Unlocking Capital for Small Businesses Act of 2022

Senate Bill 3922 - Unlocking Capital for Small Businesses Act of 2022: Overview, Status, and Impact

Hozzl · 2022-12-29T22:33:28Z

Explore the details of Senate Bill 3922 Unlocking Capital for Small Businesses Act of 2022 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

12/29/2022, 10:33 PM

Congressional Summary of S 3922

Unlocking Capital for Small Businesses Act of 2022

This bill revises the regulatory treatment of private-placement brokers (brokers who receive transaction-based compensation for the sale of securities to preselected individuals or institutions) and finders (private-placement brokers who do not exceed a specified amount of compensation, transaction value, or number of transactions in a year).

Specifically, the bill (1) requires the Securities and Exchange Commission to establish registration requirements for private-placement brokers that are no more stringent than those imposed on crowdfunding portals, (2) allows for membership in any national securities association for private-placement brokers, (3) exempts private-placement brokers from broker regulations, and (4) otherwise modifies provisions related to private-placement brokers and finders.

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Current Status of Bill S 3922

Bill S 3922 is currently in the status of Bill Introduced since March 24, 2022. Bill S 3922 was introduced during Congress 117 and was introduced to the Senate on March 24, 2022. Bill S 3922's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. as of April 5, 2022