H.R. 477 — Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

Summary

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from that Act's registration requirements merger-and-acquisition brokers that facilitate transfer of ownership in privately held companies with earnings or revenues under a specified threshold. This exemption shall not apply, however, to brokers that:

receive, hold, transmit, or have custody of funds or securities to be exchanged by parties to an ownership transfer;
engage on behalf of an issuer in a public offering of registered securities;
engage on behalf of any party in a transaction involving specified shell companies;
provide financing related to the transfer of ownership;
assist any party to obtain financing from a third party in specified circumstances;
represent both buyer and seller without disclosure and consent from both parties;
facilitate a transaction with a group of buyers formed with the assistance of the broker;
engage in transferring ownership to a passive buyer;
bind a party to a transfer of ownership; or
are subject to suspension or revocation of registration or to other specified disqualifications.

Legislative Actions

2017-01-12

Introduced in House

2017-01-12

Introduced in House

2017-01-12

Referred to the House Committee on Financial Services.

2017-10-11

Committee Consideration and Mark-up Session Held.

2017-10-12

Committee Consideration and Mark-up Session Held.

2017-10-12

Ordered to be Reported by the Yeas and Nays: 37 - 23.

2017-11-30

Reported by the Committee on Financial Services. H. Rept. 115-431.

2017-11-30

Reported by the Committee on Financial Services. H. Rept. 115-431.

2017-11-30

Placed on the Union Calendar, Calendar No. 318.

2017-12-06

Rules Committee Resolution H. Res. 647 Reported to House. Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion

2017-12-07

Considered under the provisions of rule H. Res. 647. (consideration: CR H9739-9742; text of amendment in the nature of a substitute: CR H9739-9740)

2017-12-07

Provides for consideration of H.R. 477 and H.R. 3971 under structured rules with one hour of debate, one motion to recommit with or without instructions on each measure. Also provides for consideration of H.J.Res. 123 under a closed rule, with one hour of debate and one motion

2017-12-07

DEBATE - The House proceeded with one hour of debate on H.R. 477.

2017-12-07

DEBATE - Pursuant to the provisions of H.Res. 647, the House proceeded with 10 minutes of debate on the Sherman amendment No. 1.

2017-12-07

POSTPONED PROCEEDINGS - At the conclusion of debate on H.R. 477, the Chair put the question on passage of the bill, and announced by voice vote that the ayes had prevailed. Mr. Hensarling demanded the yeas and nays, and the Chair postponed further proceedings on the question of passage until later in the legislative day.

2017-12-07

Considered as unfinished business. (consideration: CR H9742-9743)

2017-12-07

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).

Roll Call #669 (House)

2017-12-07

On passage Passed by the Yeas and Nays: 426 - 0 (Roll no. 669).

Roll Call #669 (House)

2017-12-07

Motion to reconsider laid on the table Agreed to without objection.

2017-12-11

Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2017

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