Small Cap Liquidity Reform Act of 2013 - Amends the Securities Exchange Act of 1934 to establish a liquidity pilot program for securities of emerging growth companies (EGC) with total annual gross revenues of less than $750 million, under which those securities shall be quoted using either: (1) a minimum increment of $0.05, (2) a minimum increment of $0.10, or (3) the increment at which the securities would be quoted without regard to such minimum increments.
Repeals the requirement for a Securities and Exchange Commission (SEC) study examining the transition to trading and quoting securities in one penny increments, known as decimalization.
Requires EGC securities quoted at a minimum increment of $0.05 or $0.10 to be traded at either such minimum increment or at one permitted by SEC regulations.
Prescribes procedures for an EGC board of directors to elect either to opt out or to change the minimum increment.
Prescribes pricing and trading procedures governing securities trading below $1.00.
Directs the SEC to require an EGC under this Act to submit additional reports and disclosures.
Shields an issuer from liability for losses caused solely by the quoting or trading of its securities at a minimum increment of $0.05, $0.10, or another SEC-authorized increment.
Directs the SEC to report biannually to Congress on: (1) the quoting and trading of securities in increments permitted by this Act, and (2) the extent to which such quoting and trading increases liquidity and active trading by incentivizing capital commitment, research coverage, and brokerage support.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2014-02-12 | IntroReferral | Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. | Senate |
| 2014-02-11 | Vote | On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 412 - 4 (Roll no. 62). (text: CR H1746-1747) | House floor actions |
| 2014-02-11 | Floor | Considered as unfinished business. (consideration: CR H1758) | House floor actions |
| 2014-02-11 | Floor | At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed. | House floor actions |
| 2014-02-11 | Floor | DEBATE - The House proceeded with forty minutes of debate on H.R. 3448. | House floor actions |
| 2014-02-11 | Floor | Considered under suspension of the rules. (consideration: CR H1746-1748) | House floor actions |
| 2014-02-11 | Floor | Mr. Garrett moved to suspend the rules and pass the bill, as amended. | House floor actions |
| 2014-02-05 | Calendars | Placed on the Union Calendar, Calendar No. 252. | House floor actions |
| 2014-02-05 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 113-342. | House floor actions |
| 2013-11-14 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0. | House committee actions |
| 2013-11-14 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2013-11-12 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2013-11-12 | IntroReferral | Introduced in House | Library of Congress |
| 2013-10-23 | Committee | Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral. | House committee actions |