US HR477

Bill

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

Introduced
01/12/2017

In Committee
10/12/2017

Crossed Over
12/11/2017

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

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.

AI Summary

This bill amends the Securities Exchange Act of 1934 to exempt from registration requirements merger-and-acquisition brokers who facilitate the transfer of ownership in privately held companies with earnings or revenues below specified thresholds. The exemption does not apply to brokers who perform certain activities, such as receiving or holding funds or securities, engaging in public offerings, or assisting in financing related to the ownership transfer. The bill defines key terms like "eligible privately held company" and "merger-and-acquisition broker," and includes provisions for adjusting the revenue and earnings thresholds over time.

Committee Categories

Business and Industry, Housing and Urban Affairs

Sponsors (11)

Bill Huizenga (R)*, Kevin Brady (R), Ted Budd (R), Brian Higgins (D), Dave Joyce (R), Zoe Lofgren (D), Frank Lucas (R), Bill Posey (R), Dennis Ross (R), Pete Sessions (R), David Young (R),

Last Action

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 12/11/2017)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/477/all-info

(6 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/477/all-info
BillText	https://www.congress.gov/115/bills/hr477/BILLS-115hr477eh.pdf
Bill	https://www.congress.gov/115/bills/hr477/BILLS-115hr477eh.pdf.pdf
BillText	https://www.congress.gov/115/bills/hr477/BILLS-115hr477rh.pdf
Bill	https://www.congress.gov/115/bills/hr477/BILLS-115hr477rh.pdf.pdf
BillText	https://www.congress.gov/115/bills/hr477/BILLS-115hr477ih.pdf
Bill	https://www.congress.gov/115/bills/hr477/BILLS-115hr477ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR10	Financial CHOICE Act of 2017	Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-108.	Related
HR6147	Interior, Environment, Financial Services, and General Government Appropriations Act, 2019	Message on Senate action sent to the House.	Related
HRes375	Providing for consideration of the bill (H.B. 10) to create hope and opportunity for investors, consumers, and entrepreneurs by ending bailouts and Too Big to Fail, holding Washington and Wall Street accountable, eliminating red tape to increase access to capital and credit, and repealing the provisions of the Dodd-Frank Act that make America less prosperous, less stable, and less free, and for other purposes.	Motion to reconsider laid on the table Agreed to without objection.	Similar To
HRes647	Providing for consideration of the bill (H.B. 477) to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies; providing for consideration of the bill (H.B. 3971) to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and	Motion to reconsider laid on the table Agreed to without objection.	Related
S3518	Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.	Related
S488	JOBS and Investor Confidence Act of 2018	Message on House action received in Senate and at desk: House amendments to Senate bill.	Related

Bill > HR477

US HR477

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (11)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary