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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 3242 Engrossed in Senate (ES)]

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118th CONGRESS
  2d Session
                                S. 3242

_______________________________________________________________________

                                 AN ACT

 
To amend the Securities Exchange Act of 1934 to revise the shareholder 
  threshold for registration under that Act for issuers that receive 
 support through certain Federal universal service support mechanisms, 
                        and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Access to Capital Creates Economic 
Strength and Supports Rural America Act'' or the ``ACCESS Rural America 
Act''.

SEC. 2. EXEMPTION FROM CERTAIN REGISTRATION REQUIREMENTS.

    Section 12(g)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 
78l(g)(2)) is amended by adding at the end the following:
            ``(I) any security where--
                    ``(i) the issuer of the security, during its 
                previous fiscal year--
                            ``(I) received support through the Federal 
                        universal service support mechanism for rural, 
                        insular, and high cost areas established under 
                        section 254 of the Communications Act of 1934 
                        (47 U.S.C. 254); and
                            ``(II) with respect to such fiscal year, 
                        not later than 120 days after the last day of 
                        such fiscal year, filed with the Commission a 
                        financial summary form that--
                                    ``(aa) the issuer also delivered to 
                                each holder of record; and
                                    ``(bb) included--
                                            ``(AA) a summary of the 
                                        consolidated balance sheet and 
                                        consolidated income statement 
                                        of the issuer; and
                                            ``(BB) such other 
                                        financially material 
                                        information as the Commission 
                                        determines is necessary and 
                                        appropriate in the public 
                                        interest and for the protection 
                                        of investors;
                    ``(ii) as of the last day of the previous fiscal 
                year of the issuer of the security, the security is 
                held of record by--
                            ``(I) more than 500 persons that are not 
                        accredited investors; and
                            ``(II) fewer than 2,000 persons; and
                    ``(iii) the issuer of the security has total assets 
                of not more than $10,000,000, which the Commission 
                shall index for inflation every 5 years to reflect the 
                change in the Consumer Price Index for All Urban 
                Consumers published by the Bureau of Labor Statistics, 
                rounded to the nearest $100,000.''.

            Passed the Senate December 4, 2024.

            Attest:

                                                             Secretary.
118th CONGRESS

  2d Session

                                S. 3242

_______________________________________________________________________

                                 AN ACT

To amend the Securities Exchange Act of 1934 to revise the shareholder 
  threshold for registration under that Act for issuers that receive 
 support through certain Federal universal service support mechanisms, 
                        and for other purposes.
```