Fostering Innovation Act of 2013

Fostering Innovation Act of 2013 - Directs the Securities and Exchange Commission (SEC) to redefine "accelerated filer" with respect to issuers of securities required to meet accelerated deadlines for filing their Form 10-Q quarterly reports.

Requires the SEC to include among accelerated filers any issuers of securities that have: (1) annual revenues in excess of $100 million, and (2) an aggregated worldwide market value between $250 million and $700 million of the voting and non-voting common equity held by non-affiliates.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2629 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 2629

  To provide an exemption for low-revenue companies from certain SEC 
                              regulations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 9, 2013

 Mr. Fitzpatrick introduced the following bill; which was referred to 
                  the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To provide an exemption for low-revenue companies from certain SEC 
                              regulations.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Fostering Innovation Act of 2013''.

SEC. 2. EXEMPTION FOR LOW-REVENUE COMPANIES FROM CERTAIN SEC 
              REGULATIONS.

    Not later than 180 days after the date of the enactment of this 
Act, the Securities and Exchange Commission shall revise the definition 
of ``accelerated filer'', as such term is defined in Rule 12b-2 of the 
Commission (17 C.F.R. 240.12b-2), to include issuers that have annual 
revenues of greater than $100,000,000 during the most recently 
completed fiscal year for which audited financial statements are 
available and have an aggregated worldwide market value of the voting 
and non-voting common equity held by its non-affiliates of $250,000,000 
or more, but less than $700,000,000, as of the last business day of the 
issuer's most recently completed second fiscal quarter.
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