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Restricted Securities Relief Act of 2014
To amend the securities laws to improve private market offerings, and for other purposes.
Summary
The Restricted Securities Relief Act of 2014 amends securities regulations to ease restrictions on the sale of restricted securities in private market offerings. The bill reduces the holding period for restricted securities issued by public companies from six months to three months, allowing investors to sell these securities sooner if the issuing company is subject to SEC reporting requirements. The bill also permits investors to sell restricted securities issued by companies that were formerly public companies after two years has elapsed from the date the company files a Form 8-K stating it is no longer a public company subject to SEC reporting. Additionally, the bill designates securities offered under Rule 144A as "covered securities" under the Securities Act, which affects the regulatory treatment of these privately offered securities.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Mulvaney, Mick [R-SC-5] (R-SC)
1 cosponsor
- Rep. Wagner, Ann [R-MO-2] (R-MO)
Actions (5)
- May 22, 2014 Ordered to be Reported by the Yeas and Nays: 29 - 28. · house
- May 22, 2014 Committee Consideration and Mark-up Session Held. · house
- May 1, 2014 Referred to the House Committee on Financial Services. · house
- May 1, 2014 Introduced in House
- Apr 9, 2014 Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral. · house
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
May 1, 2014
Mr. Mulvaney (for himself and Mrs. Wagner) introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To amend the securities laws to improve private market offerings, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Restricted Securities Relief Act of 2014”.
SEC. 2. IMPROVING PRIVATE MARKET OFFERINGS.
(a) Revisions to Regulations.—The Securities and Exchange Commission shall—
(1) revise section 230.144(d)(1)(i) of title 17, Code of Federal Regulations, to change the holding period for restricted securities issued by an issuer that is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934 from 6 months to 3 months; and
(2) revise section 230.144(i) of title 17, Code of Federal Regulations, to permit an issuer of securities that was described under paragraph (1) of such section 230.144(i) that has ceased to be an issuer described under such paragraph to sell such securities (subject to the requirements of such section) after two years has elapsed from the date that the issuer files a Form 8-K with the Commission stating that the issuer is no longer described under paragraph (1) of such section.
(b) Covered Securities.—Section 18(b) of the Securities Act of 1933 (15 U.S.C. 77r(b)) is amended by adding at the end the following:
“(5) Securities offered or sold under rule 144a.—A security is a covered security if it is offered or sold in compliance with the conditions set forth in section 230.144A of title 17, Code of Federal Regulations.”. <all>
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