Amendment for Crowdfunding Capital Enhancement and Small-business Support Act of 2023 or the ACCESS Act of 2023
This bill expands the exemption from certain disclosures applicable to crowdfunding issuers with specified target offering amounts. Crowdfunding is used to raise capital through a large number of individuals investing potentially small amounts of money. Under current law, crowdfunding issuers that have target offering amounts of $100,000 or less are not required to make available financial statements reviewed by an independent public accountant. The bill increases that amount to $250,000.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6825 Introduced in House (IH)]
<DOC>
118th CONGRESS
1st Session
H. R. 6825
To amend the Securities Act of 1933 to raise the offering amount
threshold for when issuers using the crowdfunding exemption are
required to file financial statements reviewed by a public accountant
who is independent of the issuer, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
December 14, 2023
Mr. Meuser (for himself, Mr. Huizenga, Mr. Sessions, and Mr. Nunn of
Iowa) introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Securities Act of 1933 to raise the offering amount
threshold for when issuers using the crowdfunding exemption are
required to file financial statements reviewed by a public accountant
who is independent of the issuer, 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. SHORT TITLE.
This Act may be cited as the ``Amendment for Crowdfunding Capital
Enhancement and Small-business Support Act of 2023'' or the ``ACCESS
Act of 2023''.
SEC. 2. OFFERING THRESHOLD FOR REVIEWS BY PUBLIC ACCOUNTANT.
(a) In General.--Section 4A(b)(1)(D) of the Securities Act of 1933
(15 U.S.C. 77d-1(b)(1)(D)) is amended by striking ``$100,000'' each
place such term appears and inserting ``$250,000''.
(b) Technical Correction.--Section 4A of the Securities Act of 1933
(15 U.S.C. 77d-1) is amended--
(1) by striking ``section 4(6)'' each place such term
appears and inserting ``section 4(a)(6)''; and
(2) by striking ``section 4(6)(B)'' each place such term
appears and inserting ``section 4(a)(6)(B)''.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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