer is participating or will participate in the registered offering of the securities of the issuer. As used in this paragraph, the term ‘research report’ means a written, electronic, or oral communication

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that includes information, opinions, or recommendations with respect to securities of an issuer or an analysis of a security or an issuer, whether or not it provides information reasonably suffi-cient upon which to base an investment decision.’’.

(b) S ECURITIES A NALYST C OMMUNICATIONS.—Section 15D of the Securities Exchange Act of 1934 (15 U.S.C. 78o–6) is amended—

(1) by redesignating subsection (c) as subsection (d); and

(2) by inserting after subsection (b) the following:

‘‘(c) L IMITATION.—Notwithstanding subsection (a) or any other provision of law, neither the Commission nor any national securities association registered under section 15A may adopt or maintain any rule or regulation in connection with an initial public offering of the common equity of an emerging growth company—

‘‘(1) restricting, based on functional role, which associated persons of a broker, dealer, or member of a national securities association, may arrange for communications between a securi-ties analyst and a potential investor; or

‘‘(2) restricting a securities analyst from participating in any communications with the management of an emerging growth company that is also attended by any other associated person of a broker, dealer, or member of a national securities association whose functional role is other than as a securities analyst.’’.

(c) E XPANDING P ERMISSIBLE C OMMUNICATIONS.—Section 5 of the Securities Act of 1933 (15 U.S.C. 77e) is amended—

(1) by redesignating subsection (d) as subsection (e); and

(2) by inserting after subsection (c) the following:

‘‘(d) L IMITATION.—Notwithstanding any other provision of this section, an emerging growth company or any person authorized to act on behalf of an emerging growth company may engage in oral or written communications with potential investors that are qualified institutional buyers or institutions that are accredited investors, as such terms are respectively defined in section 230.144A and section 230.501(a) of title 17, Code of Federal Regulations, or any successor thereto, to determine whether such investors might have an interest in a contemplated securities offering, either prior to or following the date of filing of a registration statement with respect to such securities with the Commission, subject to the requirement of subsection (b)(2).’’.

(d) P OST O FFERING C OMMUNICATIONS.—Neither the Commis-sion nor any national securities association registered under section 15A of the Securities Exchange Act of 1934 may adopt or maintain any rule or regulation prohibiting any broker, dealer, or member of a national securities association from publishing or distributing any research report or making a public appearance, with respect to the securities of an emerging growth company, either—

(1) within any prescribed period of time following the initial

public offering date of the emerging growth company; or

(2) within any prescribed period of time prior to the expira-

tion date of any agreement between the broker, dealer, or member of a national securities association and the emerging growth company or its shareholders that restricts or prohibits the sale of securities held by the emerging growth company or its shareholders after the initial public offering date.

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SEC. 106. OTHER MATTERS.

(a) D RAFT R EGISTRATION S TATEMENTS.—Section 6 of the Securi-ties Act of 1933 (15 U.S.C. 77f) is amended by adding at the end the following:

‘‘(e) E MERGING G ROWTH C OMPANIES.—

‘‘(1) I N GENERAL.—Any emerging growth company, prior to its initial public offering date, may confidentially submit to the Commission a draft registration statement, for confiden-tial nonpublic review by the staff of the Commission prior to public filing, provided that the initial confidential submission and all amendments thereto shall be publicly filed with the Commission not later than 21 days before the date on which the issuer conducts a road show, as such term is defined in section 230.433(h)(4) of title 17, Code of Federal Regulations, or any successor thereto.

‘‘(2) C ONFIDENTIALITY.—Notwithstanding any other provi-sion of this title, the Commission shall not be compelled to disclose any information provided to or obtained by the Commis-sion pursuant to this subsection. For purposes of section 552 of title 5, United States Code, this subsection shall be consid-ered a statute described in subsection (b)(3)(B) of such section 552. Information described in or obtained pursuant to this subsection shall be deemed to constitute confidential informa-tion for purposes of section 24(b)(2) of the Securities Exchange Act of 1934.’’.

(b) T ICK S IZE.—Section 11A(c) of the Securities Exchange Act of 1934 (15 U.S.C. 78k–1(c)) is amended by adding at the end the following new paragraph:

‘‘(6) T ICK SIZE.—

‘‘(A) S TUDY AND REPORT.—The Commission shall con-duct a study examining the transition to trading and

quoting securities in one penny increments, also known

as decimalization. The study shall examine the impact

that decimalization has had on the number of initial public

offerings since its implementation relative to the period

before its implementation. The study shall also examine

the impact that this change has had on liquidity for small

and middle capitalization company securities and whether

there is sufficient economic incentive to support trading

operations in these securities in penny increments. Not

later than 90 days after the date of enactment of this

paragraph, the Commission shall submit to Congress a

report on the findings of the study.

‘‘(B) D ESIGNATION.—If the Commission determines that the securities of emerging growth companies should be

quoted and traded using a minimum increment of greater

than $0.01, the Commission may, by rule not later than

180 days after the date of enactment of this paragraph,

designate a minimum increment for the securities of

emerging growth companies that is greater than $0.01

but less than $0.10 for use in all quoting and trading

of securities in any exchange or other execution venue.’’. SEC. 107. OPT-IN RIGHT FOR EMERGING GROWTH COMPANIES.

(a) I N G ENERAL.—With respect to an exemption provided to emerging growth companies under this title, or an amendment made by this title, an emerging growth company may choose to

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forgo such exemption and instead comply with the requirements that apply to an issuer that is not an emerging growth company.

(b) S PECIAL R ULE.—Notwithstanding subsection (a), with respect to the extension of time to comply with new or revised financial accounting standards provided under section 7(a)(2)(B) of the Securities Act of 1933 and section 13(a) of the Securities Exchange Act of 1934, as added by section 102(b), if an emerging growth company chooses to comply with such standards to the same extent that a non-emerging growth company is required to comply with such standards, the emerging growth company—

(1) must make such choice at the time the company is

first required to file a registration statement, periodic report, or other report with the Commission under section 13 of the Securities Exchange Act of 1934 and notify the Securities and Exchange Commission of such choice;

(2) may not select some standards to comply with in such

manner and not others, but must comply with all such stand-ards to the same extent that a non-emerging growth company is required to comply with such standards; and

(3) must continue to comply with such standards to the

same extent that a non-emerging growth company is required to comply with such standards for as long as the company remains an emerging growth company.

SEC. 108. REVIEW OF REGULATION S-K.

(a) R EVIEW.—The Securities and Exchange Commission shall conduct a review of its Regulation S-K (17 CFR 229.10 et seq.) to—

(1) comprehensively analyze the current registration

requirements of such regulation; and

(2) determine how such requirements can be updated to

modernize and simplify the registration process and reduce the costs and other burdens associated with these requirements for issuers who are emerging growth companies.

(b) R EPORT.—Not later than 180 days after the date of enact-ment of this title, the Commission shall transmit to Congress a report of the review conducted under subsection (a). The report shall include the specific recommendations of the Commission on how to streamline the registration process in order to make it more efficient and less burdensome for the Commission and for prospective issuers who are emerging growth companies.

TITLE II—ACCESS TO CAPITAL FOR JOB

CREATORS

SEC. 201. MODIFICATION OF EXEMPTION.

(a) M ODIFICATION OF R ULES.—

(1) Not later than 90 days after the date of the enactment

of this Act, the Securities and Exchange Commission shall revise its rules issued in section 230.506 of title 17, Code of Federal Regulations, to provide that the prohibition against general solicitation or general advertising contained in section 230.502(c) of such title shall not apply to offers and sales of securities made pursuant to section 230.506, provided that all purchasers of the securities are accredited investors. Such rules shall require the issuer to take reasonable steps to verify

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that purchasers of the securities are accredited investors, using such methods as determined by the Commission. Section 230.506 of title 17, Code of Federal Regulations, as revised pursuant to this section, shall continue to be treated as a regulation issued under section 4(2) of the Securities Act of 1933 (15 U.S.C. 77d(2)).

(2) Not later than 90 days after the date of enactment

of this Act, the Securities and Exchange Commission shall revise subsection (d)(1) of section 230.144A of title 17, Code of Federal Regulations, to provide that securities sold under such revised exemption may be offered to persons other than qualified institutional buyers, including by means of general solicitation or general advertising, provided that securities are sold only to persons that the seller and any person acting on behalf of the seller reasonably believe is a qualified institu-tional buyer.

(b) C ONSISTENCY IN I NTERPRETATION.—Section 4 of the Securi-ties Act of 1933 (15 U.S.C. 77d) is amended—

(1) by striking ‘‘The provisions of section 5’’ and inserting

‘‘(a) The provisions of section 5’’; and

(2) by adding at the end the following:

‘‘(b) Offers and sales exempt under section 230.506 of title 17, Code of Federal Regulations (as revised pursuant to section 201 of the Jumpstart Our Business Startups Act) shall not be deemed public offerings under the Federal securities laws as a result of general advertising or general solicitation.’’.

(c) E XPLANATION OF E XEMPTION.—Section 4 of the Securities Act of 1933 (15 U.S.C. 77d) is amended—

(1) by striking ‘‘The provisions of section 5’’ and inserting

‘‘(a) The provisions of section 5’’; and

(2) by adding at the end the following:

‘‘(b)(1) With respect to securities offered and sold in compliance with Rule 506 of Regulation D under this Act, no person who meets the conditions set forth in paragraph (2) shall be subject to registration as a broker or dealer pursuant to section 15(a)(1) of this title, solely because—

‘‘(A) that person maintains a platform or mechanism that permits the offer, sale, purchase, or negotiation of

or with respect to securities, or permits general solicita-

tions, general advertisements, or similar or related activi-

ties by issuers of such securities, whether online, in person,

or through any other means;

‘‘(B) that person or any person associated with that person co-invests in such securities; or

‘‘(C) that person or any person associated with that person provides ancillary services with respect to such secu-

rities.

‘‘(2) The exemption provided in paragraph (1) shall apply to any person described in such paragraph if—

‘‘(A) such person and each person associated with that person receives no compensation in connection with the pur-chase or sale of such security;

‘‘(B) such person and each person associated with that person does not have possession of customer funds or securities in connection with the purchase or sale of such security; and ‘‘(C) such person is not subject to a statutory disqualifica-tion as defined in section 3(a)(39) of this title and does not

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have any person associated with that person subject to such

a statutory disqualification.

‘‘(3) For the purposes of this subsection, the term ‘ancillary services’ means—

‘‘(A) the provision of due diligence services, in connection with the offer, sale, purchase, or negotiation of such security, so long as such services do not include, for separate compensa-tion, investment advice or recommendations to issuers or inves-tors; and

‘‘(B) the provision of standardized documents to the issuers and investors, so long as such person or entity does not nego-tiate the terms of the issuance for and on behalf of third parties and issuers are not required to use the standardized documents as a condition of using the service.’’.

TITLE III—CROWDFUNDING

SEC. 301. SHORT TITLE.

This title may be cited as the ‘‘Capital Raising Online While Deterring Fraud and Unethical Non-Disclosure Act of 2012’’ or the ‘‘CROWDFUND Act’’.

SEC. 302. CROWDFUNDING EXEMPTION.

(a) S ECURITIES A CT OF1933.—Section 4 of the Securities Act of 1933 (15 U.S.C. 77d) is amended by adding at the end the following:

‘‘(6) transactions involving the offer or sale of securities by an issuer (including all entities controlled by or under common control with the issuer), provided that—

‘‘(A) the aggregate amount sold to all investors by the issuer, including any amount sold in reliance on the

exemption provided under this paragraph during the 12-

month period preceding the date of such transaction, is

not more than $1,000,000;

‘‘(B) the aggregate amount sold to any investor by an issuer, including any amount sold in reliance on the

exemption provided under this paragraph during the 12-

month period preceding the date of such transaction, does

not exceed—

‘‘(i) the greater of $2,000 or 5 percent of the annual income or net worth of such investor, as applicable,

if either the annual income or the net worth of the

investor is less than $100,000; and

‘‘(ii) 10 percent of the annual income or net worth of such investor, as applicable, not to exceed a max-

imum aggregate amount sold of $100,000, if either

the annual income or net worth of the investor is

equal to or more than $100,000;

‘‘(C) the transaction is conducted through a broker or funding portal that complies with the requirements of

section 4A(a); and

‘‘(D) the issuer complies with the requirements of sec-tion 4A(b).’’.

(b) R EQUIREMENTS T O Q UALIFY FOR C ROWDFUNDING E XEMP-TION.—The Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended by inserting after section 4 the following:

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‘‘SEC. 4A. REQUIREMENTS WITH RESPECT TO CERTAIN SMALL TRANS-ACTIONS.

‘‘(a) R EQUIREMENTS ON I NTERMEDIARIES.—A person acting as an intermediary in a transaction involving the offer or sale of securities for the account of others pursuant to section 4(6) shall— ‘‘(1) register with the Commission as—

‘‘(A) a broker; or

‘‘(B) a funding portal (as defined in section 3(a)(80) of the Securities Exchange Act of 1934);

‘‘(2) register with any applicable self-regulatory organiza-tion (as defined in section 3(a)(26) of the Securities Exchange Act of 1934);

‘‘(3) provide such disclosures, including disclosures related to risks and other investor education materials, as the Commis-sion shall, by rule, determine appropriate;

‘‘(4) ensure that each investor—

‘‘(A) reviews investor-education information, in accord-ance with standards established by the Commission, by

rule;

‘‘(B) positively affirms that the investor understands that the investor is risking the loss of the entire invest-

ment, and that the investor could bear such a loss; and ‘‘(C) answers questions demonstrating—

‘‘(i) an understanding of the level of risk generally applicable to investments in startups, emerging

businesses, and small issuers;

‘‘(ii) an understanding of the risk of illiquidity;

and

‘‘(iii) an understanding of such other matters as the Commission determines appropriate, by rule;

‘‘(5) take such measures to reduce the risk of fraud with respect to such transactions, as established by the Commission, by rule, including obtaining a background and securities enforcement regulatory history check on each officer, director, and person holding more than 20 percent of the outstanding equity of every issuer whose securities are offered by such person;

‘‘(6) not later than 21 days prior to the first day on which securities are sold to any investor (or such other period as the Commission may establish), make available to the Commis-sion and to potential investors any information provided by the issuer pursuant to subsection (b);

‘‘(7) ensure that all offering proceeds are only provided to the issuer when the aggregate capital raised from all inves-tors is equal to or greater than a target offering amount, and allow all investors to cancel their commitments to invest, as the Commission shall, by rule, determine appropriate;

‘‘(8) make such efforts as the Commission determines appro-priate, by rule, to ensure that no investor in a 12-month period has purchased securities offered pursuant to section 4(6) that, in the aggregate, from all issuers, exceed the investment limits set forth in section 4(6)(B);

‘‘(9) take such steps to protect the privacy of information collected from investors as the Commission shall, by rule, deter-mine appropriate;

H.R.3606—12

‘‘(10) not compensate promoters, finders, or lead generators for providing the broker or funding portal with the personal identifying information of any potential investor;

‘‘(11) prohibit its directors, officers, or partners (or any person occupying a similar status or performing a similar func-tion) from having any financial interest in an issuer using its services; and

‘‘(12) meet such other requirements as the Commission may, by rule, prescribe, for the protection of investors and in the public interest.

‘‘(b) R EQUIREMENTS FOR I SSUERS.—For purposes of section 4(6), an issuer who offers or sells securities shall—

‘‘(1) file with the Commission and provide to investors and the relevant broker or funding portal, and make available to potential investors—

‘‘(A) the name, legal status, physical address, and website address of the issuer;

‘‘(B) the names of the directors and officers (and any persons occupying a similar status or performing a similar

function), and each person holding more than 20 percent

of the shares of the issuer;

‘‘(C) a description of the business of the issuer and the anticipated business plan of the issuer;

‘‘(D) a description of the financial condition of the issuer, including, for offerings that, together with all other

offerings of the issuer under section 4(6) within the pre-

ceding 12-month period, have, in the aggregate, target

offering amounts of—

‘‘(i) $100,000 or less—

‘‘(I) the income tax returns filed by the issuer

for the most recently completed year (if any); and

‘‘(II) financial statements of the issuer, which

shall be certified by the principal executive officer

of the issuer to be true and complete in all material

respects;

‘‘(ii) more than $100,000, but not more than $500,000, financial statements reviewed by a public

accountant who is independent of the issuer, using

professional standards and procedures for such review

or standards and procedures established by the

Commission, by rule, for such purpose; and

‘‘(iii) more than $500,000 (or such other amount as the Commission may establish, by rule), audited

financial statements;

‘‘(E) a description of the stated purpose and intended use of the proceeds of the offering sought by the issuer

with respect to the target offering amount;

‘‘(F) the target offering amount, the deadline to reach the target offering amount, and regular updates regarding

the progress of the issuer in meeting the target offering

amount;

‘‘(G) the price to the public of the securities or the method for determining the price, provided that, prior to

sale, each investor shall be provided in writing the final

price and all required disclosures, with a reasonable oppor-

tunity to rescind the commitment to purchase the securi-

ties;

H.R.3606—13

‘‘(H) a description of the ownership and capital struc-ture of the issuer, including—

‘‘(i) terms of the securities of the issuer being offered and each other class of security of the issuer,

including how such terms may be modified, and a

summary of the differences between such securities,

including how the rights of the securities being offered

may be materially limited, diluted, or qualified by the

rights of any other class of security of the issuer;

‘‘(ii) a description of how the exercise of the rights held by the principal shareholders of the issuer could

negatively impact the purchasers of the securities being

offered;

‘‘(iii) the name and ownership level of each existing shareholder who owns more than 20 percent of any

class of the securities of the issuer;

‘‘(iv) how the securities being offered are being valued, and examples of methods for how such securi-

ties may be valued by the issuer in the future,

including during subsequent corporate actions; and

‘‘(v) the risks to purchasers of the securities relating to minority ownership in the issuer, the risks

associated with corporate actions, including additional

issuances of shares, a sale of the issuer or of assets

of the issuer, or transactions with related parties; and

‘‘(I) such other information as the Commission may, by rule, prescribe, for the protection of investors and in the public interest;

‘‘(2) not advertise the terms of the offering, except for notices which direct investors to the funding portal or broker;

‘‘(3) not compensate or commit to compensate, directly or indirectly, any person to promote its offerings through commu-nication channels provided by a broker or funding portal, with-out taking such steps as the Commission shall, by rule, require to ensure that such person clearly discloses the receipt, past or prospective, of such compensation, upon each instance of such promotional communication;

‘‘(4) not less than annually, file with the Commission and provide to investors reports of the results of operations and financial statements of the issuer, as the Commission shall, by rule, determine appropriate, subject to such exceptions and termination dates as the Commission may establish, by rule; and

‘‘(5) comply with such other requirements as the Commis-sion may, by rule, prescribe, for the protection of investors and in the public interest.

‘‘(c) L IABILITY FOR M ATERIAL M ISSTATEMENTS AND O MISSIONS.— ‘‘(1) A CTIONS AUTHORIZED.—

‘‘(A) I N GENERAL.—Subject to paragraph (2), a person who purchases a security in a transaction exempted by the provisions of section 4(6) may bring an action against an issuer described in paragraph (2), either at law or in equity in any court of competent jurisdiction, to recover the consideration paid for such security with interest thereon, less the amount of any income received thereon, upon the tender of such security, or for damages if such person no longer owns the security.

H.R.3606—14

‘‘(B) L IABILITY.—An action brought under this para-graph shall be subject to the provisions of section 12(b)

and section 13, as if the liability were created under section

12(a)(2).

‘‘(2) A PPLICABILITY.—An issuer shall be liable in an action under paragraph (1), if the issuer—

‘‘(A) by the use of any means or instruments of transportation or communication in interstate commerce

or of the mails, by any means of any written or oral

communication, in the offering or sale of a security in

a transaction exempted by the provisions of section 4(6),

makes an untrue statement of a material fact or omits

to state a material fact required to be stated or necessary

in order to make the statements, in the light of the cir-

cumstances under which they were made, not misleading,

provided that the purchaser did not know of such untruth

or omission; and

‘‘(B) does not sustain the burden of proof that such issuer did not know, and in the exercise of reasonable

care could not have known, of such untruth or omission.

‘‘(3) D EFINITION.—As used in this subsection, the term ‘issuer’ includes any person who is a director or partner of the issuer, and the principal executive officer or officers, prin-cipal financial officer, and controller or principal accounting officer of the issuer (and any person occupying a similar status or performing a similar function) that offers or sells a security in a transaction exempted by the provisions of section 4(6), and any person who offers or sells the security in such offering.

‘‘(d) I NFORMATION A VAILABLE TO S TATES.—The Commission shall make, or shall cause to be made by the relevant broker or funding portal, the information described in subsection (b) and such other information as the Commission, by rule, determines appropriate, available to the securities commission (or any agency or office performing like functions) of each State and territory of the United States and the District of Columbia.

‘‘(e) R ESTRICTIONS ON S ALES.—Securities issued pursuant to a transaction described in section 4(6)—

‘‘(1) may not be transferred by the purchaser of such securi-ties during the 1-year period beginning on the date of purchase, unless such securities are transferred—

‘‘(A) to the issuer of the securities;

‘‘(B) to an accredited investor;

‘‘(C) as part of an offering registered with the Commis-sion; or

‘‘(D) to a member of the family of the purchaser or the equivalent, or in connection with the death or divorce

of the purchaser or other similar circumstance, in the

discretion of the Commission; and

‘‘(2) shall be subject to such other limitations as the Commission shall, by rule, establish.

‘‘(f) A PPLICABILITY.—Section 4(6) shall not apply to transactions involving the offer or sale of securities by any issuer that—

‘‘(1) is not organized under and subject to the laws of

a State or territory of the United States or the District of

Columbia;

H.R.3606—15

‘‘(2) is subject to the requirement to file reports pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934;

‘‘(3) is an investment company, as defined in section 3 of the Investment Company Act of 1940, or is excluded from the definition of investment company by section 3(b) or section 3(c) of that Act; or

‘‘(4) the Commission, by rule or regulation, determines appropriate.

‘‘(g) R ULE OF C ONSTRUCTION.—Nothing in this section or section 4(6) shall be construed as preventing an issuer from raising capital through methods not described under section 4(6).

‘‘(h) C ERTAIN C ALCULATIONS.—

‘‘(1) D OLLAR AMOUNTS.—Dollar amounts in section 4(6) and subsection (b) of this section shall be adjusted by the Commis-sion not less frequently than once every 5 years, by notice published in the Federal Register to reflect any change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics.

‘‘(2) I NCOME AND NET WORTH.—The income and net worth of a natural person under section 4(6)(B) shall be calculated in accordance with any rules of the Commission under this title regarding the calculation of the income and net worth, respectively, of an accredited investor.’’.

(c) R ULEMAKING.—Not later than 270 days after the date of enactment of this Act, the Securities and Exchange Commission (in this title referred to as the ‘‘Commission’’) shall issue such rules as the Commission determines may be necessary or appro-priate for the protection of investors to carry out sections 4(6) and section 4A of the Securities Act of 1933, as added by this title. In carrying out this section, the Commission shall consult with any securities commission (or any agency or office performing like functions) of the States, any territory of the United States, and the District of Columbia, which seeks to consult with the Commission, and with any applicable national securities association.

(d) D ISQUALIFICATION.—

(1) I N GENERAL.—Not later than 270 days after the date

of enactment of this Act, the Commission shall, by rule, estab-lish disqualification provisions under which—

(A) an issuer shall not be eligible to offer securities

pursuant to section 4(6) of the Securities Act of 1933,

as added by this title; and

(B) a broker or funding portal shall not be eligible

to effect or participate in transactions pursuant to that

section 4(6).

(2) I NCLUSIONS.—Disqualification provisions required by

this subsection shall—

(A) be substantially similar to the provisions of section

230.262 of title 17, Code of Federal Regulations (or any

successor thereto); and

(B) disqualify any offering or sale of securities by a

person that—

(i) is subject to a final order of a State securities

commission (or an agency or officer of a State per-

forming like functions), a State authority that super-

vises or examines banks, savings associations, or credit

unions, a State insurance commission (or an agency

H.R.3606—16

or officer of a State performing like functions), an

appropriate Federal banking agency, or the National

Credit Union Administration, that—

(I) bars the person from—

(aa) association with an entity regulated

by such commission, authority, agency, or

officer;

(bb) engaging in the business of securities,

insurance, or banking; or

(cc) engaging in savings association or

credit union activities; or

(II) constitutes a final order based on a viola-

tion of any law or regulation that prohibits fraudu-

lent, manipulative, or deceptive conduct within the

10-year period ending on the date of the filing

of the offer or sale; or

(ii) has been convicted of any felony or mis-demeanor in connection with the purchase or sale of

any security or involving the making of any false filing

with the Commission.

SEC. 303. EXCLUSION OF CROWDFUNDING INVEST ORS FROM SHARE-HOLDER CAP.

(a) E XEMPTION.—Section 12(g) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)) is amended by adding at the end the following:

‘‘(6) E XCLUSION FOR PERSONS HOLDING CERTAIN SECURI-TIES.—The Commission shall, by rule, exempt, conditionally or unconditionally, securities acquired pursuant to an offering made under section 4(6) of the Securities Act of 1933 from the provisions of this subsection.’’.

(b) R ULEMAKING.—The Commission shall issue a rule to carry out section 12(g)(6) of the Securities Exchange Act of 1934 (15 U.S.C. 78c), as added by this section, not later than 270 days after the date of enactment of this Act.

SEC. 304. FUNDING PORTAL REGULATION.

(a) E XEMPTION.—

(1) I N GENERAL.—Section 3 of the Securities Exchange Act

of 1934 (15 U.S.C. 78c) is amended by adding at the end the following:

‘‘(h) L IMITED E XEMPTION FOR F UNDING P ORTALS.—

‘‘(1) I N GENERAL.—The Commission shall, by rule, exempt, conditionally or unconditionally, a registered funding portal from the requirement to register as a broker or dealer under section 15(a)(1), provided that such funding portal—

‘‘(A) remains subject to the examination, enforcement, and other rulemaking authority of the Commission;

‘‘(B) is a member of a national securities association registered under section 15A; and

‘‘(C) is subject to such other requirements under this title as the Commission determines appropriate under such

rule.

‘‘(2) N ATIONAL SECURITIES ASSOCIATION MEMBERSHIP.—For purposes of sections 15(b)(8) and 15A, the term ‘broker or dealer’ includes a funding portal and the term ‘registered broker or dealer’ includes a registered funding portal, except to the extent that the Commission, by rule, determines otherwise,

H.R.3606—17

provided that a national securities association shall only examine for and enforce against a registered funding portal rules of such national securities association written specifically for registered funding portals.’’.

(2) R ULEMAKING.—The Commission shall issue a rule to

carry out section 3(h) of the Securities Exchange Act of 1934

(15 U.S.C. 78c), as added by this subsection, not later than

270 days after the date of enactment of this Act.

(b) D EFINITION.—Section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)) is amended by adding at the end the following:

‘‘(80) F UNDING PORTAL.—The term ‘funding portal’ means any person acting as an intermediary in a transaction involving the offer or sale of securities for the account of others, solely pursuant to section 4(6) of the Securities Act of 1933 (15 U.S.C.

77d(6)), that does not—

‘‘(A) offer investment advice or recommendations;

‘‘(B) solicit purchases, sales, or offers to buy the securi-ties offered or displayed on its website or portal;

‘‘(C) compensate employees, agents, or other persons for such solicitation or based on the sale of securities dis-

played or referenced on its website or portal;

‘‘(D) hold, manage, possess, or otherwise handle investor funds or securities; or

‘‘(E) engage in such other activities as the Commission, by rule, determines appropriate.’’.

SEC. 305. RELATIONSHIP WITH STATE LAW.

(a) I N G ENERAL.—Section 18(b)(4) of the Securities Act of 1933

(15 U.S.C. 77r(b)(4)) is amended—

(1) by redesignating subparagraphs (C) and (D) as subpara-

graphs (D) and (E), respectively; and

(2) by inserting after subparagraph (B) the following:

‘‘(C) section 4(6);’’.

(b) C LARIFICATION OF THE P RESERVATION OF S TATE E NFORCE-MENT A UTHORITY.—

(1) I N GENERAL.—The amendments made by subsection

(a) relate solely to State registration, documentation, and

offering requirements, as described under section 18(a) of Secu-rities Act of 1933 (15 U.S.C. 77r(a)), and shall have no impact or limitation on other State authority to take enforcement action with regard to an issuer, funding portal, or any other person or entity using the exemption from registration provided by section 4(6) of that Act.

(2) C LARIFICATION OF STATE JURISDICTION OVER UNLAWFUL

CONDUCT OF FUNDING PORTALS AND ISSUERS.—Section 18(c)(1) of the Securities Act of 1933 (15 U.S.C. 77r(c)(1)) is amended by striking ‘‘with respect to fraud or deceit, or unlawful conduct by a broker or dealer, in connection with securities or securities transactions.’’ and inserting the following: ‘‘, in connection with securities or securities transactions

‘‘(A) with respect to—

‘‘(i) fraud or deceit; or

‘‘(ii) unlawful conduct by a broker or dealer; and ‘‘(B) in connection to a transaction described under section 4(6), with respect to—

‘‘(i) fraud or deceit; or

H.R.3606—18

‘‘(ii) unlawful conduct by a broker, dealer, funding portal, or issuer.’’.

(c) N OTICE F ILINGS P ERMITTED.—Section 18(c)(2) of the Securi-ties Act of 1933 (15 U.S.C. 77r(c)(2)) is amended by adding at the end the following:

‘‘(F) F EES NOT PERMITTED ON CROWDFUNDED SECURI-TIES.—Notwithstanding subparagraphs (A), (B), and (C),

no filing or fee may be required with respect to any security

that is a covered security pursuant to subsection (b)(4)(B),

or will be such a covered security upon completion of the

transaction, except for the securities commission (or any

agency or office performing like functions) of the State

of the principal place of business of the issuer, or any

State in which purchasers of 50 percent or greater of the

aggregate amount of the issue are residents, provided that

for purposes of this subparagraph, the term ‘State’ includes

the District of Columbia and the territories of the United

States.’’.

(d) F UNDING P ORTALS.—

(1) S TATE EXEMPTIONS AND OVERSIGHT.—Section 15(i) of

the Securities Exchange Act of 1934 (15 U.S.C. 78o(i)) is amended—

(A) by redesignating paragraphs (2) and (3) as para-

graphs (3) and (4), respectively; and

(B) by inserting after paragraph (1) the following:

‘‘(2) F UNDING PORTALS.—

‘‘(A) L IMITATION ON STATE LAWS.—Except as provided in subparagraph (B), no State or political subdivision

thereof may enforce any law, rule, regulation, or other

administrative action against a registered funding portal

with respect to its business as such.

‘‘(B) E XAMINATION AND ENFORCEMENT AUTHORITY.— Subparagraph (A) does not apply with respect to the exam-

ination and enforcement of any law, rule, regulation, or

administrative action of a State or political subdivision

thereof in which the principal place of business of a reg-

istered funding portal is located, provided that such law,

rule, regulation, or administrative action is not in addition

to or different from the requirements for registered funding

portals established by the Commission.

‘‘(C) D EFINITION.—For purposes of this paragraph, the term ‘State’ includes the District of Columbia and the terri-

tories of the United States.’’.

(2) S TATE FRAUD AUTHORITY.—Section 18(c)(1) of the Securi-

ties Act of 1933 (15 U.S.C. 77r(c)(1)) is amended by striking ‘‘or dealer’’ and inserting ‘‘, dealer, or funding portal’’.

TITLE IV—SMALL COMPANY CAPITAL

FORMATION

SEC. 401. AUTHORITY TO EXEMPT CERTAIN SECURITIES.

(a) I N G ENERAL.—Section 3(b) of the Securities Act of 1933

(15 U.S.C. 77c(b)) is amended—

(1) by striking ‘‘(b) The Commission’’ and inserting the

following:

‘‘(b) A DDITIONAL E XEMPTIONS.—

H.R.3606—19

‘‘(1) S MALL ISSUES EXEMPTIVE AUTHORITY.—The Commis-sion’’; and

(2) by adding at the end the following:

‘‘(2) A DDITIONAL ISSUES.—The Commission shall by rule or regulation add a class of securities to the securities exempted pursuant to this section in accordance with the following terms and conditions:

‘‘(A) The aggregate offering amount of all securities offered and sold within the prior 12-month period in reli-

ance on the exemption added in accordance with this para-

graph shall not exceed $50,000,000.

‘‘(B) The securities may be offered and sold publicly.

‘‘(C) The securities shall not be restricted securities within the meaning of the Federal securities laws and the regulations promulgated thereunder.

‘‘(D) The civil liability provision in section 12(a)(2) shall apply to any person offering or selling such securities.

‘‘(E) The issuer may solicit interest in the offering prior to filing any offering statement, on such terms and conditions as the Commission may prescribe in the public interest or for the protection of investors.

‘‘(F) The Commission shall require the issuer to file audited financial statements with the Commission annually.

‘‘(G) Such other terms, conditions, or requirements as the Commission may determine necessary in the public interest and for the protection of investors, which may include—

‘‘(i) a requirement that the issuer prepare and electronically file with the Commission and distribute

to prospective investors an offering statement, and any

related documents, in such form and with such content

as prescribed by the Commission, including audited

financial statements, a description of the issuer’s busi-

ness operations, its financial condition, its corporate

governance principles, its use of investor funds, and

other appropriate matters; and

‘‘(ii) disqualification provisions under which the exemption shall not be available to the issuer or its

predecessors, affiliates, officers, directors, under-

writers, or other related persons, which shall be

substantially similar to the disqualification provisions

contained in the regulations adopted in accordance

with section 926 of the Dodd-Frank Wall Street Reform

and Consumer Protection Act (15 U.S.C. 77d note).

‘‘(3) L IMITATION.—Only the following types of securities may be exempted under a rule or regulation adopted pursuant to paragraph (2): equity securities, debt securities, and debt securities convertible or exchangeable to equity interests, including any guarantees of such securities.

‘‘(4) P ERIODIC DISCLOSURES.—Upon such terms and condi-tions as the Commission determines necessary in the public interest and for the protection of investors, the Commission by rule or regulation may require an issuer of a class of securi-ties exempted under paragraph (2) to make available to inves-tors and file with the Commission periodic disclosures regarding the issuer, its business operations, its financial condition, its

H.R.3606—20

corporate governance principles, its use of investor funds, and other appropriate matters, and also may provide for the suspen-sion and termination of such a requirement with respect to that issuer.

‘‘(5) A DJUSTMENT.—Not later than 2 years after the date of enactment of the Small Company Capital Formation Act of 2011 and every 2 years thereafter, the Commission shall review the offering amount limitation described in paragraph

(2)(A) and shall increase such amount as the Commission deter-

mines appropriate. If the Commission determines not to increase such amount, it shall report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on its reasons for not increasing the amount.’’.

(b) T REATMENT AS C OVERED S ECURITIES FOR P URPOSES OF NSMIA.—Section 18(b)(4) of the Securities Act of 1933 (as amended by section 303) (15 U.S.C. 77r(b)(4)) is further amended by inserting after subparagraph (C) (as added by such section) the following: ‘‘(D) a rule or regulation adopted pursuant to section 3(b)(2) and such security is—

‘‘(i) offered or sold on a national securities exchange; or

‘‘(ii) offered or sold to a qualified purchaser, as defined by the Commission pursuant to paragraph (3)

with respect to that purchase or sale;’’.

(c) C ONFORMING A MENDMENT.—Section 4(5) of the Securities Act of 1933 is amended by striking ‘‘section 3(b)’’ and inserting ‘‘section 3(b)(1)’’.

SEC. 402. STUDY ON THE IMPACT OF STATE BLUE SKY LAWS ON REGU-LATION A OFFERINGS.

The Comptroller General shall conduct a study on the impact of State laws regulating securities offerings, or ‘‘Blue Sky laws’’, on offerings made under Regulation A (17 CFR 230.251 et seq.). The Comptroller General shall transmit a report on the findings of the study to the Committee on Financial Services of the House of Representatives, and the Committee on Banking, Housing, and Urban Affairs of the Senate not later than 3 months after the date of enactment of this Act.

TITLE V—PRIVATE COMPANY

FLEXIBILITY AND GROWTH

SEC. 501. THRESHOLD FOR REGISTRATION.

Section 12(g)(1)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)(1)(A)) is amended to read as follows:

‘‘(A) within 120 days after the last day of its first fiscal year ended on which the issuer has total assets exceeding $10,000,000 and a class of equity security (other than an exempted security) held of record by either—

‘‘(i) 2,000 persons, or

‘‘(ii) 500 persons who are not accredited investors (as such term is defined by the Commission), and’’.

国外食品安全法律法规标准清单

境外销售目的国食品安全法律法规标准清单 一、CAC食品法典委员会 CAC RCP 1-1969(Rev.3-1997,Amd.1999) 食品卫生实践通则 CAC GL 2 1985(Rev.1-1993,Amd.2-2006)食品标签法典准则 CAC GL 30 1999 微生物风险评估准则和导则 CAC GL 36 1989(2011修订)食品添加剂类名和国际编码系统 CAC GL 69 2008 食品安全控制措施确认指南 CAC CODEX STAN 192-1995-2015 食品添加剂标准 CAC GL21 1997食品微生物标准建立和应用原则 CAC GL 44 2003 现代生物技术食品的风险分析原则 CAC GL 63-2007国际食品法典微生物风险管理(MRM)行为原则和准则 CAC GSFA,Codex Stan 192-1995 食品添加剂通用标准 CAC CODEX STAN 239-2003 食品添加剂的通用分析方法 CAC 食品中农药残留量2014年7月更新 CAC MRL 2 2015食品中兽药残留 CAC Codex Stan 193食品中污染物和毒素通用标准 CAC/GL 23-1997营养和健康声称使用指南 CAC/GL 24-1997 “清真”术语使用通用导则 CAC/GL 019-1995 食品安全控制紧急情况时信息交流的法典导则 CAC/GL 020-1995 食品进出口检验和出证原则 CAC/GL 025-1997 食品进口过程中拒收情况下两国信息交流导则 CAC/GL 034-1999 食品进出口检验与出证系统中增进等同互认性导则 XOT 02-1987 有关食品添加剂在食品中转移的原则 CACMISC 6 -2001食品添加剂参考规格目录 二、欧盟 1、欧盟水质标准9883EEC 2、欧盟853号规章20040429 3、欧洲议会和理事会(EC)No 852规章20040429 4、欧盟食品添加剂名单NO1129 20111111 5、欧盟EC 1441 2007微生物限量中文版20071205 6、欧盟委员会第EC 2073 2005号条例关于食品的微生物标准 7、欧盟委员会183 2005条例关于食品卫生监测的要求制定(内容与EEA相关) 8、欧盟委员会第234 2011条例(EU)关于建立食品添加剂、食品酶和食品调味料对共同批准程序的欧洲议会和理事会实施条例 9、欧盟委员会第80 1089 EEC号建议关于食品添加剂安全性评价的测试 10、欧盟委员会第953 2009 EC号条例关于在食品中添加特定营养用途的物质 11、欧洲议会与理事会令2011 91 EU 关于识别食品所属批次的标记或标示 12、欧盟委员会条例(EU)为某些食品中二恶英二恶英类多氯联苯的成分的官方控制和制定取样和分析方法以及修订条例(EC)No 18832006 13、欧盟委员会第16 -2011号条例(EU)为食品和饲料的快速警报系统制定实施措施

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美国的金融监管模式: 在混业经营前提下,美国仍然采用分业监管模式,既没有合并各监管机构成立一个统一的监管当局,也没有设立专门针对混业经营的监管部门。在金融控股公司框架下,美国仍然采取机构监管的方式,集团下属的银行子公司仍然由原有的(联邦或州)主要银行监管机构进行监督和检查。为了从总体上对金融控股公司进行监督,《金融服务现代化法案》规定,美联储是金融控股公司的“伞型监管者”,从整体上评估和监管金融控股公司,必要时对银行、证券、保险等子公司拥有仲裁权。同时,该法案规定当各具体业务的监管机构认为美联储的监管措施不当时,可优先执行各监管机构自身的制度,以起到相互制约的作用。在协调性和兼容性方面,要求美联储、证券管理机构与保险管理部门加强协调与合作,相互提供关于金融控股公司和各附属子公司的财务、风险管理和经营信息。美联储在履行监管职责时,一般不得直接监管金融控股公司的附属机构,而应尽可能采用其功能监管部门的检查结果,以免形成重复监管 美国金融体系: 美国金融体系主要由三部分组成:联邦储备银行系统,商业银行系统和非银行金融机构。美国联邦储备银行系统起中央银行作用。具有发行货币、代理国库及对私人银行进行管理监督职能,更为重要的是为美国政府制订和执行金融货币政策。联邦储备系统可以通过它所制订的政策直接影响货币的供应和信贷的增长,从而影响宏观经济的各个方面。现在的联邦储备银行系统包括联邦储备总裁委员会;联邦公开市场委员会;12家区域性联邦储备银行以及数千家私营的会员银行。联邦储备总裁委员会是联邦储备银行系统的最高权力机构,它由7名委员组成、负责决定全国货币政策,并对联邦储备银行各区域性分行、会员银行和商业银行的活动及业务有广泛的监督和管理职责。联邦公开市场委员会是联邦储备系统用以执行货币政策的主要机构,由联邦储备总裁委员会7名委员和5名区域联邦储备银行的行长(其中必须包括纽约联邦储备银行行长,其余各分行轮流参加)。区域性联邦储备银行是按照1913年国会通过的联邦储备法,在全国划分12个储备区,每区设立一个联邦储备银行分行。每家区域性储备银行都是一个法人机构,拥有自己的董事会。会员银行是美国的私人银行,除国民银行必须是会员银行外,其余银行是否加入全凭自愿而定。加入联邦储备系统就由该系统为会员银行的私人存款提供担保,但必须缴纳一定数量的存款准备金,对这部分资金,联邦储备系统不付给利息。 美国商业银行在美国金融体系中占有主要位置,1980年,美国共有商业银行15082家,总资产为21147亿美元,占金融界资产总额的30%左右。商业银行以存款和贷款为主,70年代以来各主要商业银行为扩大业务经营范围,增强生存能力,积极开展存贷款以外的业务。由于1933年制定的格拉斯—斯蒂格尔法禁止商业银行从事投资业务,也不能经营证券发行和买卖,故许多商业银行都设立信托部,参与证券经营活动。1986年4月1日,美国完全取消对储蓄存款利率的上限,这样各种银行完全可以自己决定对存款付多高的利息,这大大

1929年美国经济大萧条

20世纪以来,美国历经数次由泡沫引发的股灾,其中以1929 年和2000 年的股灾最为严重。为更好地认识这两次以及任何股市泡沫可能带来的破坏性后果,这里我们重温1929年股灾后的大萧条。 飞扬的二十年 20年代同样被当时人称为“新时代”,财富和机会似乎向刚在一战中获胜的美国人敞开自己吝啬的大门。“人人都应该富裕”,通用汽车公司总裁发表了他对新时代的看法。胡佛总统也认为,“我们正在取得对贫困战争决定性胜利的前夜,贫民窟即将从美国消失。”机会和富裕成为20年代醒目的标志。 美国股市在历经10年的大牛市后,20世纪前期美国最富盛名的经济学家、耶鲁大学经济学教授—费希尔在1929年10月22日的《纽约时报》头条表示,“我认为股票价格还很低。”可是,没过几天股市泡沫就开始破裂。 股市泡沫的培植、经济超速增长常常是技术发展、制度变迁和社会氛围等众多因素作用的结果。美国20年代的经历完整地体现了这些因素的作用。以美国制造业为例,1920年开始,美国制造业飞速发展了10年。1921年的指数水平为67,而1929年的该指数已经到了119点,制造业保持了超过6%的增长速度。1929年10月股市崩溃后,到1932年该指数仅有63点,比起1929年高峰时跌了47%。 就工业技术而言,一战当中和以后老的石油和钢铁工业得到长足发展,而新兴技术引发的汽车、电气和飞机工业革命方兴未艾。战争中发展的科学技术对民用经济的推动效果明显。如果我们用投资于新设备和新工厂的资本数量来衡量技术的加速发展和推广速度,我们发现1915年用于新设备和新工厂的投资约为6亿美元,而到了1918年,这一数字已到25亿美元,增长率超过300%!新工厂的建设和新设备的投入使用,为制造业的加速发展打下了基础。福特汽车公司总裁亨利·福特的话形象地表达了当时工业界对技术进步和资本扩张的自信,“美国人现在可以得到他们想要的任意款式、任意色彩的福特汽车。” 除了技术创新,科学管理方法的应用、劳动生产率的提高、政府与大企业的密切关系、信用消费形成等因素都促进了整个20年代的经济腾飞,同时也使人们对未来的预期更加非理性、使股市泡沫继续膨胀。 提高了的劳动生产率使工人的工资水平也有了大幅度上升,消费能力增强,这反过来又进一步刺激了生产供应商采用更大规模的标准化生产、采用更新的技术和更大范围的运用科学管理模式,进而反过来又提高了劳动生产率和工资水平、促进更高的消费。整个社会的生产—消费形成了一个自我增强的循环机制。 整个社会对新技术和新生活方式趋之若骛,“炫耀性消费”成为时代潮流。当时人们追求的消费包括收音机、电影、新型电器(吸尘器,冰箱和洗衣机等)、汽车等等。“新时代”不仅改变了人们的生活,而且还深刻地改变了美国的社会结构。 20年代对经济前景的自信更集中地体现在股票市场。在股市最狂热的1929年夏,美国封闭基金的价格远远超过其资产净值,比二战后封闭基金平均溢价60%,这意味着资产的价格远远高于资产的价值。最近的一些研究显示,即使存在作空机制,也不能完全抑制当时股票价格的上涨。在投机最盛行的1929年1月,当股票做空方借入股票时(这是做空交易运作的一部分),需为借入的股票支付18%的月利率,这意味着很难借到股票去做空,以致使做空机制无法抑制股市泡沫继续膨胀。 像任何一次金融危机一样,1929年的危机前同样是一片欣欣向荣。社会中涌动的暗流,像银行不良资产增加、社会财富分配不公、社会信用受到破坏、上市公司行为扭曲,都被节节攀升的股市和对幸福未来的预期冲得无边无影。

论美国1882年排华法案对华人的影响

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