US Fix Crowdfunding Act moves to the Senate
Posted on 15 July, 2016 by Mark Chatterley, reporter
The Fix Crowdfunding Act has passed the US House of Representatives with a vote of 394 to 4.
The US Fix Crowdfunding Act has passed the House of Representatives along with the Supporting America's Innovators Act of 2016, according to Dodd-Frank.com.
The Fix Crowdfunding Act, also known as H.R. 4855, enables the use of crowdfunding vehicles in relation to crowdfunding. The vehicles, following the act becoming law, will be able to make investments in an issuer subject to limitations.
The act also makes an exemption for the Exchange Act registration for crowdfunders if the issuer has a public flotation of less than $75m.
It passed the House of Representatives with a vote of 394 to 4. It has, at the time of writing, been received in the Senate and is widely expected to pass the upper house.
The act was sponsored by Patrick McHenry, the Republican Representative for North Carolina's 10th congressional district.
The Supporting America's Innovators Act of 2016, also known as H.R. 4854, makes venture capital funds with up to 250 investors exempt from the Investment Company Act. The funds must have no more than $10m in invested capital.
This Act passed the House with a vote of 388 to 9.
See more from this Government Report: US
Copyright Mawsonia Limited 2010. Please don't cut articles from www.globalgovernmentventuring.com or the PDF and redistribute by email or post to the web without written permission.
Latest magazinePast Issues
Get full online access, the monthly magazine, weekly news alerts, special reports and more.See all subscription options
August 01, 2017
August 01, 2017
July 31, 2017
August 11, 2017
August 05, 2017