Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

Bill: 115-hr-477
Sponsor: Rep. Huizenga, Bill [R-MI-2]
Introduced: 2017-01-12 in the House
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation
Business records
Corporate finance and management
Licensing and registrations
Securities
Small business

Summary:
action_date: 2017-01-12
text: 

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

 
This bill amends the Securities Exchange Act of 1934 to generally exempt certain merger-and-acquisition brokers from that Act's registration requirements. This exemption shall not apply, however, to brokers that: (1) receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer of a privately held company that meets specified conditions; (2) engage on behalf of an issuer in a public offering of registered securities; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration or to other specified disqualifications.

action_date: 2017-11-30
text: 
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
 

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

 
(Sec. 2) This bill amends the Securities Exchange Act of 1934 to generally exempt certain merger-and-acquisition brokers from that Act's registration requirements. This exemption shall not apply, however, to brokers that: (1) receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer of a privately held company that meets specified conditions; (2) engage on behalf of an issuer in a public offering of registered securities; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration or to other specified disqualifications.

action_date: 2017-12-07
text: 

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

 
(Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that: 
 
 
 receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer; 
 
engage on behalf of an issuer in a public offering of registered securities; 
 
engage on behalf of any party in a transaction involving specified shell companies;
 
provide financing related to the transfer of ownership;
 
assist any party to obtain financing from a third party in specified circumstances;
 
represent both buyer and seller without disclosure and consent from both parties;
 
facilitate a transaction with a group of buyers formed with the assistance of the broker;
 
engage in transferring ownership to a passive buyer;
 
bind a party to a transfer of ownership; or 
 
are subject to suspension or revocation of registration or to other specified disqualifications. 
 


Legislative actions:
action_date: 2017-12-11
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2017-12-07
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2017-12-07
text: On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
action_date: 2017-12-07
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
action_date: 2017-12-07
text: Considered as unfinished business. (consideration: CR H9742-9743)
action_date: 2017-12-07
text: POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 477, the Chair put the question on passage of the bill, and announced by voice vote that the ayes had prevailed. Mr. Hensarling demanded the yeas and nays, and the Chair postponed further proceedings on the question of passage until later in the legislative day.
action_date: 2017-12-07
text: DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
action_date: 2017-12-07
text: DEBATE - The House proceeded with one hour of debate on H.R. 477.
action_date: 2017-12-07
text: Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
action_date: 2017-12-07
text: Considered under the provisions of rule H. Res. 647. (consideration: CR H9739-9742; text of amendment in the nature of a substitute: CR H9739-9740)
action_date: 2017-12-06
text: Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
action_date: 2017-11-30
text: Placed on the Union Calendar, Calendar No. 318.
action_date: 2017-11-30
text: Reported by the Committee on Financial Services. H. Rept. 115-431.
action_date: 2017-11-30
text: Reported by the Committee on Financial Services. H. Rept. 115-431.
action_date: 2017-10-12
text: Ordered to be Reported by the Yeas and Nays: 37 - 23.
action_date: 2017-10-12
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-10-11
text: Committee Consideration and Mark-up Session Held.
action_date: 2017-01-12
text: Referred to the House Committee on Financial Services.
action_date: 2017-01-12
text: Introduced in House
action_date: 2017-01-12
text: Introduced in House