Sec. 1076. Crowdfunding vehicles
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/bill/114/hr/5983/rh/section-1076·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Securities Act of 1933 ( 15 U.S.C. 77a et seq. ) is amended— in section 4A(f)(3), by inserting by any of paragraphs
(1)through
(14)of before section 3(c) ; and in section 4(a)(6)(B), by inserting after any investor the following: , other than a crowdfunding vehicle (as defined in section 2(a) of the Investment Company Act of 1940), . The Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq. ) is amended— in section 2(a), by adding at the end the following: The term crowdfunding vehicle means a company— whose purpose (as set forth in its organizational documents) is limited to acquiring, holding, and disposing securities issued by a single company in one or more transactions and made pursuant to section 4(a)(6) of the Securities Act of 1933; which issues only one class of securities; which receives no compensation in connection with such acquisition, holding, or disposition of securities; no associated person of which receives any compensation in connection with such acquisition, holding or disposition of securities unless such person is acting as or on behalf of an investment adviser registered under the Investment Advisers Act of 1940 or registered as an investment adviser in the State in which the investment adviser maintains its principal office and place of business; the securities of which have been issued in a transaction made pursuant to section 4(a)(6) of the Securities Act of 1933, where both the crowdfunding vehicle and the company whose securities it holds are co-issuers; which is current in its ongoing disclosure obligations under Rule 202 of Regulation Crowdfunding (17 C.F.R. 227.202); the company whose securities it holds is current in its ongoing disclosure obligations under Rule 202 of Regulation Crowdfunding (17 C.F.R. 227.202); and is advised by an investment adviser registered under the Investment Advisers Act of 1940 or registered as an investment adviser in the State in which the investment adviser maintains its principal office and place of business. ; and in section 3(c), by adding at the end the following: Any crowdfunding vehicle. .
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- 15 USC 80a–1
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