I 
115TH CONGRESS 
2D SESSION 
H. R. 6035 
To direct the Securities and Exchange Commission to revise section 230.163 
of title 17, Code of Federal Regulations, to apply the exemption offered 
in such section to communications made by underwriters and dealers 
acting by or on behalf of a well-known seasoned issuer. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 7, 2018 
Mr. BUDD introduced the following bill; which was referred to the Committee 
on Financial Services 
A BILL 
To direct the Securities and Exchange Commission to revise 
section 230.163 of title 17, Code of Federal Regulations, 
to apply the exemption offered in such section to commu-
nications made by underwriters and dealers acting by 
or on behalf of a well-known seasoned issuer. 
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 ‘‘Streamlining Commu-
nications for Investors Act’’. 
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SEC. 2. EXEMPTION OF COMMUNICATIONS MADE BY UN-
DERWRITERS AND DEALERS ACTING BY OR 
ON BEHALF OF WELL-KNOWN SEASONED 
ISSUER. 
(a) IN GENERAL.—Not later than 120 days after the 
date of the enactment of this section, the Securities and 
Exchange Commission shall revise section 230.163(c) of 
title 17, Code of Federal Regulations, to apply the exemp-
tion offered in section 230.163 of title 17, Code of Federal 
Regulations, to written and oral communications made by 
an underwriter or dealer acting by or on behalf of a well- 
known seasoned issuer if, before such a communication is 
made— 
(1) the underwriter or dealer making such com-
munication receives written authorization from the 
well-known seasoned issuer to act as its agent or 
representative; and 
(2) the well-known seasoned issuer authorized 
or approved such communication. 
(b) INCLUSION IN PROSPECTUS.—A well-known sea-
soned issuer shall identify in the prospectus filed for an 
offering each underwriter or dealer that has made oral or 
written communications related the offering in reliance on 
the exemption under section 230.163 of title 17, Code of 
Federal Regulations. 
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(c) TREATMENT IF REVISIONS NOT COMPLETED IN 
A TIMELY MANNER.—If the Commission fails to complete 
the revisions required by subsection (a) by the time re-
quired by such subsection, the exemption offered in section 
230.163 of title 17, Code of Federal Regulations, shall be 
deemed to apply to written and oral communications made 
by an underwriter or dealer acting by or on behalf of a 
well-known seasoned issuer if, before such a communica-
tion is made— 
(1) the underwriter or dealer making such com-
munication receives written authorization from the 
well-known seasoned issuer to act as its agent or 
representative; and 
(2) the well-known seasoned issuer authorized 
or approved such communication. 
Æ 
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