Private Placement Improvement Act of 2016
This bill directs the Securities and Exchange Commission (SEC) to revise the filing requirements of Regulation D (which provides exemptions from securities registration requirements) to require an issuer that offers or sells securities in reliance upon a certain exemption from registration (for limited offers and sales without regard to the dollar amount of the offering [Rule 506]) to file, no earlier than the date of first sale of such securities, a single notice of sales containing the information required by Form D (used to file a notice of an exempt offering of securities under Regulation D) for each new offering of securities.
The SEC shall not: (1) require the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) condition the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) require issuers to submit written general solicitation materials in connection with a limited offering subject to Rule 506, except when it requests such materials pursuant to specified authority.
The SEC shall revise a specified rule, regarding a Rule 506 offering of a private fund, to characterize as an accredited investor a "knowledgeable employee" of that private fund or the fund's investment adviser.
The SEC shall not extend to private funds the requirements governing investment company sales literature.
| Action Date | Type | Text | Source |
|---|---|---|---|
| 2016-09-06 | Calendars | Placed on the Union Calendar, Calendar No. 562. | House floor actions |
| 2016-09-06 | Committee | Reported (Amended) by the Committee on Financial Services. H. Rept. 114-726. | House floor actions |
| 2016-06-16 | Committee | Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 26. | House committee actions |
| 2016-06-16 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2016-06-15 | Committee | Committee Consideration and Mark-up Session Held. | House committee actions |
| 2016-04-14 | Committee | Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral. | House committee actions |
| 2016-03-23 | IntroReferral | Referred to the House Committee on Financial Services. | House floor actions |
| 2016-03-23 | IntroReferral | Introduced in House | Library of Congress |