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Bill115th CongressFiled Jan 12, 2017Finance and Financial Sector
H.R. 477

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

Bill journey · stage 2 of 5

Under committee review

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What it doesSummary passed house amended (Dec 7, 2017)

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that:

  • receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer;
  • engage on behalf of an issuer in a public offering of registered securities;
  • engage on behalf of any party in a transaction involving specified shell companies;
  • provide financing related to the transfer of ownership;
  • assist any party to obtain financing from a third party in specified circumstances;
  • represent both buyer and seller without disclosure and consent from both parties;
  • facilitate a transaction with a group of buyers formed with the assistance of the broker;
  • engage in transferring ownership to a passive buyer;
  • bind a party to a transfer of ownership; or
  • are subject to suspension or revocation of registration or to other specified disqualifications.

What just happenedDec 11, 2017

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

Who’s behind it

Rep. Huizenga, Bill [R-MI-2](R-MI)Sponsor
10 cosponsors2 D8 R
Read on Congress.gov
10cosponsors2committees20actions2amendments5related bills6subjects
  1. Dec 11, 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. Dec 7, 2017FloorH38310

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

  3. Dec 7, 2017FloorH37100

    On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).

  4. Dec 7, 2017Floor8000

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).

  5. Dec 7, 2017FloorH30000

    Considered as unfinished business. (consideration: CR H9742-9743)

  6. Dec 7, 2017FloorH8D000

    POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 477, the Chair put the question on passage of the bill, and announced by voice vote that the ayes had prevailed. Mr. Hensarling demanded the yeas and nays, and the Chair postponed further proceedings on the question of passage until later in the legislative day.

  7. Dec 7, 2017FloorH8D000

    DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.

  8. Dec 7, 2017FloorH8D000

    DEBATE - The House proceeded with one hour of debate on H.R. 477.

  9. Dec 7, 2017FloorH8D000

    Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion

  10. Dec 7, 2017FloorH30000

    Considered under the provisions of rule H. Res. 647. (consideration: CR H9739-9742; text of amendment in the nature of a substitute: CR H9739-9740)

  11. Dec 6, 2017FloorH1L210

    Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion

  12. Nov 30, 2017CalendarsH12410

    Placed on the Union Calendar, Calendar No. 318.

  13. Nov 30, 2017CommitteeH12200

    Reported by the Committee on Financial Services. H. Rept. 115-431.

    Financial Services Committee
  14. Nov 30, 2017Committee5000

    Reported by the Committee on Financial Services. H. Rept. 115-431.

    Financial Services Committee
  15. Oct 12, 2017Committee

    Ordered to be Reported by the Yeas and Nays: 37 - 23.

    Financial Services Committee
  16. Oct 12, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  17. Oct 11, 2017Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  18. Jan 12, 2017IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  19. Jan 12, 2017IntroReferralIntro-H

    Introduced in House

  20. Jan 12, 2017IntroReferral1000

    Introduced in House

Passed House amendedDec 7, 201736

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that:

  • receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer;
  • engage on behalf of an issuer in a public offering of registered securities;
  • engage on behalf of any party in a transaction involving specified shell companies;
  • provide financing related to the transfer of ownership;
  • assist any party to obtain financing from a third party in specified circumstances;
  • represent both buyer and seller without disclosure and consent from both parties;
  • facilitate a transaction with a group of buyers formed with the assistance of the broker;
  • engage in transferring ownership to a passive buyer;
  • bind a party to a transfer of ownership; or
  • are subject to suspension or revocation of registration or to other specified disqualifications.
Reported to House without amendmentNov 30, 201779

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

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to generally exempt certain merger-and-acquisition brokers from that Act's registration requirements. This exemption shall not apply, however, to brokers that: (1) receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer of a privately held company that meets specified conditions; (2) engage on behalf of an issuer in a public offering of registered securities; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration or to other specified disqualifications.

Introduced in HouseJan 12, 2017

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

This bill amends the Securities Exchange Act of 1934 to generally exempt certain merger-and-acquisition brokers from that Act's registration requirements. This exemption shall not apply, however, to brokers that: (1) receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer of a privately held company that meets specified conditions; (2) engage on behalf of an issuer in a public offering of registered securities; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration or to other specified disqualifications.

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 — Informed