Fostering Innovation Act of 2013

Bill: 113-hr-2629
Sponsor: full_name: Rep. Fitzpatrick, Michael G. [R-PA-8]
Introduced: 2013-07-09
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

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Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2014-06-11
text: Ordered to be Reported by the Yeas and Nays: 31 - 28.

Summaries:
action_date: 2013-07-09
action_desc: Introduced in House
text: <p>Fostering Innovation Act of 2013 - Directs the Securities and Exchange Commission (SEC) to redefine &quot;accelerated filer&quot; with respect to issuers of securities required to meet accelerated deadlines for filing their Form 10-Q quarterly reports.</p> <p>Requires the SEC to include among accelerated filers any issuers of securities that have: (1) annual revenues in excess of $100 million, and (2) an aggregated worldwide market value between $250 million and $700 million of the voting and non-voting common equity held by non-affiliates.</p> <BR>

tv_txt: I 113th CONGRESS 1st Session H. R. 2629 IN THE HOUSE OF REPRESENTATIVES July 9, 2013 Mr. Fitzpatrick introduced the following bill; which was referred to the Committee on Financial Services A BILL To provide an exemption for low-revenue companies from certain SEC regulations.

1. Short title This Act may be cited as the Fostering Innovation Act of 2013 . 2. Exemption for low-revenue companies from certain SEC regulations Not later than 180 days after the date of the enactment of this Act, the Securities and Exchange Commission shall revise the definition of accelerated filer , as such term is defined in Rule 12b–2 of the Commission (17 C.F.R. 240.12b–2), to include issuers that have annual revenues of greater than $100,000,000 during the most recently completed fiscal year for which audited financial statements are available and have an aggregated worldwide market value of the voting and non-voting common equity held by its non-affiliates of $250,000,000 or more, but less than $700,000,000, as of the last business day of the issuer’s most recently completed second fiscal quarter.