H.R. 4554 — Introduced in House

I 113th CONGRESS 2d Session H. R. 4554 IN THE HOUSE OF REPRESENTATIVES May 1, 2014 Mr. Mulvaney (for himself and Mrs. Wagner) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the securities laws to improve private market offerings, and for other purposes. 1. Short title This Act may be cited as the Restricted Securities Relief Act of 2014. 2. Improving private market offerings (a) Revisions to regulations The Securities and Exchange Commission shall— (1) revise section 230.144(d)(1)(i) of title 17, Code of Federal Regulations, to change the holding period for restricted securities issued by an issuer that is, and has been for a period of at least 90 days immediately before the sale, subject to the reporting requirements of section 13 or 15(d) of the Securities Exchange Act of 1934 from 6 months to 3 months; and (2) revise section 230.144(i) of title 17, Code of Federal Regulations, to permit an issuer of securities that was described under paragraph (1) of such section 230.144(i) that has ceased to be an issuer described under such paragraph to sell such securities (subject to the requirements of such section) after two years has elapsed from the date that the issuer files a Form 8–K with the Commission stating that the issuer is no longer described under paragraph (1) of such section. (b) Covered securities Section 18(b) of the Securities Act of 1933 (15 U.S.C. 77r(b)) is amended by adding at the end the following: (5) Securities offered or sold under Rule 144A A security is a covered security if it is offered or sold in compliance with the conditions set forth in section 230.144A of title 17, Code of Federal Regulations. .