,i  #aadth ,,congress  #b;d ,session    
,h4 ,r4 #dhej  ,,in ,,the ,,house ,,of  
,,representatives  ,march #bc1 #bjaf    
,mr4 ,emmer of ,minnesota 7for himself1 
,mr4 ,messer1 ,mr4 ,barr1 ,mr4 ,royce1  
,mr4 ,chabot1 ,mr4 ,tipton1 ,mr4 ,brooks
 of ,alabama1 and ,mr4 ,williams7       
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,a ,,bill  ,to    
amend the ,securities ,act of #aicc to  
exempt certain micro-offerings from the 
registration requirements of such ,act1 
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,micro ,offering ,safe ,harbor ,act4    
#b4 ,exemptions for micro-offerings  7a7
 ,in general ,section #d of the         
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;d7 is amended--  7#a7 in subsection
 7a71 by adding at the end the following
 new paragraph3  7#h7 transactions      
meeting the requirements of subsection  
7e74  2 and  7#b7 by adding at the end  
the following3  7e7 ,certain            

micro-,offerings ,the transactions      
referred to in subsection 7a77#h7 are   
transactions involving the sale of      
securities by an issuer 7including all  
entities controlled by or under common  
control with the issuer7 that meet one  
or more of the following requirements3  
7#a7 ,pre-existing relationship ,each   
purchaser has a substantive pre-existing
 relationship with an officer of the    
issuer1 a director of the issuer1 or a  
shareholder holding #aj percent or more 
of the shares of the issuer4  7#b7 #ce  
or fewer purchasers ,there are no more  
than1 or the issuer reasonably believes 
that there are no more than1 #ce        
purchasers of securities from the issuer
 that are sold in reliance on the       
exemption provided under subsection     
7a77#h7 during the #ab-month period     
preceding such transaction4  7#c7 ,small
 offering amount ,the aggregate amount  
of all securities sold by the issuer1   
including any amount sold in reliance on
 the exemption provided under subsection

 7a77#h71 during the #ab-month period   
preceding such transaction1 does not    
exceed #ejj1jjj4  4  7b7 ,exemption     
under ,state regulations ,section       
#ah7;b77#d7 of the ,securities ,act of  
#aicc 7#ae ,u4,s4,c4 #ggr7b77#d77 is    
amended-- 7#a7 in subparagraph 7,f71 by 
striking or at the end2  7#b7 in        
subparagraph 7,g71 by striking the      
period and inserting 2 or2 and  7#c7 by 
adding at the end the following3  7,h7  
section #d7;a77#h74  4