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Bill114th CongressFiled Mar 23, 2016Finance and Financial Sector
H.R. 4852

Private Placement Improvement Act of 2016

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What it doesSummary reported to house with amendment(s) (Sep 6, 2016)

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.

What just happenedSep 6, 2016

Placed on the Union Calendar, Calendar No. 562.

Who’s behind it

Rep. Garrett, Scott [R-NJ-5](R-NJ)Sponsor
1 cosponsor1 R
Read on Congress.gov
1cosponsors1committees10actions2related bills7subjects
  1. Sep 6, 2016CalendarsH12410

    Placed on the Union Calendar, Calendar No. 562.

  2. Sep 6, 2016CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-726.

    Financial Services Committee
  3. Sep 6, 2016Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-726.

    Financial Services Committee
  4. Jun 16, 2016Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 26.

    Financial Services Committee
  5. Jun 16, 2016Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  6. Jun 15, 2016Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  7. Apr 14, 2016Committee

    Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.

    Capital Markets Subcommittee
  8. Mar 23, 2016IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  9. Mar 23, 2016IntroReferralIntro-H

    Introduced in House

  10. Mar 23, 2016IntroReferral1000

    Introduced in House

Reported to House with amendment(s)Sep 6, 201617

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.

Introduced in HouseMar 23, 2016

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 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.

Private Placement Improvement Act of 2016 — Informed