US Codex
Bill
Notes

H.R. 4430 — what changed

Expanding WKSI Eligibility Act

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

Section 1 Short title

changed For purposes of the Federal securities laws, and regulations issued thereunder, an issuer shall This Act may be a “well-known seasoned issuer” if—cited as the “Expanding WKSI Eligibility Act”.

(1)
removed the aggregate market value of the voting and non-voting common equity held by non-affiliates of the issuer is $75,000,000 or more (as determined under Form S–3 general instruction I.B.1. as in effect on the date of enactment of this Act); and
(2)
removed the issuer otherwise satisfies the requirements of the definition of “well-known seasoned issuer” contained in section 230.405 of title 17, Code of Federal Regulations (as in effect on the date of enactment of this Act) without reference to any requirement in such definition relating to minimum worldwide market value of outstanding voting and non-voting common equity held by non-affiliates.

Sec. 2 Definition of well-known seasoned issuer

added
(a)
added In general— For purposes of the Federal securities laws, and regulations issued thereunder, an issuer shall be a “well-known seasoned issuer” if—
(1)
added the aggregate market value of the voting and non-voting common equity held by non-affiliates of the issuer is $400,000,000 or more (as determined under Form S–3 general instruction I.B.1. as in effect on the date of enactment of this Act); and
(2)
added the issuer otherwise satisfies the requirements of the definition of “well-known seasoned issuer” contained in section 230.405 of title 17, Code of Federal Regulations (as in effect on the date of enactment of this Act) without reference to any requirement in such definition relating to minimum worldwide market value of outstanding voting and non-voting common equity held by non-affiliates.
(b)
added Report on withdrawn applications related to well-known seasoned issuer status— The Securities and Exchange Commission shall, not later than 90 days after the end of each calendar year, publish the total number of applications submitted during such calendar year where the applicant—
(1)
added submitted the application under section 230.405 of title 17, Code of Federal Regulations, for a determination by the Commission that the applicant not be considered an ineligible issuer under such section;
(2)
added requested such determination in order to meet the definition of a well-known seasoned issuer under such section; and
(3)
added withdrew the application.