Energize Emerging Opportunities Act

Bill: 113-hr-4392
Sponsor: full_name: Rep. Fincher, Stephen Lee [R-TN-8]
Introduced: 2014-04-03
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Commodities markets

Commodity Futures Trading Commission

Licensing and registrations
Latest action: action_date: 2014-04-22
text: Referred to the Subcommittee on General Farm Commodities and Risk Management.

Summaries:
action_date: 2014-04-03
action_desc: Introduced in House
text: <p>Energize Emerging Opportunities Act - Directs the Commodity Futures Trading Commission (CFTC) to amend regulations regarding criteria qualifying certain registered commodity pool operators for exemption from requirements for specified risk disclosures, performance disclosures, periodic reporting, annual reporting, and recordkeeping.</p> <p>Alters one criterion for qualification for such exemptions currently granted to: (1) registered commodity pool operators who sell participations in a pool solely to qualified eligible persons in an offering which qualifies for exemption from the registration requirements of the Securities Act, and (2) certain banks registered as commodity pool operators in connection with a pool that is a collective trust fund whose securities are exempt from registration under the Securities Act.</p> <p>Repeals the current additional criterion for such banks that the securities must be offered or sold, without marketing to the public, solely to qualified eligible persons. Replaces such criterion with one stating simply that the securities must be sold solely to qualified eligible persons. (Thus, eliminates the requirement that such securities be offered or sold without marketing to the public, and so allows such marketing.)</p> <p>Repeals the current prerequisite for exemption of interests in a commodity pool from registration under the Securities Act of 1933 that such interests be offered and sold without marketing to the public in the United States. Requires such interests, instead, simply to be offered and sold pursuant to specified requirements for exempted transactions. (Thus, also eliminates the requirement that such interests be offered and sold without marketing to the public in the United States, and so allows such marketing.)</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 4392 IN THE HOUSE OF REPRESENTATIVES April 3, 2014 Mr. Fincher introduced the following bill; which was referred to the Committee on Agriculture A BILL To align exemptions for general solicitation of investment in commodity pools similar to the exemption provided for general solicitation of securities under the Jumpstart Our Business Startups Act.

1. Short title This Act may be cited as the Energize Emerging Opportunities Act . 2. Exemption for general solicitation of investment in commodity pools Within 90 days after the date of the enactment of this Act, the Commodity Futures Trading Commission shall— (1) revise section 4.7(b) of title 17, Code of Federal Regulations, in the matter preceding paragraph (1), to read as follows: (b) Relief available to commodity pool operators . Upon filing the notice required by paragraph (d) of this section, and subject to compliance with the conditions specified in paragraph (d) of this section, any registered commodity pool operator who sells participations in a pool solely to qualified eligible persons in an offering which qualifies for exemption from the registration requirements of the Securities Act pursuant to section 4(2) of that Act or pursuant to Regulation S, 17 CFR 230.901 et seq ., and any bank registered as a commodity pool operator in connection with a pool that is a collective trust fund whose securities are exempt from registration under the Securities Act pursuant to section 3(a)(2) of that Act and are sold solely to qualified eligible persons, may claim any or all of the following relief with respect to such pool: ; and (2) revise section 4.13(a)(3)(i) of such title to read as follows: (i) Interests in the pool are exempt from registration under the Securities Act of 1933, and such interests are offered and sold pursuant to section 4 of the Securities Act of 1933 and the regulations thereunder; .