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Bill115th CongressFiled Apr 27, 2017Finance and Financial Sector
H.R. 2201

Micro Offering Safe Harbor Act

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Nov 9, 2017)

Micro Offering Safe Harbor Act

(Sec. 2) This bill amends the Securities Act of 1933 to exempt certain micro-offerings from: (1) state regulation of securities offerings, and (2) federal prohibitions related to interstate solicitation.

The exempted micro-offerings must meet all of the following requirements:

  • the purchaser has a substantive pre-existing relationship with the issuer,
  • during the 12-month period preceding the transaction there are no more than 35 purchasers relying on the exemption, and
  • the 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.

A transaction shall not qualify for the exemption if the issuer or one of certain related persons triggers a "bad actor" disqualification under specified regulations due to a relevant criminal conviction, court or regulatory order, or other disciplinary event.

What just happenedNov 13, 2017

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Who’s behind it

Rep. Emmer, Tom [R-MN-6](R-MN)Sponsor
5 cosponsors5 R
Read on Congress.gov
5cosponsors2committees22actions1amendments2related bills2subjects
  1. Nov 13, 2017IntroReferral

    Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Banking, Housing, and Urban Affairs Committee
  2. Nov 9, 2017FloorH38310

    Motion to reconsider laid on the table Agreed to without objection.

  3. Nov 9, 2017FloorH37100

    On passage Passed by the Yeas and Nays: 232 - 188 (Roll no. 622).

  4. Nov 9, 2017Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 232 - 188 (Roll no. 622).

  5. Nov 9, 2017FloorH30000

    Considered as unfinished business. (consideration: CR H8678-8679)

  6. Nov 9, 2017FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 2201, the Chair put the question on passage and by voice vote, announced the ayes had prevailed. Ms. Maxine Waters (CA) demanded the yeas and nays and the Chair postponed further proceedings on the question of passage until a time to be announced.

  7. Nov 9, 2017FloorH8D000

    DEBATE - Pursuant to the provisions of H.Res. 609, the House proceeded with 10 minutes of debate on the Emmer amendment.

  8. Nov 9, 2017FloorH8D000

    DEBATE - The House resumed debate on H.R. 2201.

  9. Nov 9, 2017FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 2201.

  10. Nov 9, 2017FloorH8D000

    Rule provides for consideration of H.R. 2201 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions.

  11. Nov 9, 2017FloorH30000

    Considered under the provisions of rule H. Res. 609. (consideration: CR H8667-8678; text of measure as reported in House: CR H8667)

  12. Nov 8, 2017FloorH1L220

    Rule H. Res. 609 passed House.

  13. Nov 7, 2017FloorH1L210

    Rules Committee Resolution H. Res. 609 Reported to House. Rule provides for consideration of H.R. 2201 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions.

  14. Nov 1, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 280.

  15. Nov 1, 2017CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 115-383.

    Financial Services Committee
  16. Nov 1, 2017Committee5000

    Reported by the Committee on Financial Services. H. Rept. 115-383.

    Financial Services Committee
  17. Oct 12, 2017Committee

    Ordered to be Reported by the Yeas and Nays: 34 - 26.

    Financial Services Committee
  18. Oct 12, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  19. Oct 11, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  20. Apr 27, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  21. Apr 27, 2017IntroReferralIntro-H

    Introduced in House

  22. Apr 27, 2017IntroReferral1000

    Introduced in House

Passed House amendedNov 9, 201736

Micro Offering Safe Harbor Act

(Sec. 2) This bill amends the Securities Act of 1933 to exempt certain micro-offerings from: (1) state regulation of securities offerings, and (2) federal prohibitions related to interstate solicitation.

The exempted micro-offerings must meet all of the following requirements:

  • the purchaser has a substantive pre-existing relationship with the issuer,
  • during the 12-month period preceding the transaction there are no more than 35 purchasers relying on the exemption, and
  • the 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.

A transaction shall not qualify for the exemption if the issuer or one of certain related persons triggers a "bad actor" disqualification under specified regulations due to a relevant criminal conviction, court or regulatory order, or other disciplinary event.

Reported to House without amendmentNov 1, 201779

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Micro Offering Safe Harbor Act

(Sec. 2) This bill amends the Securities Act of 1933 to exempt certain micro-offerings from: (1) state regulation of securities offerings, and (2) federal prohibitions related to interstate solicitation.

The exempted micro-offerings must meet all of the following requirements:

  • the purchaser has a substantive pre-existing relationship with the issuer,
  • during the 12-month period preceding the transaction there are no more than 35 purchasers relying on the exemption, and
  • the 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.
Introduced in HouseApr 27, 2017

Micro Offering Safe Harbor Act

This bill amends the Securities Act of 1933 to exempt certain micro-offerings from: (1) state regulation of securities offerings, and (2) federal prohibitions related to interstate solicitation.

Micro Offering Safe Harbor Act — Informed