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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4850 Introduced in House (IH)]

<DOC>

114th CONGRESS
  2d Session
                                H. R. 4850

 To amend the Securities Act of 1933 to exempt certain micro-offerings 
from the registration requirements of such Act, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             March 23, 2016

 Mr. Emmer of Minnesota (for himself, Mr. Messer, Mr. Barr, Mr. Royce, 
   Mr. Chabot, Mr. Tipton, Mr. Brooks of Alabama, and Mr. Williams) 
 introduced the following bill; which was referred to the Committee on 
                           Financial Services

_______________________________________________________________________

                                 A BILL

 
 To amend the Securities Act of 1933 to exempt certain micro-offerings 
from the registration requirements of such Act, 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 ``Micro Offering Safe Harbor Act''.

SEC. 2. EXEMPTIONS FOR MICRO-OFFERINGS.

    (a) In General.--Section 4 of the Securities Act of 1933 (15 U.S.C. 
77d) is amended--
            (1) in subsection (a), by adding at the end the following 
        new paragraph:
            ``(8) transactions meeting the requirements of subsection 
        (e).''; and
            (2) by adding at the end the following:
    ``(e) Certain Micro-Offerings.--The transactions referred to in 
subsection (a)(8) are transactions involving the sale of securities by 
an issuer (including all entities controlled by or under common control 
with the issuer) that meet one or more of the following requirements:
            ``(1) Pre-existing relationship.--Each purchaser has a 
        substantive pre-existing relationship with an officer of the 
        issuer, a director of the issuer, or a shareholder holding 10 
        percent or more of the shares of the issuer.
            ``(2) 35 or fewer purchasers.--There are no more than, or 
        the issuer reasonably believes that there are no more than, 35 
        purchasers of securities from the issuer that are sold in 
        reliance on the exemption provided under subsection (a)(8) 
        during the 12-month period preceding such transaction.
            ``(3) Small offering amount.--The aggregate amount of all 
        securities sold by the issuer, including any amount sold in 
        reliance on the exemption provided under subsection (a)(8), 
        during the 12-month period preceding such transaction, does not 
        exceed $500,000.''.
    (b) Exemption Under State Regulations.--Section 18(b)(4) of the 
Securities Act of 1933 (15 U.S.C. 77r(b)(4)) is amended--
            (1) in subparagraph (F), by striking ``or'' at the end;
            (2) in subparagraph (G), by striking the period and 
        inserting ``; or''; and
            (3) by adding at the end the following:
                    ``(H) section 4(a)(8).''.
                                 <all>
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