HOUSE 477115th CongressReceived in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

Last Action: 12/11/2017

Actions

2017-12-11Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2017-12-07Motion to reconsider laid on the table Agreed to without objection.
2017-12-07On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
2017-12-07Passed/agreed to in House: On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
2017-12-07Considered as unfinished business. (consideration: CR H9742-9743)
2017-12-07POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 477, the Chair put the question on passage of the bill, and announced by voice vote that the ayes had prevailed. Mr. Hensarling demanded the yeas and nays, and the Chair postponed further proceedings on the question of passage until later in the legislative day.
2017-12-07DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.
2017-12-07DEBATE - The House proceeded with one hour of debate on H.R. 477.
2017-12-07Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
2017-12-07Considered under the provisions of rule H. Res. 647. (consideration: CR H9739-9742; text of amendment in the nature of a substitute: CR H9739-9740)
2017-12-06Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion
2017-11-30Placed on the Union Calendar, Calendar No. 318.
2017-11-30Reported by the Committee on Financial Services. H. Rept. 115-431.
2017-11-30Reported by the Committee on Financial Services. H. Rept. 115-431.
2017-10-12Ordered to be Reported by the Yeas and Nays: 37 - 23.

Showing 15 of 20 actions. Full history on Congress.gov.

CRS Summary

As of 2017-12-07 (36)

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that:

receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer;
engage on behalf of an issuer in a public offering of registered securities;
engage on behalf of any party in a transaction involving specified shell companies;
provide financing related to the transfer of ownership;
assist any party to obtain financing from a third party in specified circumstances;
represent both buyer and seller without disclosure and consent from both parties;
facilitate a transaction with a group of buyers formed with the assistance of the broker;
engage in transferring ownership to a passive buyer;
bind a party to a transfer of ownership; or
are subject to suspension or revocation of registration or to other specified disqualifications.

Cosponsors (10)

Bill Posey (R-FL)
Brian Higgins (D-NY)
David Joyce (R-OH)
KEVIN BRADY (R-TX)
Dennis Ross (R-FL)
FRANK LUCAS (R-OK)
David Young (R-IA)
ZOE LOFGREN (D-CA)
Ted Budd (R-NC)
PETE SESSIONS (R-TX)

Subjects

Banking and financial institutions regulation
Business records
Corporate finance and management
Licensing and registrations
Securities
Small business

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