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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1839 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1839

  To amend the Securities Act of 1933 to exempt certain transactions 
  involving purchases by accredited investors, and for other purposes.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                             April 16, 2015

 Mr. McHenry 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 transactions 
  involving purchases by accredited investors, 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 ``Reforming Access for Investments in 
Startup Enterprises Act of 2015'' or the ``RAISE Act of 2015''.

SEC. 2. EXEMPTED TRANSACTIONS.

    (a) Exempted Transactions.--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:
            ``(7) transactions meeting the requirements of subsection 
        (d).'';
            (2) by redesignating the second subsection (b) (relating to 
        securities offered and sold in compliance with Rule 506 of 
        Regulation D) as subsection (c); and
            (3) by adding at the end the following:
    ``(d)(1) The transactions referred to in subsection (a)(7) are 
transactions where--
                    ``(A) each purchaser is an accredited investor, as 
                that term is defined in section 230.501(a) of title 17, 
                Code of Federal Regulations (or any successor thereto); 
                and
                    ``(B) if any securities sold in reliance on 
                subsection (a)(7) are offered by means of any general 
                solicitation or general advertising, all such sales are 
                made through a platform available only to accredited 
                investors.
    ``(2) Securities sold in reliance on subsection (a)(7) shall be 
deemed to have been acquired in a transaction not involving any public 
offering.
    ``(3) The exemption provided by this subsection shall not be 
available for a transaction where the seller is--
            ``(A) an issuer, its subsidiaries or parent;
            ``(B) an underwriter acting on behalf of the issuer, its 
        subsidiaries or parent, which receives compensation from the 
        issuer with respect to such sale; or
            ``(C) a dealer.
    ``(4) A transaction meeting the requirements of this subsection 
shall be deemed not to be a distribution for purposes of section 
2(a)(11).''.
    (b) Exemption in Connection With Certain Exempt Offerings.--Section 
18(b)(4) of the Securities Act of 1933 (15 U.S.C. 77r(b)(4)) is 
amended--
            (1) by redesignating the second subparagraph (D) and 
        subparagraph (E) as subparagraphs (E) and (F), respectively;
            (2) in subparagraph (E), as so redesignated, by striking 
        ``; or'' and inserting a semicolon;
            (3) in subparagraph (F), as so redesignated, by striking 
        the period and inserting ``; or''; and
            (4) by adding at the end the following new subparagraph:
                    ``(G) section 4(a)(7).''.
                                 <all>
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