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Private Placement Improvement Act of 2016

1/11/2023, 1:31 PM

Congressional Summary of HR 4852

Private Placement Improvement Act of 2016

This bill directs the Securities and Exchange Commission (SEC) to revise the filing requirements of Regulation D (which provides exemptions from securities registration requirements) to require an issuer that offers or sells securities in reliance upon a certain exemption from registration (for limited offers and sales without regard to the dollar amount of the offering [Rule 506]) to file, no earlier than 15 days after the date of first sale of such securities, a single notice of sales containing the information required by Form D (used to file a notice of an exempt offering of securities under Regulation D) for each new offering of securities.

The SEC shall not: (1) require the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) condition the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) require issuers to submit written general solicitation materials in connection with a limited offering subject to Rule 506, except when it requests such materials pursuant to specified authority.

The SEC shall revise a specified rule, regarding a Rule 506 offering of a private fund, to characterize as an accredited investor a "knowledgeable employee" of that private fund or the fund's investment adviser.

The SEC shall not extend to private funds the requirements governing investment company sales literature.

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Current Status of Bill HR 4852

Bill HR 4852 is currently in the status of Bill Introduced since March 23, 2016. Bill HR 4852 was introduced during Congress 114 and was introduced to the House on March 23, 2016.  Bill HR 4852's most recent activity was Placed on the Union Calendar, Calendar No. 562. as of September 6, 2016

Bipartisan Support of Bill HR 4852

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
1
Democrat Cosponsors
0
Republican Cosponsors
1
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 4852

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Administrative law and regulatory procedures
- Business records
- Corporate finance and management
- Financial services and investments
- Government information and archives
- Securities
- Securities and Exchange Commission (SEC)

Alternate Title(s) of Bill HR 4852

Private Placement Improvement Act of 2016
To direct the Securities and Exchange Commission to revise Regulation D relating to exemptions from registration requirements for certain sales of securities.
Private Placement Improvement Act of 2016

Comments

Sponsors and Cosponsors of HR 4852

Scott Garrett
Scott Garrett
New JerseyRepublican
Patrick T. McHenry
Patrick T. McHenry
North CarolinaRepublican

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