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United States · Bill · S

S. 2699 (96th)

Small Business Issuers' Simplification Act of 1980

referredUnited States· United States Congress· EN

Introduced

14 May 1980

Last action

14 May 1980 · Introduced

Status

Referred to Senate Committee on Banking, Housing and Urban Affairs.

Sponsors

Sen. Nelson, Gaylord [D-WI], Sen. Stewart, Donald [D-AL], Sen. Tsongas, Paul E. [D-MA], Sen. Tower, John G. [R-TX], Sen. Lugar, Richard G. [R-IN]

Subjects

Discovery layer

Source updated

2 September 2025

Official sourceView documentsShare

Summary

Small Business Issuers' Simplification Act of 1980 - Amends the Securities Act of 1933 to allow small issuers to make offerings of their securities to accredited investors without filing a registration statement, provided there is no advertising or public solicitation in connection with the transaction. Permits an accredited investor who acquires securities in such a transaction to resell such securities to other accredited investors without filing a registration statement under the exemption for transactions not involving an underwriter. Defines the term "accredited investor" to include specified institutional investors and any person purchasing at least $100,000 of securities in such an offering by a small issuer. Requires a small issuer to meet two of the three following criteria in order to qualify for the exemption provided by this Act: (1) assets at the end of its fiscal year of less than $15,000,000; (2) gross revenues in each of its last two fiscal years of less than $30,000,000; and (3) no more than 500 shareholders of any class of its securities. Empowers the Securities and Exchange Commission to revise the definitions and criteria established by this Act.

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Timeline

  1. 14 May 1980

    Introduced

    Referred to Senate Committee on Banking, Housing and Urban Affairs.

    Source: IntroReferral

  2. 14 May 1980

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

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Versions

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Documents

1 official file

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Sponsors

Related records

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Sources

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