Expanding WKSI Eligibility Act

Bill: 119-hr-4430
Sponsor: full_name: Rep. Steil, Bryan [R-WI-1]
Introduced: 2025-07-16
Policy area: Finance and Financial Sector
Subjects: Business investment and capital

Corporate finance and management

Securities
Latest action: action_date: 2025-09-08
text: Placed on the Union Calendar, Calendar No. 204.

Summaries:

tv_txt: IB Union Calendar No. 204 119th CONGRESS 1st Session H. R. 4430 [Report No. 119–247] IN THE HOUSE OF REPRESENTATIVES July 16, 2025 Mr. Steil introduced the following bill; which was referred to the Committee on Financial Services September 8, 2025 Additional sponsors: Mr. Fields , Mr. Meuser , and Mr. Himes September 8, 2025 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on July 16, 2025 A BILL To lower the aggregate market value of voting and non-voting common equity necessary for an issuer to qualify as a well-known seasoned issuer.

1. Short title This Act may be cited as the Expanding WKSI Eligibility Act . 2. Definition of well-known seasoned issuer (a) In general For purposes of the Federal securities laws, and regulations issued thereunder, an issuer shall be a well-known seasoned issuer if— (1) the aggregate market value of the voting and non-voting common equity held by non-affiliates of the issuer is $400,000,000 or more (as determined under Form S–3 general instruction I.B.1. as in effect on the date of enactment of this Act); and (2) the issuer otherwise satisfies the requirements of the definition of well-known seasoned issuer contained in section 230.405 of title 17, Code of Federal Regulations (as in effect on the date of enactment of this Act) without reference to any requirement in such definition relating to minimum worldwide market value of outstanding voting and non-voting common equity held by non-affiliates. (b) Report on withdrawn applications related to well-known seasoned issuer status The Securities and Exchange Commission shall, not later than 90 days after the end of each calendar year, publish the total number of applications submitted during such calendar year where the applicant— (1) submitted the application under section 230.405 of title 17, Code of Federal Regulations, for a determination by the Commission that the applicant not be considered an ineligible issuer under such section; (2) requested such determination in order to meet the definition of a well-known seasoned issuer under such section; and (3) withdrew the application.

September 8, 2025 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 119th CONGRESS 1st Session H. R. 4430 IN THE HOUSE OF REPRESENTATIVES July 16, 2025 Mr. Steil introduced the following bill; which was referred to the Committee on Financial Services A BILL To lower the aggregate market value of voting and non-voting common equity necessary for an issuer to qualify as a well-known seasoned issuer.

1. Definition of well-known seasoned issuer For purposes of the Federal securities laws, and regulations issued thereunder, an issuer shall be a well-known seasoned issuer if— (1) the aggregate market value of the voting and non-voting common equity held by non-affiliates of the issuer is $75,000,000 or more (as determined under Form S–3 general instruction I.B.1. as in effect on the date of enactment of this Act); and (2) the issuer otherwise satisfies the requirements of the definition of well-known seasoned issuer contained in section 230.405 of title 17, Code of Federal Regulations (as in effect on the date of enactment of this Act) without reference to any requirement in such definition relating to minimum worldwide market value of outstanding voting and non-voting common equity held by non-affiliates.