Private Placement Improvement Act of 2016

Bill: 114-hr-4852
Sponsor: Rep. Garrett, Scott [R-NJ-5]
Introduced: 2016-03-23 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Business records
Corporate finance and management
Financial services and investments
Government information and archives
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2016-03-23
text: 

Private Placement Improvement Act of 2016

 
 This bill directs the Securities and Exchange Commission (SEC) to revise the filing requirements of Regulation D (which provides exemptions from securities registration requirements) to require an issuer that offers or sells securities in reliance upon a certain exemption from registration (for limited offers and sales without regard to the dollar amount of the offering [Rule 506]) to file, no earlier than the date of first sale of such securities, a single notice of sales containing the information required by Form D (used to file a notice of an exempt offering of securities under Regulation D) for each new offering of securities.
 
 The SEC shall not: (1) require the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) condition the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) require issuers to submit written general solicitation materials in connection with a limited offering subject to Rule 506, except when it requests such materials pursuant to specified authority. 
 
 The SEC shall revise a specified rule, regarding a Rule 506 offering of a private fund, to characterize as an accredited investor a &quot;knowledgeable employee&quot; of that private fund or the fund's investment adviser. 
 
 The SEC shall not extend to private funds the requirements governing investment company sales literature.

action_date: 2016-09-06
text: 

Private Placement Improvement Act of 2016

 
 This bill directs the Securities and Exchange Commission (SEC) to revise the filing requirements of Regulation D (which provides exemptions from securities registration requirements) to require an issuer that offers or sells securities in reliance upon a certain exemption from registration (for limited offers and sales without regard to the dollar amount of the offering [Rule 506]) to file, no earlier than 15 days after the date of first sale of such securities, a single notice of sales containing the information required by Form D (used to file a notice of an exempt offering of securities under Regulation D) for each new offering of securities.
 
 The SEC shall not: (1) require the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) condition the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) require issuers to submit written general solicitation materials in connection with a limited offering subject to Rule 506, except when it requests such materials pursuant to specified authority. 
 
 The SEC shall revise a specified rule, regarding a Rule 506 offering of a private fund, to characterize as an accredited investor a &quot;knowledgeable employee&quot; of that private fund or the fund's investment adviser. 
 
 The SEC shall not extend to private funds the requirements governing investment company sales literature.


Legislative actions:
action_date: 2016-09-06
text: Placed on the Union Calendar, Calendar No. 562.
action_date: 2016-09-06
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-726.
action_date: 2016-09-06
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-726.
action_date: 2016-06-16
text: Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 26.
action_date: 2016-06-16
text: Committee Consideration and Mark-up Session Held.
action_date: 2016-06-15
text: Committee Consideration and Mark-up Session Held.
action_date: 2016-04-14
text: Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
action_date: 2016-03-23
text: Referred to the House Committee on Financial Services.
action_date: 2016-03-23
text: Introduced in House
action_date: 2016-03-23
text: Introduced in House