US Codex
Bill
Notes

H.R. 6745 — what changed

Access to Capital Creates Economic Strength and Supports Rural America Act

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

Sec. 2 Shareholder threshold for registration of certain issuers

Section 12(g) of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended—

(1)
in paragraph (1)—
(A)
in subparagraph (A)(ii), by striking “and” at the end;
(B)
in subparagraph (B), by adding “and” at the end;
(C)
by inserting after subparagraph (B) the following:

“(C) in the case of an issuer that, during its previous fiscal year, received support, directly or through an affiliate, through any Federal universal service support mechanism established under section 254 of the Communications Act of 1934 and filed the report described under paragraph (7) with respect to such fiscal year, not later than 120 days after the last day of its first fiscal year ended after the effective date of this subsection on which the issuer has total assets exceeding $10,000,000 and a class of equity security (other than an exempted security) held of record by either—

“(i) 2,000 persons, or

“(ii) 1,250 persons who are not accredited investors,”

(D)
by adding at the end the following: “The dollar figures in this paragraph shall be indexed for inflation every 5 years by the Commission to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, rounded to the nearest $100,000.”; and
(2)
by adding at the end the following:

“(7) Report by universal service support mechanism recipients

changed “(A) In general—The Commission shall issue regulations to establish a financial summary form that may be annually filed by an issuer that—

“(i) during its previous fiscal year, received support, directly or through an affiliate, through any Federal universal service support mechanism established under section 254 of the Communications Act of 1934; and

“(ii) has a class of equity security held of record by 500 or more persons who are not accredited investors, but less than 1,250 persons who are not accredited investors.

changed “(B) Contents—The form described under subparagraph (A) shall include a summary of the consolidated balance sheet and the consolidated income statement of the issuer, and such other information as the Commission determines is necessary and appropriate in the public interest and for the protection of investors.”investors.

added “(C) Public availability of forms—The Commission shall make financial summary forms filed under this paragraph available to the public, including on the website of the Commission.”