Sec. 1. Short title; table of contents
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This Act may be cited as the . Expanding Access to Capital Act of 2023 The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. Division A—Strengthening Public Markets Title I—Remove Aberrations in the Market Cap Test for Target Company Financial Statements Sec. 1101. Avoiding aberrational results in requirements for acquisition and disposition financial statements. Title II—Improving Disclosure for Investors Sec. 1201. Short title. Sec. 1202.
Electronic delivery. Title III—Helping Startups Continue To Grow Sec. 1301. Short title. Sec. 1302. Emerging growth company criteria. Title IV—SEC and PCAOB Auditor Requirements for Newly Public Companies Sec. 1401. Auditor independence for certain past audits occurring before an issuer is a public company. Title V—Expand the Protection for Research Reports to Cover All Securities of All Issuers Sec. 1501. Provision of research. Title VI—Codify MiFID No Action Letter Sec. 1601.
Definition of investment adviser amended to exclude brokers and dealers compensated for certain research services. Title VII—Exclude QIBs and IAAs from the Record Holder Count for Mandatory Registration Sec. 1701. Exclusions from mandatory registration threshold. Title VIII—Expand WKSI Eligibility Sec. 1801. Definition of well-known seasoned issuer. Title IX—Smaller reporting company, accelerated filer, and large accelerated filer thresholds Sec. 1901. Smaller reporting company, accelerated filer, and large accelerated filer thresholds.
Division B—Helping Small Businesses and Entrepreneurs Title I—Unlocking Capital for Small Businesses Sec. 2101. Short title. Sec. 2102. Safe harbors for private placement brokers and finders. Sec. 2103. Limitations on State law. Title II—Small Business Investor Capital Access Sec. 2201. Short title. Sec. 2202. Inflation adjustment for the exemption threshold for certain investment advisers of private funds. Title III—Improving Capital Allocation for Newcomers Sec. 2301. Short title.
Sec. 2302. Qualifying venture capital funds. Title IV—Small Entrepreneurs’ Empowerment and Development Sec. 2401. Short title. Sec. 2402. Micro-offering exemption. Title V—Regulation A+ Improvement Sec. 2501. Short title. Sec. 2502. JOBS Act-related exemption. Title VI—Developing and Empowering our Aspiring Leaders Sec. 2601. Short title. Sec. 2602. Definitions. Sec. 2603. Reports. Title VII—Helping Angels Lead Our Startups Sec. 2701. Short title. Sec. 2702. Clarification of general solicitation.
Sec. 2703. Restrictions on new filing requirements in connection with a general solicitation. Title VIII—Improving Crowdfunding Opportunities Sec. 2801. Short title. Sec. 2802. Crowdfunding revisions. Title IX—Restoring the Secondary Trading Market Sec. 2901. Short title. Sec. 2902. Exemption from State regulation. Division C—Increasing Access to Private Markets Title I—Gig Worker Equity Compensation Sec. 3101. Short title. Sec. 3102. Extension of Rule 701. Sec. 3103. Preemption of certain provisions of State law.
Sec. 3104. GAO study. Title II—Investment Opportunity Expansion Sec. 3201. Short title. Sec. 3202. Investment thresholds to qualify as an accredited investor. Title III—Risk Disclosure and Investor Attestation Sec. 3301. Short title. Sec. 3302. Investor attestation. Title IV—Increasing Investor Opportunities Sec. 3401. Short title. Sec. 3402. Closed-end company authority to invest in private funds. Title V—Accredited investors include individuals receiving advice from certain professionals Sec. 3501.
Accredited investors include individuals receiving advice from certain professionals. Title VI—Retirement Fairness for Charities and Educational Institutions Sec. 3601. Short title. Sec. 3602. Enhancement of 403
(b)plans.