Section 1 Short title
This Act may be cited as the “Increasing Opportunities for Retail Investors Act”.
Increasing Opportunities for Retail Investors Act
A BILL
To permit the Securities and Exchange Commission to increase regulatory exemption thresholds, and for other purposes.
Sec. 2 Regulatory dollar thresholds and limitations
Notwithstanding any other provision of law or regulation, the Securities and Exchange Commission, in order to reduce any regulatory obligation (or any restriction) on any entity, may, as the Commission determines appropriate, increase any dollar threshold or limitation by rule of the Commission, including any dollar threshold or limitation under—
section 230.251(a)(1) of title 17, Code of Federal Regulations, or any successor regulation;
section 230.251(a)(2) of title 17, Code of Federal Regulations, or any successor regulation;
section 230.504 of title 17, Code of Federal Regulations, or any successor regulation;
section 227.100(a)(1) of title 17, Code of Federal Regulations, or any successor regulation;
section 229.10(f) of title 17, Code of Federal Regulations, or any successor regulation;
section 230.405 of title 17, Code of Federal Regulations, or any successor regulation; or
section 240.12b–2 of title 17, Code of Federal Regulations, or any successor regulation.
Sec. 3 Jobs act-related exemption
Section 3(b) of the Securities Act of 1933 (15 U.S.C. 77c(b)) is amended—
in paragraph (2)(A), by striking “$50,000,000” and inserting “$75,000,000, adjusted for inflation by the Commission every 2 years to the nearest $10,000 to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics”; and
in paragraph (5)—
in the first sentence, by striking “such amount as” and inserting the following: “such amount, as adjusted for inflation under paragraph (2)(A), as”; and
in the second sentence, by striking “such amount” and inserting the following: “such amount, as adjusted for inflation under paragraph (2)(A)”.
Sec. 4 Crowdfunding exemption
Increase in limit of amount sold in reliance on the crowdfunding exemption— Section 4(a)(6)(A) of the Securities Act of 1933 (15 U.S.C. 77d(a)(6)(A)) is amended by striking “$1,000,000” and inserting “$5,000,000”.
Clarification of transaction caps— Section 4(a)(6)(B) of the Securities Act of 1933 (15 U.S.C. 77d(a)(6)(B)) is amended—
in clause (i), by inserting “the greater of” after “5 percent of”; and
in clause (ii), by inserting “the greater of” after “10 percent of”.