Bill > S3922

This bill, the Unlocking Capital for Small Businesses Act of 2022, aims to create a safe harbor for private placement brokers and finders to facilitate the capital-raising process for small businesses. The key provisions include: 1) Requiring the Securities and Exchange Commission (SEC) to promulgate regulations for private placement brokers that are no more stringent than those imposed on funding portals, and to require national securities associations to allow private placement brokers to become members with reduced membership requirements. 2) Defining "private placement brokers" as persons who receive transaction-based compensation for introducing issuers and buyers in private securities transactions, and establishing disclosure requirements for such brokers. 3) Defining "finders" as persons who receive limited transaction-based compensation (up to $500,000 per year or for transactions up to $15-30 million per year) and exempting them from broker registration requirements. 4) Preventing states from imposing greater requirements on private placement brokers and finders than those established by the federal law. The overall goal is to provide regulatory relief and enable greater access to capital for small businesses by streamlining the process for private securities placements.