Creating Financial Prosperity for Businesses and Investors Act

Summary

Creating Financial Prosperity for Businesses and Investors Act This bill amends the Small Business Investment Incentive Act of 1980 to require the Securities and Exchange Commission (SEC) to issue a public statement, and disclose any actions it intends to take, each time its annual government-business forum submits findings or recommendations regarding the current status of problems and programs relating to small business capital formation. The Securities Exchange Act of 1934 is amended to establish within the SEC an Office of the Advocate for Small Business Capital Formation and a Small Business Capital Formation Advisory Committee. The Investment Company Act of 1940 is amended to increase from 100 to 250 the limit on the number of people who may own securities in certain venture capital funds (with no more than $10 million in invested capital, adjusted annually for inflation) before the issuer is required to register as an investment company. The bill allows a crowdfunding issuer to sell shares through a crowdfunding vehicle (a company that aggregates small individual contributions into a single investment in the issuer) that meets certain requirements and revises conditions upon which the SEC exempts securities issued in crowdfunding transactions from SEC registration requirements. The Securities Act of 1933 is amended to add to the definition of accredited investor certain categories of natural persons whose net worth or income exceeds specified levels, who are licensed or registered as brokers or investment advisors, or whose verified education or job experience qualifies as professional knowledge for a particular investment. The Investment Company Act of 1940 is amended to repeal the exemption from its coverage of investment companies created under the laws of Puerto Rico, the Virgin Islands, or any other U.S. possession.

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Documents

8 official files

• Received in Senate (text)

  Received in Senate · EN · 6 December 2016

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• Received in Senate (PDF)

  Received in Senate · EN · 6 December 2016

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• Engrossed in House (text)

  Engrossed in House · EN · 5 December 2016

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• Engrossed in House (PDF)

  Engrossed in House · EN · 5 December 2016

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• Passed House without amendment

  summary · EN · 5 December 2016

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• Introduced in House (text)

  Introduced in House · EN · 2 December 2016

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• Introduced in House (PDF)

  Introduced in House · EN · 2 December 2016

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• Introduced in House

  summary · EN · 2 December 2016

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