United States · Bill · HR
H.R. 477 (115th)
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017
Introduced
12 January 2017
Last action
11 December 2017 · Introduced
Status
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sponsors
Rep. Huizenga, Bill [R-MI-4], Rep. Posey, Bill [R-FL-8], Rep. Higgins, Brian [D-NY-26], Rep. Joyce, David P. [R-OH-14], Rep. Brady, Kevin [R-TX-8], Rep. Ross, Dennis A. [R-FL-15], Rep. Lucas, Frank D. [R-OK-3], Rep. Young, David [R-IA-3], Rep. Lofgren, Zoe [D-CA-18], Sen. Budd, Ted [R-NC], Rep. Sessions, Pete [R-TX-17]
Subjects
Discovery layer
Source updated
7 April 2025
Summary
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017 This bill amends the Securities Exchange Act of 1934 to generally exempt certain merger-and-acquisition brokers from that Act's registration requirements. This exemption shall not apply, however, to brokers that: (1) receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer of a privately held company that meets specified conditions; (2) engage on behalf of an issuer in a public offering of registered securities; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration or to other specified disqualifications.
This text is taken from the official record. PoliticalRepo does not editorialize.
Timeline
12 January 2017
Introduced
Referred to the House Committee on Financial Services.
Source: IntroReferral
12 January 2017
Introduced
Introduced in House
Source: IntroReferral
12 January 2017
Introduced
Introduced in House
Source: IntroReferral
11 October 2017
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
12 October 2017
Vote
Ordered to be Reported by the Yeas and Nays: 37 - 23.
Source: Committee
12 October 2017
Committee
Committee Consideration and Mark-up Session Held.
Source: Committee
30 November 2017
Calendars
Placed on the Union Calendar, Calendar No. 318.
Source: Calendars
30 November 2017
Reported
Reported by the Committee on Financial Services. H. Rept. 115-431.
Source: Committee
30 November 2017
Reported
Reported by the Committee on Financial Services. H. Rept. 115-431.
Source: Committee
6 December 2017
Reported
Rules 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
Source: Floor
7 December 2017
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
7 December 2017
Vote
On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
Source: Floor
7 December 2017
Vote
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).
Source: Floor
7 December 2017
Floor
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
Source: Floor
7 December 2017
Floor
Considered under the provisions of rule H. Res. 647. (consideration: CR H9739-9742; text of amendment in the nature of a substitute: CR H9739-9740)
Source: Floor
11 December 2017
Introduced
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: IntroReferral
Votes
7 December 2017 · passed · On Passage · Passed · Official source
Yes 426 · No 0 · Abstain — · Absent/not voting 6
- Rep. Ferguson, A. Drew, IV [R-GA-3]Yea
- Rep. McEachin, A. Donald [D-VA-4]Yea
- Rep. Hastings, Alcee L. [D-FL-20]Yea
- Rep. Kinzinger, Adam [R-IL-16]Yea
Showing the first 4 recorded positions. Vote totals above are complete.
Versions
- Referred in Senate · 11 December 2017 · Download file
- Engrossed in House · 7 December 2017 · Download file
- Reported in House · 30 November 2017 · Download file
- Introduced in House · 12 January 2017 · Download file
Documents
11 official files
Referred in Senate (text)
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Referred in Senate (text)
Referred in Senate · EN · 11 December 2017
Referred in Senate (PDF)
Referred in Senate · EN · 11 December 2017
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Engrossed in House (text)
Engrossed in House · EN · 7 December 2017
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Engrossed in House (PDF)
Engrossed in House · EN · 7 December 2017
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Passed House amended
summary · EN · 7 December 2017
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Reported in House (text)
Reported in House · EN · 30 November 2017
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Reported in House (PDF)
Reported in House · EN · 30 November 2017
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Reported to House without amendment
summary · EN · 30 November 2017
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Introduced in House (text)
Introduced in House · EN · 12 January 2017
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Introduced in House (PDF)
Introduced in House · EN · 12 January 2017
ViewDownloadOpen at official source
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Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Introduced in House
summary · EN · 12 January 2017
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Sponsors
- Rep. Huizenga, Bill [R-MI-4] · R · Sponsor
- Rep. Posey, Bill [R-FL-8] · R · Sponsor
- Rep. Higgins, Brian [D-NY-26] · D · Sponsor
- Rep. Joyce, David P. [R-OH-14] · R · Cosponsor
- Rep. Brady, Kevin [R-TX-8] · R · Cosponsor
- Rep. Ross, Dennis A. [R-FL-15] · R · Cosponsor
- Rep. Lucas, Frank D. [R-OK-3] · R · Cosponsor
- Rep. Young, David [R-IA-3] · R · Cosponsor
- Rep. Lofgren, Zoe [D-CA-18] · D · Cosponsor
- Sen. Budd, Ted [R-NC] · R · Cosponsor
- Rep. Sessions, Pete [R-TX-17] · R · Cosponsor
- · ssbk00 · Standing
- · hsba00 · Standing
Related records
- related to → Financial CHOICE Act of 2017
- related to ← Encouraging Employee Ownership Act
- related to ← Providing for consideration of the bill (H.R. 477) to amend the Securities Exchange Act of 1934 to exempt from registration brokers performing services in connection with the transfer of ownership of smaller privately held companies; providing for consideration of the bill (H.R. 3971) to amend the Truth in Lending Act and the Real Estate Settlement Procedures Act of 1974 to modify the requirements for community financial institutions with respect to certain rules relating to mortgage loans, and for other purposes; and providing for consideration of the joint resolution (H.J. Res. 123) making further continuing appropriations for fiscal year 2018, and for other purposes.
- related to ← Interior, Environment, Financial Services and General Government, Agriculture, Rural Development, Food and Drug Administration, and Transportation, Housing and Urban Development Appropriations Act, 2019
- related to ← Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2018
- amends ← Pursuant to the provisions of H.Res. 647 the amendment in the nature of a substitute consisting of the text of Rules Committee Print 115-43 is considered as adopted.
- amends ← An amendment numbered 1 printed in Part A of House Report 115-443 to make several changes that provide additional protections for investors and small businesses. Specifically the amendment includes provisions that would prohibit passive buyers in the M&A transaction, prohibit M&A brokers from binding a party to a transfer of ownership, prohibit M&A brokers from providing financing for the transfer, and require M&A brokers that represent both the buyer and seller to disclose that to both parties and receive written consent.
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/115th-congress/house-bill/477
- Open data entity: https://api.congress.gov/v3/bill/115/hr/477
- us · 115-hr-477 · source updated 7 April 2025