I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Reforming Access for 

5 Investments in Startup Enterprises Act of 2015’’ or the 

6 ‘‘RAISE Act of 2015’’. 

7 SEC. 2. EXEMPTED TRANSACTIONS. 

8 (a) EXEMPTED TRANSACTIONS.—Section 4 of the Se9 curities Act of 1933 (15 U.S.C. 77d) is amended— 


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1 (1) in subsection (a), by adding at the end the 

2 following new paragraph: 

3 ‘‘(7) transactions meeting the requirements of 

4 subsection (d).’’; 

5 (2) by redesignating the second subsection (b) 

6 (relating to securities offered and sold in compliance 

7 with Rule 506 of Regulation D) as subsection (c); 

8 and 

9 (3) by adding at the end the following: 

10 ‘‘(d)(1) The transactions referred to in subsection 

11 (a)(7) are transactions where— 

12 ‘‘(A) each purchaser is an accredited inves13 tor, as that term is defined in section 

14 230.501(a) of title 17, Code of Federal Regula15 tions (or any successor thereto); and 

16 ‘‘(B) if any securities sold in reliance on 

17 subsection (a)(7) are offered by means of any 

18 general solicitation or general advertising, all 

19 such sales are made through a platform avail20 able only to accredited investors. 

21 ‘‘(2) Securities sold in reliance on subsection (a)(7) 

22 shall be deemed to have been acquired in a transaction 

23 not involving any public offering. 

24 ‘‘(3) The exemption provided by this subsection shall 

25 not be available for a transaction where the seller is— 


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1 ‘‘(A) an issuer, its subsidiaries or parent; 

2 ‘‘(B) an underwriter acting on behalf of the 

3 issuer, its subsidiaries or parent, which receives com4 pensation from the issuer with respect to such sale; 

5 or 

6 ‘‘(C) a dealer. 

7 ‘‘(4) A transaction meeting the requirements of this 

8 subsection shall be deemed not to be a distribution for 

9 purposes of section 2(a)(11).’’. 

10 (b) EXEMPTION IN CONNECTION WITH CERTAIN EX11 EMPT OFFERINGS.—Section 18(b)(4) of the Securities Act 

12 of 1933 (15 U.S.C. 77r(b)(4)) is amended— 

13 (1) by redesignating the second subparagraph 

14 (D) and subparagraph (E) as subparagraphs (E) 

15 and (F), respectively; 

16 (2) in subparagraph (E), as so redesignated, by 

17 striking ‘‘; or’’ and inserting a semicolon; 

18 (3) in subparagraph (F), as so redesignated, by 

19 striking the period and inserting ‘‘; or’’; and 

20 (4) by adding at the end the following new sub21 paragraph: 

22 ‘‘(G) section 4(a)(7).’’. 

Æ 


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