H.Res. 844: H.R. 2357 – Accelerating Access to Capital Act of 2015; H.R. 5424 – Investment Advisers Modernization Act of 2016

COMMITTEE ACTION: REPORTED BY A RECORD VOTE of 9-2 on Tuesday, September 6, 2016.

FLOOR ACTION: ADOPTED BY A RECORD VOTE OF 237-181 AFTER ORDERING THE PREVIOUS QUESTION BY A RECORD VOTE OF 238-180 on Thursday, September 8, 2016.

MANAGERS: Polis/Sessions

114th Congress

2nd Session

Rule

H.RES. 844

Report No. 114-725

 

H.R. 2357 - Accelerating Access to Capital Act of 2015

H.R. 5424- Investment Advisers Modernization Act of 2016

  1. Structured rule for H.R. 2357.
  2. Provides one hour of general debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.
  3. Waives all points of order against consideration of the bill.
  4. Makes in order as original text for the purpose of amendment an amendment in the nature of a substitute consisting of the text of Rules Committee Print 114-62 and provides that it shall be considered as read.
  5. Waives all points of order against that amendment in the nature of a substitute.
  6. Makes in order only those further amendments printed in part A of the Rules Committee report. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
  7. Waives all points of order against the amendments printed in part A of the report.
  8. Provides one motion to recommit with or without instructions.
  9. Structured rule for H.R. 5424.
  10. Provides one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services.
  11. Waives all points of order against consideration of the bill.
  12. Provides that the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted, and the bill, as amended, shall be considered as read.
  13. Waives all points of order against provisions in the bill, as amended.
  14. Makes in order only the further amendment printed in part B of the Rules Committee report, if offered by the Member designated in the report, which shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
  15. Waives all points of order against the amendment printed in part B of the report.
  16. Provides one motion to recommit with or without instructions.

 

RESOLUTION

Resolved, That at any time after adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for consideration of the bill (H.R. 2357) to direct the Securities and Exchange Commission to revise Form S-3 so as to add listing and registration of a class of common equity securities on a national securities exchange as an additional basis for satisfying the requirements of General Instruction I.B.l. of such form and to remove such listing and registration as a requirement of General Instruction I.B.6. of such form. The first reading of the bill shall be dispensed with. All points of order against consideration of the bill are waived. General debate shall be confined to the bill and amendments specified in this section and shall not exceed one hour equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services. After general debate the bill shall be considered for amendment under the five-minute rule. It shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of Rules Committee Print 114-62. That amendment in the nature of a substitute shall be considered as read. All points of order against that amendment in the nature of a substitute are waived. No amendment to that amendment in the nature of a substitute shall be in order except those printed in part A of the report of the Committee on Rules accompanying this resolution. Each such amendment may be offered only in the order printed in the report, may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question in the House or in the Committee of the Whole. All points of order against such amendments are waived. At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill to the House with such amendments as may have been adopted. Any Member may demand a separate vote in the House on any amendment adopted in the Committee of the Whole to the bill or to the amendment in the nature of a substitute made in order as original text. The previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.

Sec. 2. Upon adoption of this resolution it shall be in order to consider in the House the bill (H.R. 5424) to amend the Investment Advisers Act of 1940 and to direct the Securities and Exchange Commission to amend its rules to modernize certain requirements relating to investment advisers, and for other purposes. All points of order against consideration of the bill are waived. The amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill shall be considered as adopted. The bill, as amended, shall be considered as read. All points of order against provisions in the bill, as amended, are waived. The previous question shall be considered as ordered on the bill, as amended, and on any further amendment thereto, to final passage without intervening motion except: (1) one hour of debate equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services; (2) the further amendment printed in part B of the report of the Committee on Rules accompanying this resolution, if offered by the Member designated in the report, which shall be in order without intervention of any point of order, shall be considered as read, shall be separately debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, and shall not be subject to a demand for a division of the question; and (3) one motion to recommit with or without instructions.

SUMMARY OF AMENDMENTS TO H.R. 2357 IN PART A PROPOSED TO BE MADE IN ORDER

(summaries derived from information provided by sponsors)

Sponsor

#

Description

Debate Time

1. DeSantis (FL)

2

(LATE) (REVISED) Requires companies to publically disclose if they engage in business within Iran or with the Government of Iran.

10 minutes

2. Hinojosa (TX)

1

Limits unaccredited investor purchasers to 35, and limits the amount they may invest to $5,000. Issuers of exempted securities must provide updated disclosure documents to purchasers.

10 minutes

SUMMARY OF AMENDMENT TO H.R. 5424 IN PART B PROPOSED TO BE MADE IN ORDER

(summaries derived from information provided by sponsors)

Sponsor

#

Description

Debate Time

1. Foster (IL)

1

(LATE) Removes provisions related to brochure delivery and the requirement for annual audits at select private funds.

10 minutes