Small Business Incentive Act of 1993

Summary

Small Business Incentive Act of 1993 - Amends the Securities Act of 1933 to increase from $5 million to $10 million the size of small business offerings that are exempt from the registration requirements of the Act. Amends the Investment Company Act of 1940 to exclude from its definition of "investment company" any issuer all of whose securities are held by certain investors whom the Securities and Exchange Commission (SEC) has determined possess such financial sophistication, net worth, and other specified factors as not to need the protections of such Act. Empowers the SEC to define such "qualified purchasers." Sets forth conditions under which certain business and industrial development companies that are already subject to regulation by the State in which they are organized are exempt from the regulatory constraints of such Act. Increases to $10 million the maximum aggregate amount of proceeds that certain interstate closed-end investment companies may receive from the sale of their outstanding securities and still retain their exempt status under such Act. Expands the definition of "eligible portfolio company" to include any company which does not have total assets in excess of $4 million and capital and surpluses in excess of $2 million. Declares that a "business development company" is not required to make available significant managerial assistance with respect to any eligible portfolio company or any other company that meets certain SEC criteria. Permits a business development company to acquire the securities of an eligible portfolio company from persons other than such portfolio company itself. Requires a business development company to file with the SEC a written evaluation of the risk factors involved in investment due to the nature of the company's capital structure.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 29 July 1994

   Introduced

   Referred to the House Committee on Energy and Commerce.

   Source: IntroReferral

2. 29 July 1994

   Introduced

   Introduced in House

   Source: IntroReferral

3. 29 July 1994

   Introduced

   Introduced in House

   Source: IntroReferral

4. 2 August 1994

   Referred

   Referred to the Subcommittee on Telecommunications and Finance.

   Source: Committee

5. 3 August 1994

   Committee

   Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.

   Source: Committee

6. 3 August 1994

   Committee

   Subcommittee Consideration and Mark-up Session Held.

   Source: Committee

7. 5 August 1994

   Reported

   Ordered to be Reported (Amended) by Voice Vote.

   Source: Committee

8. 5 August 1994

   Committee

   Committee Consideration and Mark-up Session Held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 29 July 1994 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 29 July 1994

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 29 July 1994

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 29 July 1994

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  Vertaal document

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Sponsors

• Sen. Markey, Edward J. [D-MA] · D · Sponsor
• Rep. Fields, Jack [R-TX-8] · R · Sponsor
• Rep. Bilirakis, Michael [R-FL-9] · R · Cosponsor
• Rep. Hastert, J. Dennis [R-IL-14] · R · Cosponsor
• Rep. Boucher, Rick [D-VA-9] · D · Cosponsor
• Rep. Lehman, Richard H. [D-CA-19] · D · Cosponsor
• Rep. Hall, Ralph M. [R-TX-4] · D · Cosponsor
• Rep. McMillan, J. Alex [R-NC-9] · R · Cosponsor
• Rep. Bliley, Tom [R-VA-7] · R · Cosponsor
• Rep. Bryant, John W. [D-TX-5] · D · Cosponsor
• Rep. Margolies-Mezvinsky, Marjorie [D-PA-13] · D · Cosponsor
• Rep. Gillmor, Paul E. [R-OH-5] · R · Cosponsor
• Rep. Manton, Thomas J. [D-NY-7] · D · Cosponsor
• · hsif00 · Standing

Related records

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