legislation: 96-hr-6580
Data license: Public Domain (U.S. Government data) · Data source: Federal Register API & Regulations.gov API
This data as json
| 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 |
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| 96-hr-6580 | 96 | hr | 6580 | Small Business Issuers' Simplification Act of 1980 | Finance and Financial Sector | 1980-02-22 | 1980-02-22 | Referred to House Committee on Interstate and Foreign Commerce. | House | Rep. Staggers, Harley O. [D-WV-2] | WV | D | S000778 | 1 | Small Business Issuers' Simplification Act of 1980 - Amends the Securities Act of 1933 to allow small issuers to make offerings of their securities to accredited investors without filing a registration statement, provided there is no advertising or public solicitation in connection with the transaction. Permits an accredited investor who acquires securities in such a transaction to resell such securities to other accredited investors without filing a registration statement under the exemption for transactions not involving an underwriter. Defines the term "accredited investor" to include specified institutional investors and any person purchasing at least $100,000 of securities in such an offering by a small issuer. Requires a small issuer to meet two of the three following criteria in order to qualify for the exemption provided by this Act: (1) assets at the end of its fiscal year of less than $15,000,000; (2) gross revenues in each of its last two fiscal years of less than $30,000,000; and (3) no more than 500 shareholders of any class of its securities. Empowers the Securities and Exchange Commission to revise the definitions and criteria established by this Act. | 2025-09-02T13:54:22Z |