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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
      Capital Markets and Government Sponsored Enterprises
    IntroducedJuly 9th, 2013

What is it?

This bill deals with Securities and Exchange Commission (SEC) compliance procedures for smaller companies, and what companies would be considered small, were this bill to pass. 

According to The Wall Street Journal,

Under current U.S. Securities and Exchange Commission (SEC) rules, public companies are grouped by size to determine compliance requirements. The smallest group, called non-accelerated filers, is capped at companies with a public float of no more than $75 million; these small businesses are subjected to a reduced regulatory burden. [This bill] will amend the filing status classifications in SEC Rule 12b-2 to allow companies with public floats below $250 million or revenues below $100 million to qualify as non-accelerated filers.

The $100 million mark refers to domestic revenues; the total, worldwide market value to be considered a non-accelerated filer would be between $250 million and $700 million. 

“Public float” is the portion of shares of a corporation that are in the hands of public investors as opposed to locked-in stock held by promoters, company officers, controlling-interest investors, or government.

Impact

This bill impacts companies with a public float not currently exceeding $75 million.

Cost

A CBO cost is currently unavailable.

AKA

Fostering Innovation Act of 2013

Official Title

To provide an exemption for low-revenue companies from certain SEC regulations.

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