RACE Act of 2024

Bill: 118-hr-8222
Sponsor: full_name: Rep. Barr, Andy [R-KY-6]
Introduced: 2024-05-02
Policy area: Finance and Financial Sector
Latest action: action_date: 2024-05-02
text: Referred to the House Committee on Financial Services.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 8222 IN THE HOUSE OF REPRESENTATIVES May 2, 2024 Mr. Barr introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Act of 1933 to automatically approve offering statements filed with the Securities and Exchange Commission in connection with certain securities issued under Regulation A tier 2, and for other purposes.

1. Short title This Act may be cited as the Regulation Advancement for Capital Enhancement Act of 2024 or the RACE Act of 2024 . 2. Offering of substantially similar securities Section 3(b) of the Securities Act of 1933 ( 15 U.S.C. 77c(b) ) is amended by adding at the end the following: (6) Offering of substantially similar securities (A) In general With respect to a person who has issued a class of securities (whether preferred, common, or convertible securities) exempted under paragraph (2) and has filed an offering statement with the Commission with respect to such class that was approved by the Commission, an offering statement filed with the Commission in connection with an additional class of securities issued by the person and exempted under paragraph (2) shall be deemed approved by the Commission upon filing, if— (i) the securities in the additional class are substantially similar to, and have predefined characteristics in common with, the securities in the original class; (ii) the offering amount of each such class is less than $5,000,000; and (iii) the aggregate offering amount of the securities in all such additional classes that are offered and sold within the prior 12-month period in reliance on the exemption provided under this paragraph does not exceed the dollar limit provided for the aggregate offering amount for securities that are offered and sold within the prior 12-month period in reliance on the exemption provided under paragraph (2). (B) No requirement to have the same nature or terms For purposes of subparagraph (A)(ii), a security can be substantially similar to another security without having the same nature or terms. .