More Accurate Metrics in Securities Law Act

Bill: 117-hr-6750
Sponsor: full_name: Rep. Steube, W. Gregory [R-FL-17]
Introduced: 2022-02-15
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-02-15
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2022-02-15
action_desc: Introduced in House
text: <p><strong>More Accurate Metrics in Securities Law Act </strong></p> <p>This bill revises the registration requirements for issuers of securities. Currently, nonexempt, nonbank issuers must register their securities with the Securities and Exchange Commission (SEC) after a fiscal year in which the issuer has total assets exceeding $10 million and a class of equity security held by either (1) 2,000 persons, or (2) 500 persons who are not accredited investors. </p> <p>The bill increases the asset threshold to $15 million and requires the SEC to determine by rule the number of beneficial owners who hold a security or the amount of market capitalization beyond which registration by the issuer is required. </p>

tv_txt: I 117th CONGRESS 2d Session H. R. 6750 IN THE HOUSE OF REPRESENTATIVES February 15, 2022 Mr. Steube (for himself and Mr. Donalds ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Exchange Act of 1934 with respect to certain security registration thresholds, and for other purposes.

1. Short title This Act may be cited as the More Accurate Metrics in Securities Law Act . 2. Security registration thresholds (a) In general Section 12(g)(1)(A) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(g)(1)(A) ) is amended to read as follows: (A) within 120 days after the last day of its first fiscal year ended on which the issuer has— (i) total assets exceeding $15,000,000; and (ii) either— (I) a class of equity security (other than an exempted security) held of record by greater than a number of beneficial owners determined by the Commission by rule; or (II) market capitalization exceeding an amount determined by the Commission by rule, and . (b) Effective date The amendment made by subsection (a) shall take effect on the date that is 180 days after the date of the enactment of this Act.