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. 
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 ‘‘Reforming Access for 
Investments in Startup Enterprises Act of 2015’’ or the 
‘‘RAISE Act of 2015’’. 
SEC. 2. EXEMPTED TRANSACTIONS. 
(a) EXEMPTED TRANSACTIONS.—Section 4 of the Se-
curities Act of 1933 (15 U.S.C. 77d) is amended— 
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(1) in subsection (a), by adding at the end the 
following new paragraph: 
‘‘(7) transactions meeting the requirements of 
subsection (d).’’; 
(2) by redesignating the second subsection (b) 
(relating to securities offered and sold in compliance 
with Rule 506 of Regulation D) as subsection (c); 
and 
(3) by adding at the end the following: 
‘‘(d)(1) The transactions referred to in subsection 
(a)(7) are transactions where— 
‘‘(A) each purchaser is an accredited inves-
tor, as that term is defined in section 
230.501(a) of title 17, Code of Federal Regula-
tions (or any successor thereto); and 
‘‘(B) if any securities sold in reliance on 
subsection (a)(7) are offered by means of any 
general solicitation or general advertising, all 
such sales are made through a platform avail-
able only to accredited investors. 
‘‘(2) Securities sold in reliance on subsection (a)(7) 
shall be deemed to have been acquired in a transaction 
not involving any public offering. 
‘‘(3) The exemption provided by this subsection shall 
not be available for a transaction where the seller is— 
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‘‘(A) an issuer, its subsidiaries or parent; 
‘‘(B) an underwriter acting on behalf of the 
issuer, its subsidiaries or parent, which receives com-
pensation from the issuer with respect to such sale; 
or 
‘‘(C) a dealer. 
‘‘(4) A transaction meeting the requirements of this 
subsection shall be deemed not to be a distribution for 
purposes of section 2(a)(11).’’. 
(b) EXEMPTION IN CONNECTION WITH CERTAIN EX-
EMPT OFFERINGS.—Section 18(b)(4) of the Securities Act 
of 1933 (15 U.S.C. 77r(b)(4)) is amended— 
(1) by redesignating the second subparagraph 
(D) and subparagraph (E) as subparagraphs (E) 
and (F), respectively; 
(2) in subparagraph (E), as so redesignated, by 
striking ‘‘; or’’ and inserting a semicolon; 
(3) in subparagraph (F), as so redesignated, by 
striking the period and inserting ‘‘; or’’; and 
(4) by adding at the end the following new sub-
paragraph: 
‘‘(G) section 4(a)(7).’’. 
Æ 
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