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Bill114th CongressFiled Apr 16, 2015Finance and Financial Sector
H.R. 1839

Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015

Bill journey · stage 2 of 5

Under committee review

Filed
Comm.
Floor
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Law

What it doesSummary passed house amended (Oct 6, 2015)

Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015

(Sec. 2) The Securities Act of 1933 is amended to exempt from security registration requirements, and related prohibitions against using interstate commerce and the mails for the sale or delivery of securities after sale, any transaction where:

  • each purchaser is an accredited investor;
  • neither the seller, nor any person acting on the seller's behalf, offers or sells securities by general solicitation or advertising;
  • the seller and prospective purchaser obtain from an issuer meeting certain criteria reasonably current specified information;
  • the transaction is not for the sale of a security whose seller is neither an issuer nor a subsidiary of the issuer;
  • neither the seller, nor any person receiving remuneration for participating in the offer or sale of the securities, is subject to certain legal disqualification (bad actor);
  • the issuer is engaged in business, is not in the organizational stage or in bankruptcy or receivership, and is not a blank check, blind pool, or shell company with no specific business plan or purpose or has indicated that the issuer's primary business plan is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person;
  • the transaction does not involve a security that constitutes the whole or part of an unsold allotment to, or a subscription or participation by, a broker or dealer as an underwriter of the security or a redistribution; and
  • the transaction does involve a security of a class authorized and outstanding for at least 90 days before the transaction.

Securities acquired in such exempt transactions shall be deemed to: (1) have been acquired in a transaction not involving any public offering, (2) not be a distribution involving an underwriter, and (2) be restricted securities not subject to certain transaction requirements.

All transactions under this Act shall be exempt from state regulation of securities offerings.

What just happenedOct 7, 2015

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

Who’s behind it

Rep. McHenry, Patrick T. [R-NC-10](R-NC)Sponsor
1 cosponsor1 R
Read on Congress.gov
1cosponsors2committees19actions1related bills2subjects
  1. Oct 7, 2015IntroReferral

    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. Oct 6, 2015FloorH37300

    On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 404 - 0 (Roll no. 535). (text: CR H6806)

  3. Oct 6, 2015FloorH38310

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

  4. Oct 6, 2015Floor8000

    Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 404 - 0 (Roll no. 535).(text: CR H6806)

  5. Oct 6, 2015FloorH30000

    Considered as unfinished business. (consideration: CR H6818-6819)

  6. Oct 6, 2015FloorH37220

    At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.

  7. Oct 6, 2015FloorH8D000

    DEBATE - The House proceeded with forty minutes of debate on H.R. 1839.

  8. Oct 6, 2015FloorH30000

    Considered under suspension of the rules. (consideration: CR H6805-6808)

  9. Oct 6, 2015FloorH30300

    Mr. Garrett moved to suspend the rules and pass the bill, as amended.

  10. Oct 6, 2015CalendarsH12410

    Placed on the Union Calendar, Calendar No. 213.

  11. Oct 6, 2015CommitteeH12200

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-281.

    Financial Services Committee
  12. Oct 6, 2015Committee5000

    Reported (Amended) by the Committee on Financial Services. H. Rept. 114-281.

    Financial Services Committee
  13. Jul 29, 2015Committee

    Ordered to be Reported (Amended) by the Yeas and Nays: 58 - 0.

    Financial Services Committee
  14. Jul 29, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  15. Jul 28, 2015Committee

    Committee Consideration and Mark-up Session Held.

    Financial Services Committee
  16. Apr 29, 2015Committee

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

    Capital Markets Subcommittee
  17. Apr 16, 2015IntroReferralH11100

    Referred to the House Committee on Financial Services.

    Financial Services Committee
  18. Apr 16, 2015IntroReferralIntro-H

    Introduced in House

  19. Apr 16, 2015IntroReferral1000

    Introduced in House

Passed House amendedOct 6, 201536

Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015

(Sec. 2) The Securities Act of 1933 is amended to exempt from security registration requirements, and related prohibitions against using interstate commerce and the mails for the sale or delivery of securities after sale, any transaction where:

  • each purchaser is an accredited investor;
  • neither the seller, nor any person acting on the seller's behalf, offers or sells securities by general solicitation or advertising;
  • the seller and prospective purchaser obtain from an issuer meeting certain criteria reasonably current specified information;
  • the transaction is not for the sale of a security whose seller is neither an issuer nor a subsidiary of the issuer;
  • neither the seller, nor any person receiving remuneration for participating in the offer or sale of the securities, is subject to certain legal disqualification (bad actor);
  • the issuer is engaged in business, is not in the organizational stage or in bankruptcy or receivership, and is not a blank check, blind pool, or shell company with no specific business plan or purpose or has indicated that the issuer's primary business plan is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person;
  • the transaction does not involve a security that constitutes the whole or part of an unsold allotment to, or a subscription or participation by, a broker or dealer as an underwriter of the security or a redistribution; and
  • the transaction does involve a security of a class authorized and outstanding for at least 90 days before the transaction.

Securities acquired in such exempt transactions shall be deemed to: (1) have been acquired in a transaction not involving any public offering, (2) not be a distribution involving an underwriter, and (2) be restricted securities not subject to certain transaction requirements.

All transactions under this Act shall be exempt from state regulation of securities offerings.

Introduced in HouseApr 16, 2015

Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015

Amends the Securities Act of 1933 to exempt from prohibitions relating to interstate commerce and the mails any transaction where: (1) each purchaser is an accredited investor; and (2) if the securities are offered by means of any general solicitation or general advertising, all such sales are made through a platform available only to accredited investors.

Denies such exemption to transactions where the seller is: (1) either an issuer, its subsidiaries or parent; (2) a dealer; or (3) an underwriter acting on behalf of the issuer, its subsidiaries, or parent, which receives compensation from the issuer with respect to such sale.

Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 20… — Informed