,,ib  ,union ,calendar ,no4 #bhj  #aaeth
 ,,congress  #ast ,session  ,h4 ,r4     
#bbja  ,report ,no4 #aae-chc  ,,in ,,the
 ,,house ,,of ,,representatives  ,april 
#bg1 #bjag ,mr4 ,emmer introduced the   
following bill2 which was referred to   
the ,committee on ,financial ,services  
,november #a1 #bjag;,additional         
sponsors3 ,mr4 ,stivers1 ,mr4 ,messer1  
,mr4 ,tipton1 ,mr4 ,pittenger1 and ,mr4 
,mac,arthur  ,november #a1 #bjag        
,committed to the ,committee of the     
,whole ,house on the ,state of the      
,union and ordered to be printed  ,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 following3  7#h7            
transactions meeting the requirements of
 subsection 7f74  2 and  7#b7 by adding 
at the end the following3  7f7 ,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 all  
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  ,november #a1   
#bjag ,committed to the ,committee of   
the ,whole ,house on the ,state of the  
,union and ordered to be printed