Streamlining Communications for Investors Act

Bill: 115-hr-6035
Sponsor: full_name: Rep. Budd, Ted [R-NC-13]
Introduced: 2018-06-07
Policy area: Finance and Financial Sector
Subjects: Financial services and investments

Licensing and registrations

Securities
Latest action: action_date: 2018-11-02
text: Placed on the Union Calendar, Calendar No. 790.

Summaries:
action_date: 2018-06-07
action_desc: Introduced in House
text: <p><b>Streamlining Communications for Investors Act </b></p> <p>This bill directs the Securities and Exchange Commission (SEC) to&nbsp;expand the&nbsp;exemption for well-known seasoned issuers from limitations on communicating&nbsp;with investors about unregistered securities. Specifically, the SEC must expand the exemption to include communications (including offers) made by an underwriter or dealer on behalf of a well-known seasoned issuer.</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6035 IN THE HOUSE OF REPRESENTATIVES June 7, 2018 Mr. Budd introduced the following bill; which was referred to the Committee on Financial Services A BILL To direct the Securities and Exchange Commission to revise section 230.163 of title 17, Code of Federal Regulations, to apply the exemption offered in such section to communications made by underwriters and dealers acting by or on behalf of a well-known seasoned issuer.

1. Short title This Act may be cited as the Streamlining Communications for Investors Act . 2. Exemption of communications made by underwriters and dealers acting by or on behalf of well-known seasoned issuer (a) In general Not later than 120 days after the date of the enactment of this section, the Securities and Exchange Commission shall revise section 230.163(c) of title 17, Code of Federal Regulations, to apply the exemption offered in section 230.163 of title 17, Code of Federal Regulations, to written and oral communications made by an underwriter or dealer acting by or on behalf of a well-known seasoned issuer if, before such a communication is made— (1) the underwriter or dealer making such communication receives written authorization from the well-known seasoned issuer to act as its agent or representative; and (2) the well-known seasoned issuer authorized or approved such communication. (b) Inclusion in prospectus A well-known seasoned issuer shall identify in the prospectus filed for an offering each underwriter or dealer that has made oral or written communications related the offering in reliance on the exemption under section 230.163 of title 17, Code of Federal Regulations. (c) Treatment if revisions not completed in a timely manner If the Commission fails to complete the revisions required by subsection (a) by the time required by such subsection, the exemption offered in section 230.163 of title 17, Code of Federal Regulations, shall be deemed to apply to written and oral communications made by an underwriter or dealer acting by or on behalf of a well-known seasoned issuer if, before such a communication is made— (1) the underwriter or dealer making such communication receives written authorization from the well-known seasoned issuer to act as its agent or representative; and (2) the well-known seasoned issuer authorized or approved such communication.

tv_txt: IB Union Calendar No. 790 115th CONGRESS 2d Session H. R. 6035 [Report No. 115–1009] IN THE HOUSE OF REPRESENTATIVES June 7, 2018 Mr. Budd introduced the following bill; which was referred to the Committee on Financial Services November 2, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed A BILL To direct the Securities and Exchange Commission to revise section 230.163 of title 17, Code of Federal Regulations, to apply the exemption offered in such section to communications made by underwriters and dealers acting by or on behalf of a well-known seasoned issuer.

1. Short title This Act may be cited as the Streamlining Communications for Investors Act . 2. Exemption of communications made by underwriters and dealers acting by or on behalf of well-known seasoned issuer (a) In general Not later than 120 days after the date of the enactment of this section, the Securities and Exchange Commission shall revise section 230.163(c) of title 17, Code of Federal Regulations, to apply the exemption offered in section 230.163 of title 17, Code of Federal Regulations, to written and oral communications made by an underwriter or dealer acting by or on behalf of a well-known seasoned issuer if, before such a communication is made— (1) the underwriter or dealer making such communication receives written authorization from the well-known seasoned issuer to act as its agent or representative; and (2) the well-known seasoned issuer authorized or approved such communication. (b) Inclusion in prospectus A well-known seasoned issuer shall identify in the prospectus filed for an offering each underwriter or dealer that has made oral or written communications related the offering in reliance on the exemption under section 230.163 of title 17, Code of Federal Regulations. (c) Treatment if revisions not completed in a timely manner If the Commission fails to complete the revisions required by subsection (a) by the time required by such subsection, the exemption offered in section 230.163 of title 17, Code of Federal Regulations, shall be deemed to apply to written and oral communications made by an underwriter or dealer acting by or on behalf of a well-known seasoned issuer if, before such a communication is made— (1) the underwriter or dealer making such communication receives written authorization from the well-known seasoned issuer to act as its agent or representative; and (2) the well-known seasoned issuer authorized or approved such communication.

November 2, 2018 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed