S. 4857 · 117th Congress
Private Markets Transparency and Accountability Act
- Stage
- In committee
- Sponsor
- Jack Reed
- Introduced
- 2022-09-15
- Latest action
- 2022-12-14 · Committee on Banking, Housing, and Urban Affairs. Hearings held.
Summary
Private Markets Transparency and Accountability Act
This bill requires certain private companies to register with the Securities and Exchange Commission (SEC) and thereby publicly disclose business practices and financial information.
Under current law, companies with assets exceeding $10 million and with a class of securities held by either 2,000 persons, or 500 persons who are not accredited investors, must register with the SEC. In addition, the bill requires companies to register if (1) their valuation exceeds $700 million, or (2) their annual revenue exceeds $5 billion and they have at least 5,000 employees.