Capital Markets Improvement Act of 2016
TITLE I--ENCOURAGING EMPLOYEE OWNERSHIP
(Sec. 101) This bill directs the Securities and Exchange Commission (SEC) to revise regulations to require an issuer to furnish investors with additional specified disclosures regarding compensatory benefit plans if the aggregate sales price or amount of securities sold during any consecutive 12-month period exceeds $10 million (currently $5 million), indexed for inflation every five years.
TITLE II--FAIR ACCESS TO INVESTMENT RESEARCH
(Sec. 201) The SEC shall revise a specified regulation to create a safe harbor for certain publications or distributions of research reports by brokers or dealers distributing securities.
The revised regulation shall declare that, even if a broker or dealer participates in the registered offering of a covered investment fund's securities, the investment fund research report shall not be deemed to constitute an offer for sale nor an offer to sell a security that is the subject of the offering pursuant to a registration statement that the issuer proposes to file, or has filed, or that is effective.
The covered investment fund research report shall be deemed to satisfy the regulation's requirements as well as those of any self-regulatory organization.
The SEC shall not impose specified conditions and requirements when implementing the safe harbor.
TITLE III--SMALL BUSINESS MERGERS, ACQUISITIONS, SALES, AND BROKERAGE SIMPLIFICATION
(Sec. 301) The Securities Exchange Act of 1934 is amended to exempt from its registration requirements certain merger and acquisition brokers and associated persons.
This registration exemption, however, shall be denied to brokers who:
A broker shall not be exempt from registration if the broker is subject to:
This Act may not be construed to limit any other authority of the SEC to exempt any person, or any class of persons, from any provision of this Act, including any related rule or regulation.
TITLE IV--SMALL COMPANY DISCLOSURE SIMPLIFICATION
(Sec. 401) The bill exempts emerging growth companies and issuers with total annual gross revenues of less than $250 million from the requirement to use Extensible Business Reporting Language (XBRL) for financial statements and other mandatory periodic reporting filed with the SEC. Such companies, however, may elect to use XBRL for such reporting.
(Sec. 402) The SEC shall: (1) analyze the costs and benefits to such issuers of the requirement to use XBRL for financial statements and other mandatory periodic reporting; and (2) report to certain congressional committees on the results of such analysis as well as on progress in implementing XBRL reporting within the SEC, and use of XBRL data by the SEC and by investors.
TITLE V--STREAMLINING EXCESSIVE AND COSTLY REGULATIONS REVIEW
(Sec. 501) Within 5 years after enactment of this Act, and thereafter at least once within each 10-year period, the SEC shall:
The SEC shall report to certain congressional committees the steps it has taken to implement the results of its decision, including any action to amend or repeal the target regulation.
The bill declares that SEC determinations made pursuant to this Act are final and not subject to judicial review.
[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1675 Introduced in House (IH)]
114th CONGRESS
1st Session
H. R. 1675
To direct the Securities and Exchange Commission to revise its rules so
as to increase the threshold amount for requiring issuers to provide
certain disclosures relating to compensatory benefit plans.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 26, 2015
Mr. Hultgren (for himself, Mr. Delaney, Mr. Fitzpatrick, and Mr. Polis)
introduced the following bill; which was referred to the Committee on
Financial Services
_______________________________________________________________________
A BILL
To direct the Securities and Exchange Commission to revise its rules so
as to increase the threshold amount for requiring issuers to provide
certain disclosures relating to compensatory benefit plans.
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 ``Encouraging Employee Ownership Act
of 2015''.
SEC. 2. INCREASED THRESHOLD FOR DISCLOSURES RELATING TO COMPENSATORY
BENEFIT PLANS.
Not later than 60 days after the date of the enactment of this Act,
the Securities and Exchange Commission shall revise section 230.701(e)
of title 17, Code of Federal Regulations, so as to increase from
$5,000,000 to $10,000,000 the aggregate sales price or amount of
securities sold during any consecutive 12-month period in excess of
which the issuer is required under such section to deliver an
additional disclosure to investors. The Commission shall index for
inflation such aggregate sales price or amount every 5 years to reflect
the change in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics, rounding to the nearest
$1,000,000.
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DEBATE - Pursuant to the provisions of H.Res. 595, the Committee of the Whole proceeded with 10 minutes of debate on the DeSaulnier amendment No. 1.
POSTPONED PROCEEDINGS - At the conclusion of debate on the DeSaulnier amendment No. 1, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. DeSaulnier demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
DEBATE - Pursuant to the provisions of H.Res. 595, the Committee of the Whole proceeded with 10 minutes of debate on the Huizenga amendment No. 2.
DEBATE - Pursuant to the provisions of H.Res. 595, the Committee of the Whole proceeded with 10 minutes of debate on the Sherman amendment No. 3.
DEBATE - Pursuant to the provisions of H.Res. 595, the Committee of the Whole proceeded with 10 minutes of debate on the Issa amendment No. 6.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Issa amendment No. 6, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Issa demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
DEBATE - Pursuant to the provisions of H. Res. 595, the Committee of the Whole proceeded with 10 minutes of debate on the Carolyn Maloney (NY) amendment No. 7.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Carolyn Maloney amendment No. 7, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Ellison demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
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UNFINISHED BUSINESS - The Chair announced that the unfinished business was on adoption of amendments, which had been debated earlier and on which further proceedings had been postponed.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1675.
The previous question was ordered pursuant to the rule. (consideration: CR H537)
The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H526-528)
Ms. Frankel (FL) moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H537; text: CR H537)
DEBATE - The House proceeded with 10 minutes of debate on the motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to insert a new section into that defines and prohibits bad actors from making use of any exemption or regulation made by the bill. The amendment also prohibits the SEC from amending or repealing any regulation if it would weaken the protections for American seniors provided by the legislation.
The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H538)
On motion to recommit with instructions Failed by recorded vote: 184 - 241 (Roll no. 60). (consideration: CR H538)
Roll Call #60 (House)Passed/agreed to in House: On passage Passed by the Yeas and Nays: 265 - 159 (Roll no. 61).
Roll Call #61 (House)On passage Passed by the Yeas and Nays: 265 - 159 (Roll no. 61).
Roll Call #61 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.