legislation: 95-s-3563

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
95-s-3563 95 s 3563 Small Business Capital Formation Act Commerce 1978-10-07 1978-10-07 Referred to Senate Committee on Banking, Housing and Urban Affairs. Senate Sen. Hatch, Orrin G. [R-UT] UT R H000338 0 Small Business Capital Formation Act - Amends the Securities Act of 1933 to permit the issuance of securities without registration if the issuance qualifies as a limited offering as defined by this Act. Permits the sale of restricted securities without registration provided: (1) the issuer is a reporting company under the Securities Exchange Act of 1934; (2) the securities are fully paid for and held for a minimum of two years before a sale; and (3) not more than one percent of the outstanding securities of the issuer of the same class is sold in any three month period. Increases the small offering exemption from $1,500,000 to $3,000,000. Amends the Investment Company Act of 1940 to add small business investment companies to the classes of persons excepted from the definition of "investment company" under such Act. Amends the Securities Exchange Act of 1934 with respect to the issuance of registered securities by a business having less than $10,000,000 in assets to restrict the liability of such a business under the prohibition against manipulative or deceptive devices in the issuance of securities to cases in which the intent to deceive, manipulate, or defraud is proved. 2025-09-02T17:14:36Z  

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