Sec. 2. Expansion of certain securities exemptions to respond to COVID–19
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/bill/116/hr/6253/ih/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 2(a) of the Securities Act of 1933 ( 15 U.S.C. 77b(a) ) is amended by adding at the end the following: The term issuer combating COVID–19 means an issuer that undertakes— efforts to find a vaccine for COVID–19; research or production of medical equipment related to COVID–19, including— testing equipment; and touchless automation and hands-free proximity sensing technology; research or production of technology or equipment related to social distancing or other non-medical strategies to reduce the danger of COVID–19 to the general population, including— online education technology; and remote video conferencing technology; and such other activities as the Commission may determine appropriate. .
Section 3(b) of the Securities Act of 1933 ( 15 U.S.C. 77c(b) ) is amended— in paragraph (1), by inserting after no issue of securities the following: (other than an issue of securities by an issuer combating COVID–19) ; and in paragraph (2)(A), by striking The aggregate and inserting Except for securities of an issuer combating COVID–19, the aggregate . Section 4(a)(6)(A) of the Securities Act of 1933 ( 15 U.S.C. 77d(a)(6)(A) ) is amended by inserting before the aggregate amount the following: except for transactions involving the offer or sale of securities by an issuer combating COVID–19, .
Section 24 of the Securities Act of 1933 ( 15 U.S.C. 77x ) is amended by adding at the end the following: Notwithstanding any other provision of law, an issuer combating COVID–19 shall not be subject to joint and several liability for any claim against such issuer, other than a claim of fraud under the securities laws. .
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Sec. 2
Expansion of certain securities exemptions to respond to COVID–19
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