H.R. 8998 · 117th Congress
Unlocking Capital for Small Businesses Act of 2022
- Stage
- In committee
- Sponsor
- Ted Budd
- Introduced
- 2022-09-28
- Latest action
- 2022-09-28 · Introduced in House
Summary
Unlocking Capital for Small Businesses Act of 2022
This bill revises the regulatory treatment of private-placement brokers (brokers who receive transaction-based compensation for the sale of securities to preselected individuals or institutions) and finders (private-placement brokers who do not exceed a specified amount of compensation, transaction value, or number of transactions in a year).
Specifically, the bill (1) requires the Securities and Exchange Commission to establish registration requirements for private-placement brokers that are no more stringent than those imposed on crowdfunding portals, (2) allows for membership in any national securities association for private-placement brokers, (3) exempts private-placement brokers from broker regulations, and (4) otherwise modifies provisions related to private-placement brokers and finders.