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Micro Offering Safe Harbor Act
1/11/2023, 1:31 PM
Congressional Summary of HR 4850
Micro Offering Safe Harbor Act
This bill amends the Securities Act of 1933 to exempt from specified prohibitions against the sale or delivery after sale of unregistered securities, among other things, transactions involving the sale of securities by an issuer of micro-offerings that meet all of the following criteria:
- each purchaser has a substantive pre-existing relationship with either an officer or director of the issuer, or with a shareholder holding 10% or more of the issuer's shares;
- during the 12-month period preceding the transaction there are no more than 35 purchasers of such micro-offerings sold in reliance on this exemption; and
- the aggregate amount of all securities sold by the issuer (including any amount sold in reliance upon the exemption) during the 12-month period preceding the transaction does not exceed $500,000.
The exemption provided under this bill is not available for a transaction involving a sale of securities if any of specified persons connected with their issuance would have triggered disqualification as a "bad actor" pursuant to regulations under the Act.
The bill also exempts such micro-offerings from state regulation of securities offerings.
Read the Full Bill
Current Status of Bill HR 4850
Bill HR 4850 is currently in the status of Bill Introduced since March 23, 2016. Bill HR 4850 was introduced during Congress 114 and was introduced to the House on March 23, 2016. Bill HR 4850's most recent activity was Placed on the Union Calendar, Calendar No. 561. as of September 6, 2016
Bipartisan Support of Bill HR 4850
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
7Democrat Cosponsors
0Republican Cosponsors
7Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 4850
Primary Policy Focus
Finance and Financial SectorPotential Impact Areas
- Securities
- State and local government operations
Alternate Title(s) of Bill HR 4850
Micro Offering Safe Harbor Act
To amend the Securities Act of 1933 to exempt certain micro-offerings from the registration requirements of such Act, and for other purposes.
Micro Offering Safe Harbor Act
Micro Offering Safe Harbor Act
Comments
Sponsors and Cosponsors of HR 4850
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