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H.R. 2167: Private Company Flexibility and Growth Act

To amend the Securities Exchange Act of 1934 to change the threshold number of shareholders for required registration under that Act.
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Introduced : Tue, Jun 14, 2011
Sponsor : Rep. Schweikert, David (AZ-5th [R])
Status : calendar Wed, Oct 26, 2011

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Co-Sponsors
Member of the congressJoined date
Rep. Fitzpatrick, Michael G. (PA-8th [R]) Tue, Sep 20, 2011
Rep. Biggert, Judy (IL-13th [R]) Tue, Jun 14, 2011
Rep. Polis, Jared (CO-2nd [D]) Tue, Aug 9, 2011
Rep. Jones, Walter Beaman (NC-3rd [R]) Tue, Jun 14, 2011
Rep. Canseco, Francisco (TX-23rd [R]) Tue, Jun 14, 2011
Rep. Meeks, Gregory W. (NY-6th [D]) Tue, Aug 9, 2011
Rep. Hurt, Robert (VA-5th [R]) Fri, Sep 9, 2011
Rep. Hayworth, Nan (NY-19th [R]) Tue, Oct 4, 2011
Rep. Smith, Adam (WA-9th [D]) Wed, Oct 5, 2011
Rep. Perlmutter, Ed (CO-7th [D]) Tue, Jun 14, 2011
Rep. Issa, Darrell (CA-49th [R]) Tue, Jun 14, 2011
Rep. Latta, Robert Edward (OH-5th [R]) Thu, Jul 28, 2011
Rep. Ackerman, Gary L. (NY-5th [D]) Tue, Oct 4, 2011
Rep. Dold, Bob (IL-10th [R]) Tue, Oct 4, 2011
Rep. Kline, John P. (MN-2nd [R]) Wed, Oct 26, 2011
Rep. Sanchez, Loretta L. (CA-47th [D]) Fri, Sep 9, 2011
Rep. Connolly, Gerald E. (VA-11th [D]) Mon, Oct 24, 2011
Rep. Maloney, Carolyn B. (NY-14th [D]) Wed, Oct 5, 2011
Rep. Himes, Jim (CT-4th [D]) Tue, Jun 14, 2011
Rep. Boren, David Daniel (OK-2nd [D]) Tue, Sep 20, 2011
Rep. Welch, Peter F. (VT [D]) Tue, Sep 20, 2011
Rep. McHenry, Patrick T. (NC-10th [R]) Wed, Jun 15, 2011
Rep. Carney, John (DE [D]) Wed, Oct 5, 2011
Rep. Quigley, Mike (IL-5th [D]) Tue, Jun 14, 2011
Rep. Hinojosa, Ruben E. (TX-15th [D]) Wed, Oct 5, 2011
Rep. Campbell, John B.T. (CA-48th [R]) Wed, Jun 15, 2011
Rep. Manzullo, Donald A. (IL-16th [R]) Fri, Jun 24, 2011
Actions
DateTypeDescriptionResult
1/1/0001 action Referred to the House Committee on Financial Services.
1/1/0001 action Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
1/1/0001 action Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
1/1/0001 action Subcommittee Consideration and Mark-up Session Held.
1/1/0001 action Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote .
1/1/0001 action Committee Consideration and Mark-up Session Held.
1/1/0001 calendar Ordered to be Reported by Voice Vote.
1/1/0001 action Reported (Amended) by the Committee on Financial Services. H. Rept. 112-327.
1/1/0001 calendar Placed on the Union Calendar, Calendar No. 223.
Rolls
Committee Assignments
CommitteeSubCommitteeActivity
House Financial Services Referral, Markup, Reporting
House Financial Services Capital Markets and Government Sponsored Enterprises Referral, Hearings, Markup, Reporting
Subject Terms
Finance and financial sector
Administrative law and regulatory procedures
Corporate finance and management
Employee benefits and pensions
Financial services and investments
Securities
Securities and Exchange Commission (SEC)
Related Legislative
s1824 (unknown)
Amendments
Titles Assigned
TypeASTitle
short introduced Private Company Flexibility and Growth Act
short reported to house Private Company Flexibility and Growth Act
official introduced To amend the Securities Exchange Act of 1934 to change the threshold number of shareholders for required registration under that Act.

SUMMARY:

12/12/2011--Reported to House amended. Private Company Flexibility and Growth Act - Amends the Securities Exchange Act of 1934 to change the thresholds for total assets and for class of equity security holders of record which trigger the requirement for a securities issuer to register with the Securities and Exchange Commission (SEC). Increases the total assets threshold from $1 million to $10 million, and the class of equity security holders of record threshold from 500-750 to 1,000 persons. Declares that, with respect to such registration requirement, the definition of "held of record" does not include securities held by persons who received them pursuant to an employee compensation plan in transactions exempted from specified registration requirements of the Securities Act of 1933 (exempt transactions). (Thus exempts securities held by such persons from registration requirements.) Directs the SEC to: (1) revise the definition of "held of record" in accordance with this Act, and (2) adopt safe harbor provisions issuers can follow when determining that holders of their securities received them pursuant to an employee compensation plan in an exempt transaction.
Beta Release