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Small-Cap Access to Capital Act
To require the Securities and Exchange Commission to revise the definition of a well-known seasoned issuer to reduce the worldwide market value threshold under the definition.
Summary
The Small-Cap Access to Capital Act requires the Securities and Exchange Commission to revise the regulatory definition of a "well-known seasoned issuer" within 60 days of enactment. The bill reduces the worldwide market value threshold for qualifying as a well-known seasoned issuer from $700 million to $250 million based on the market value of outstanding voting and non-voting common equity held by non-affiliates. The bill also prohibits emerging growth companies from qualifying as well-known seasoned issuers. Well-known seasoned issuer status affects how companies can raise capital through securities offerings, including the types of securities they can offer and the registration procedures they must follow with the SEC.
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)
Actions (5)
- Jun 11, 2014 Ordered to be Reported by the Yeas and Nays: 32 - 27. · house
- Jun 11, 2014 Committee Consideration and Mark-up Session Held. · house
- May 21, 2014 Referred to the House Committee on Financial Services. · house
- May 21, 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)
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Full text
IN THE HOUSE OF REPRESENTATIVES
May 21, 2014
Mr. McCarthy of California introduced the following bill; which was referred to the Committee on Financial Services
A BILL
To require the Securities and Exchange Commission to revise the definition of a well-known seasoned issuer to reduce the worldwide market value threshold under the definition.
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 “Small-Cap Access to Capital Act”.
SEC. 2. DEFINITION OF WELL-KNOWN SEASONED ISSUER.
Not later than 60 days after the date of the enactment of this Act, the Securities and Exchange Commission shall revise its definition of a well-known seasoned issuer under section 230.405 of title 17, Code of Federal Regulations, to reduce the dollar amount under paragraph
(1)(i)(A) of such definition (relating to worldwide market value of outstanding voting and non-voting common equity held by non-affiliates) from $700 million to $250 million and to prohibit an emerging growth company from qualifying as a well-known seasoned issuer. <all>
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