IB 
Union Calendar No. 204 
119TH CONGRESS 
1ST SESSION H. R. 4430 
[Report No. 119–247] 
To lower the aggregate market value of voting and non-voting common equity 
necessary for an issuer to qualify as a well-known seasoned issuer. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 16, 2025 
Mr. STEIL introduced the following bill; which was referred to the Committee 
on Financial Services 
SEPTEMBER 8, 2025 
Additional sponsors: Mr. FIELDS, Mr. MEUSER, and Mr. HIMES 
SEPTEMBER 8, 2025 
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] 
[For text of introduced bill, see copy of bill as introduced on July 16, 2025] 
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A BILL 
To lower the aggregate market value of voting and non- 
voting common equity necessary for an issuer to qualify 
as a well-known seasoned issuer. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Expanding WKSI Eligi-
bility Act’’. 
SEC. 2. DEFINITION OF WELL-KNOWN SEASONED ISSUER. 
(a) IN GENERAL.—For purposes of the Federal securi-
ties laws, and regulations issued thereunder, an issuer shall 
be a ‘‘well-known seasoned issuer’’ if— 
(1) the aggregate market value of the voting and 
non-voting common equity held by non-affiliates of 
the issuer is $400,000,000 or more (as determined 
under Form S–3 general instruction I.B.1. as in ef-
fect on the date of enactment of this Act); and 
(2) the issuer otherwise satisfies the requirements 
of the definition of ‘‘well-known seasoned issuer’’ con-
tained in section 230.405 of title 17, Code of Federal 
Regulations (as in effect on the date of enactment of 
this Act) without reference to any requirement in such 
definition relating to minimum worldwide market 
value of outstanding voting and non-voting common 
equity held by non-affiliates. 
(b) REPORT ON WITHDRAWN APPLICATIONS RELATED 
TO WELL-KNOWN SEASONED ISSUER STATUS.—The Securi-
ties and Exchange Commission shall, not later than 90 days 
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after the end of each calendar year, publish the total number 
of applications submitted during such calendar year where 
the applicant— 
(1) submitted the application under section 
230.405 of title 17, Code of Federal Regulations, for 
a determination by the Commission that the appli-
cant not be considered an ineligible issuer under such 
section; 
(2) requested such determination in order to 
meet the definition of a well-known seasoned issuer 
under such section; and 
(3) withdrew the application. 
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Union Calendar No. 204 
119TH CONGRESS 
1ST SESSION 
H. R. 4430 
[Report No. 119–247] 
A BILL 
To lower the aggregate market value of voting and 
non-voting common equity necessary for an 
issuer to qualify as a well-known seasoned issuer. 
SEPTEMBER 8, 2025 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
VerDate Sep 11 2014 
00:38 Sep 09, 2025
Jkt 059200
PO 00000
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