Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015

Bill: 114-hr-1839
Sponsor: Rep. McHenry, Patrick T. [R-NC-10]
Introduced: 2015-04-16 in the House
Policy area: Finance and Financial Sector
Subjects: Financial services and investments
Securities

Summary:
action_date: 2015-04-16
text: 
 
 Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015

 
 Amends the Securities Act of 1933 to exempt from prohibitions relating to interstate commerce and the mails any transaction where: (1) each purchaser is an accredited investor; and (2) if the securities are offered by means of any general solicitation or general advertising, all such sales are made through a platform available only to accredited investors.
 
Denies such exemption to transactions where the seller is: (1) either an issuer, its subsidiaries or parent; (2) a dealer; or (3) an underwriter acting on behalf of the issuer, its subsidiaries, or parent, which receives compensation from the issuer with respect to such sale.

action_date: 2015-10-06
text: 

 Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015

 
 (Sec. 2) The Securities Act of 1933 is amended to exempt from security registration requirements, and related prohibitions against using interstate commerce and the mails for the sale or delivery of securities after sale, any transaction where:
 
 
each purchaser is an accredited investor;
 
neither the seller, nor any person acting on the seller's behalf, offers or sells securities by general solicitation or advertising;
 
the seller and prospective purchaser obtain from an issuer meeting certain criteria reasonably current specified information;
 
the transaction is not for the sale of a security whose seller is neither an issuer nor a subsidiary of the issuer;
 
neither the seller, nor any person receiving remuneration for participating in the offer or sale of the securities, is subject to certain legal disqualification (bad actor);
 
the issuer is engaged in business, is not in the organizational stage or in bankruptcy or receivership, and is not a blank check, blind pool, or shell company with no specific business plan or purpose or has indicated that the issuer's primary business plan is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person;
 
the transaction does not involve a security that constitutes the whole or part of an unsold allotment to, or a subscription or participation by, a broker or dealer as an underwriter of the security or a redistribution; and
 
the transaction does involve a security of a class authorized and outstanding for at least 90 days before the transaction. 
 
 
Securities acquired in such exempt transactions shall be deemed to: (1) have been acquired in a transaction not involving any public offering, (2) not be a distribution involving an underwriter, and (2) be restricted securities not subject to certain transaction requirements.
 
All transactions under this Act shall be exempt from state regulation of securities offerings.


Legislative actions:
action_date: 2015-10-07
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2015-10-06
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 404 - 0 (Roll no. 535). (text: CR H6806)
action_date: 2015-10-06
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2015-10-06
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 404 - 0 (Roll no. 535).(text: CR H6806)
action_date: 2015-10-06
text: Considered as unfinished business. (consideration: CR H6818-6819)
action_date: 2015-10-06
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2015-10-06
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1839.
action_date: 2015-10-06
text: Considered under suspension of the rules. (consideration: CR H6805-6808)
action_date: 2015-10-06
text: Mr. Garrett moved to suspend the rules and pass the bill, as amended.
action_date: 2015-10-06
text: Placed on the Union Calendar, Calendar No. 213.
action_date: 2015-10-06
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-281.
action_date: 2015-10-06
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-281.
action_date: 2015-07-29
text: Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 0.
action_date: 2015-07-29
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-07-28
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-04-29
text: Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
action_date: 2015-04-16
text: Referred to the House Committee on Financial Services.
action_date: 2015-04-16
text: Introduced in House
action_date: 2015-04-16
text: Introduced in House