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[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2940 Reported in House (RH)]

                                                 Union Calendar No. 176
112th CONGRESS
  1st Session
                                H. R. 2940

                          [Report No. 112-263]

   To direct the Securities and Exchange Commission to eliminate the 
prohibition against general solicitation as a requirement for a certain 
                     exemption under Regulation D.

_______________________________________________________________________

                    IN THE HOUSE OF REPRESENTATIVES

                           September 15, 2011

  Mr. McCarthy of California introduced the following bill; which was 
            referred to the Committee on Financial Services
                            October 31, 2011
             Additional sponsors: Mr. Dold and Ms. Hayworth

                            October 31, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL

 
   To direct the Securities and Exchange Commission to eliminate the 
prohibition against general solicitation as a requirement for a certain 
                     exemption under Regulation D.

 

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

<DELETED>SECTION 1. SHORT TITLE.</DELETED>

<DELETED>    This Act may be cited as the ``Access to Capital for Job 
Creators Act''.</DELETED>

<DELETED>SEC. 2. MODIFICATION OF EXEMPTION.</DELETED>

<DELETED>    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.</DELETED>

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Access to Capital for Job Creators 
Act''.

SEC. 2. MODIFICATION OF EXEMPTION.

    (a) Removal of Restriction.--Section 4(2) of the Securities Act of 
1933 (15 U.S.C. 77d(2)) is amended by adding before the period the 
following: ``, whether or not such transactions involve general 
solicitation or general advertising''.
    (b) Modification of Rules.--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 that purchasers of the 
securities are accredited investors, using such methods as determined 
by the Commission.
                                                 Union Calendar No. 176

112th CONGRESS

  1st Session

                               H. R. 2940

                          [Report No. 112-263]

_______________________________________________________________________

                                 A BILL

   To direct the Securities and Exchange Commission to eliminate the 
prohibition against general solicitation as a requirement for a certain 
                     exemption under Regulation D.

_______________________________________________________________________

                            October 31, 2011

  Reported with an amendment, committed to the Committee of the Whole 
       House on the State of the Union, and ordered to be printed
```