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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] 

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•HR 2940 RH

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. 

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•HR 2940 RH

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 ‘‘Access to Capital for 

5 Job Creators Act’’. 

6 SEC. 2. MODIFICATION OF EXEMPTION. 

7 Not later than 90 days after the date of the enact8 ment of this Act, the Securities and Exchange Commission 

9 shall revise its rules issued in section 230.506 of title 17, 

10 Code of Federal Regulations, to provide that the prohibi11 tion against general solicitation or general advertising con12 tained in section 230.502(c) of such title shall not apply 

13 to offers and sales of securities made pursuant to section 

14 230.506, provided that all purchasers of the securities are 

15 accredited investors. 

16 SECTION 1. SHORT TITLE. 

17 This Act may be cited as the ‘‘Access to Capital for 

18 Job Creators Act’’. 

19 SEC. 2. MODIFICATION OF EXEMPTION. 

20 (a) REMOVAL OF RESTRICTION.—Section 4(2) of the 

21 Securities Act of 1933 (15 U.S.C. 77d(2)) is amended by 

22 adding before the period the following: ‘‘, whether or not 

23 such transactions involve general solicitation or general ad24 vertising’’. 

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•HR 2940 RH

1 (b) MODIFICATION OF RULES.—Not later than 90 days 

2 after the date of the enactment of this Act, the Securities 

3 and Exchange Commission shall revise its rules issued in 

4 section 230.506 of title 17, Code of Federal Regulations, to 

5 provide that the prohibition against general solicitation or 

6 general advertising contained in section 230.502(c) of such 

7 title shall not apply to offers and sales of securities made 

8 pursuant to section 230.506, provided that all purchasers 

9 of the securities are accredited investors. Such rules shall 

10 require the issuer to take reasonable steps to verify that pur11 chasers of the securities are accredited investors, using such 

12 methods as determined by the Commission. 

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mstockstill on DSK4VPTVN1PROD with BILLS

Union Calendar No. 176 

112TH CONGRESS 

1ST SESSION H. R. 2940 

[Report No. 112–263] 

A BILL 

To direct the Securities and Exchange Commission 

under Regulation D. tation as a requirement for a certain exemption to eliminate the prohibition against general soliciOCTOBER 31, 2011 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 

mstockstill on DSK4VPTVN1PROD with BILLS