Holding SPACs Accountable Act of 2021

Bill: 117-hr-5910
Sponsor: full_name: Del. San Nicolas, Michael F. Q. [D-GU-At Large]
Introduced: 2021-11-09
Policy area: Finance and Financial Sector
Subjects: Corporate finance and management

Financial services and investments

Licensing and registrations

Securities
Latest action: action_date: 2021-11-16
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 27 - 23.

Summaries:
action_date: 2021-11-09
action_desc: Introduced in House
text: <p><strong>Holding SPACs Accountable Act of 2021 </strong></p> <p>This bill revises the exclusion from safe harbor protections from liability applicable to forward-looking statements (i.e., statements that predict, project, or use future events as expectations or possibilities) made in connection with certain investments. Specifically, it excludes from the safe harbor a development stage company that has no specific business plan or purpose or has indicated that its business plan is to acquire or merge with an unidentified company, entity, or person (e.g., a special purpose acquisition company).</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5910 IN THE HOUSE OF REPRESENTATIVES November 9, 2021 Mr. San Nicolas introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Act of 1933 and the Securities Exchange Act of 1934 to exclude certain special purpose acquisition companies from safe harbor for forward-looking statements, and for other purposes.

1. Short title This Act may be cited as the Holding SPACs Accountable Act of 2021 . 2. Certain special purpose acquisition companies excluded from safe harbor for forward-looking statements (a) Securities Act of 1933 Section 27A of the Securities Act of 1933 ( 15 U.S.C. 77z–2 ) is amended— (1) in subsection (b)(1)(B), by striking a blank check company and inserting a development stage company that has no specific business plan or purpose or has indicated that its business plan is to acquire or merge with an unidentified company, entity, or person ; and (2) in subsection (i)(7), by striking “blank check company”, . (b) Securities Exchange Act of 1934 Section 21E of the Securities Exchange Act of 1934 ( 15 U.S.C. 78u–5 ) is amended— (1) in subsection (b)(1)(B), by striking a blank check company and inserting a development stage company that has no specific business plan or purpose or has indicated that its business plan is to acquire or merge with an unidentified company, entity, or person ; and (2) in subsection (i)(5), by striking “blank check company”, .