PlainBillCongress, translated.Legislation. Context. Public interest.Placed on the Union Calendar, Calendar No. 561.
Congressional Research Service
Version 17 · Reported to House with amendment(s) · Sep 6, 2016
Micro Offering Safe Harbor Act
This bill amends the Securities Act of 1933 to exempt from specified prohibitions against the sale or delivery after sale of unregistered securities, among other things, transactions involving the sale of securities by an issuer of micro-offerings that meet all of the following criteria:
each purchaser has a substantive pre-existing relationship with either an officer or director of the issuer, or with a shareholder holding 10% or more of the issuer's shares;
Showing the opening paragraphs of the official summary.
during the 12-month period preceding the transaction there are no more than 35 purchasers of such micro-offerings sold in reliance on this exemption; and
the aggregate amount of all securities sold by the issuer (including any amount sold in reliance upon the exemption) during the 12-month period preceding the transaction does not exceed $500,000.
The exemption provided under this bill is not available for a transaction involving a sale of securities if any of specified persons connected with their issuance would have triggered disqualification as a "bad actor" pursuant to regulations under the Act.
The bill also exempts such micro-offerings from state regulation of securities offerings.
People & committees
Rep. Emmer, Tom [R-MN-6] · R–MN
Legislative record
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Placed on the Union Calendar, Calendar No. 561.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-723.
Reported (Amended) by the Committee on Financial Services. H. Rept. 114-723.
Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 25.
Committee Consideration and Mark-up Session Held.
Committee Consideration and Mark-up Session Held.
Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Apr 7, 2025. Consult Congress.gov for the current record.
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