To amend the Securities Exchange Act of 1934 to exclude qualified institutional buyers and institutional accredited investors when calculating holders of a security for purposes of the mandatory registration threshold under such Act, and for other purposes.

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2605 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 2605

   To amend the Securities Exchange Act of 1934 to exclude qualified 
   institutional buyers and institutional accredited investors when 
    calculating holders of a security for purposes of the mandatory 
     registration threshold under such Act, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             April 13, 2023

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

_______________________________________________________________________

                                 A BILL


 
   To amend the Securities Exchange Act of 1934 to exclude qualified 
   institutional buyers and institutional accredited investors when 
    calculating holders of a security for purposes of the mandatory 
     registration threshold under such Act, and for other purposes.

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

SECTION 1. EXCLUSIONS FROM MANDATORY REGISTRATION THRESHOLD.

    (a) In General.--Section 12(g)(1) of the Securities Exchange Act of 
1934 (15 U.S.C. 78l(g)(1)) is amended--
            (1) in paragraph (A)(i), by inserting after ``persons'' the 
        following: ``(that are not a qualified institutional buyer or 
        an institutional accredited investor)''; and
            (2) in paragraph (B), by inserting after ``persons'' the 
        following: ``(that are not a qualified institutional buyer or 
        an institutional accredited investor)''.
    (b) Nonapplicability of General Exemptive Authority.--Section 36 of 
the Securities Exchange Act of 1934 (15 U.S.C. 78mm) shall not apply to 
the matter inserted by the amendments made by subsection (a).
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