Bill Flores voted Yea (Passage) on this Legislation.
Read statements Bill Flores made in this general time period.
Title: Micro Offering Safe Harbor Act
Vote to pass a bill that exempts certain micro-offerings from the registration requirements of the Securities Act of 1933.
Amends section 4 of the Securities Act of 1933 to exempt certain micro-offerings from (Sec. 2):
State regulation of the sale of securities; and
Federal prohibitions on interstate securities sales.
Specifies that the exempted micro-offerings must meet all of the following requirements (Sec. 2):
The purchaser has a substantive pre-existing relationship with the issuer;
There are no more than 35 purchasers relying on the exemption during the 12-month period preceding the transaction; and
The amount of all securities sold by the issuer during the 12-month period preceding the transaction does not exceed $500,000.
Specifies that this exemption applies not only to an issuer, but also to all entities controlled by, or under common control with, the issuer (Sec. 2).
Title: Micro Offering Safe Harbor Act