Summary:
Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC); or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements.

Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

 Requires that the amendments to CEA made by this Act be implemented: (1) without regard to federal information policy requirements or the notice and comment requirements of federal administrative procedure; and (2) through promulgation of an interim final rule, pursuant to which public comment will be sought before a final rule is issued.Limits the disregard of such federal information policy and notice and comment requirements solely to changes to rules and regulations, or proposed rule and regulations, that are limited to, and directly a consequence of, the amendments to CEA made by this Act.

amends commodity_exchange_act cea exempt rules prudential regulators swap dealers major swap participants respect initial variation margin requirements swaps cleared registered derivatives clearing organization swaps counterparties eligible exception clearing requirements certain significant price discovery agreements contracts transactions commodity exempt regulation commodity_futures_trading_commission cftc satisfies specified criteria governing treatment affiliates connection clearing requirements amends securities_exchange_act registration regulation security based swap dealers major security based swap participants exempt initial variation margin requirements swaps cleared registered derivatives clearing organization security based swap counterparties qualifies specified exception clearing requirements satisfies certain criteria governing treatment affiliates requires amendments cea act implemented regard federal information policy requirements notice comment requirements federal administrative procedure promulgation interim final rule pursuant public comment sought final rule issued limits disregard federal information policy notice comment requirements solely changes rules regulations proposed rule regulations limited directly consequence amendments cea act


Summary: Real Estate Investment and Jobs Act of 2013 - Amends the Internal Revenue Code to increase from 5% to 10% the allowable ownership interest in real estate investment trust (REIT) stock for purposes of tax exemptions allowed by the Foreign Investment in Real Property Tax Act relating to foreign investment in United States real property interests.

real estate investment jobs_act amends_the_internal_revenue_code increase allowable ownership interest real estate investment trust reit stock purposes tax exemptions allowed foreign_investment_in_real_property_tax_act relating foreign investment united_states real property interests


Summary:
Restoring Main Street Investor Protection and Confidence Act - Amends the Securities Investor Protection Act of 1970 to revise the definition of "net equity."

Bases the determination of net equity, the positions, options, and contracts of a customer reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, upon: (1) the information contained in the last statement issued by the debtor to the customer before the filing date; and (2) any additional written confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.

 Makes an exception to this requirement when a debtor's records indicate a higher value. Requires determination of the customer's net equity using the debtor's books and records instead of the customer's last statement when the debtor's books and records indicate that the net value of a customer's positions, options, and contracts reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, is greater than the customer's net value as calculated on the basis specified by this Act.

Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers which reasonably indicated a fraud adversely affecting a substantial number of customers; or (2) as a registered broker, dealer, or investment adviser under specified securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities and Exchange Commission (SEC), or law enforcement personnel.

Prohibits a trustee in bankruptcy in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same criteria regarding actual or constructive knowledge of the debtor's involvement in fraudulent activity.

Prescribes alternative methodologies for allocation of customer property to customers by a trustee in a liquidation proceeding. Requires public notice and comment as a prerequisite to court approval of a proposed allocation methodology.

 Transfers from the SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.

Prohibits a trustee from serving in multiple liquidations if the trustee is currently serving as such under this Act for the liquidation of the business of another debtor.

Sets forth requirements for trustee and attorney compensation.

Requires the SIPC to issue quarterly public reports on its payments to the trustee, as well as all other costs in connection with the liquidation proceeding.

Defines as a "customer" of the debtor under such Act: (1) any person that had cash or securities that were converted or otherwise misappropriated by the debtor (or any person who controls, is controlled by, or is under common control with the debtor, if such person was operating through the debtor), irrespective of whether the debtor held or otherwise had custody, possession, or control of that cash or securities; and (2) any other person the SIPC deems a customer of the debtor.

Authorizes the SEC as well as the SIPC (as under current law) to apply for a protective decree on an SIPC member's behalf with any court of competent jurisdiction.

Prescribes the timing of: (1) SIPC advances, and (2) payments to customers.

Conditions the SEC authorization to make loans to the SIPC upon an SEC determination that the SIPC is unable to borrow in the public debt markets at reasonable terms (both as to yield and maturity).

Requires the SEC to inspect SIPC members periodically to ensure that the information they provide to customers is accurate.

 Requires the self-regulatory organization to which an SIPC member belongs, or in which it is a participant, to inspect or examine the member to assess its financial stability as well as ensure that the information the member provides to customers is accurate.

restoring main street investor protection confidence act_-_amends securities investor protection act revise definition net equity bases determination net equity positions options contracts customer reported customer held debtor indebtedness customer debtor information contained statement issued debtor customer filing date additional written customer positions options contracts indebtedness received statement filing date makes exception requirement debtor records indicate higher value requires determination customer net equity debtor books records instead customer statement debtor books records indicate net value customer positions options contracts reported customer held debtor indebtedness customer debtor greater customer net value calculated basis specified act prohibits reliance final statement debtor customer customer knew debtor involved fraudulent activity respect customers reasonably indicated fraud adversely affecting substantial number customers registered broker dealer investment adviser specified securities laws person required registered knew known debtor involved fraudulent activity notify securities investor protection corporation securities_and_exchange_commission sec law enforcement personnel prohibits trustee bankruptcy liquidation proceeding recovering property transferred debtor customer filing date time transfer customer meets criteria actual constructive knowledge debtor involvement fraudulent activity prescribes alternative methodologies allocation customer property customers trustee liquidation proceeding requires public notice comment prerequisite court approval proposed allocation methodology transfers sec authority nominate court persons appointment trustee liquidation debtor business attorney trustee prohibits trustee serving multiple trustee currently serving act liquidation business debtor sets forth requirements trustee attorney compensation requires issue quarterly public reports payments trustee costs connection liquidation proceeding defines customer debtor act person cash securities converted misappropriated debtor person controls controlled common control debtor person operating debtor irrespective debtor held custody possession control cash securities person deems customer debtor authorizes sec current law apply protective decree member behalf court competent jurisdiction prescribes timing advances payments customers conditions sec authorization loans sec determination unable borrow public debt markets reasonable terms yield maturity requires sec inspect members periodically ensure information provide customers accurate requires self regulatory organization member belongs participant inspect examine member assess financial stability ensure information member provides customers accurate


Summary:
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2014 - Amends the Securities Exchange Act of 1934 to exempt from its registration requirements certain merger and acquisition (M&A) brokers and associated persons.

Denies such registration exemption, however, to brokers who: (1) receive, hold, transmit, or have custody of any funds or securities to be exchanged by parties to a transfer of ownership of an eligible privately held company; or (2) engage on behalf of an issuer in a public offering of securities that are either subject to mandatory registration, or with respect to which the issuer must file periodic information, documents, and reports.

Prohibits the construction of this Act to limit any other authority of the Securities and Exchange Commission (SEC) to exempt any person, or any class of persons, from any provision of this Act, including any related rule or regulation.

small business mergers acquisitions sales brokerage simplification act amends securities_exchange_act exempt registration requirements certain merger acquisition brokers associated persons denies registration exemption brokers receive hold transmit custody funds securities exchanged parties transfer ownership eligible privately held company engage behalf issuer public offering securities subject mandatory registration respect issuer file periodic information documents reports prohibits construction act limit authority securities_and_exchange_commission sec exempt person class persons provision act including related rule regulation


Summary:
Bond Transparency Act of 2014 - Amends the Securities Exchange Act of 1934 to define a "riskless principal transaction" as any transaction the Securities and Exchange Commission (SEC) identifies as one, but primarily one in which a broker, dealer, or municipal securities dealer acts on a customer order to buy or sell either municipal securities or corporate debt securities while also acting as principal for its own account in order to complete the transaction.

Requires a broker or dealer, at or before completion of the transaction, to make a markup disclosure in writing to the customer of the difference between either: (1) the customer's purchase price and the broker or dealer's purchase price; or (2) the customer's sale price and the broker or dealer's sale price.

Subjects riskless principal transactions in corporate debt securities to the same markup disclosure requirements as those for riskless principal transactions in municipal securities.

bond transparency_act amends securities_exchange_act define principal transaction transaction securities_and_exchange_commission sec identifies primarily broker dealer municipal securities dealer acts customer order buy sell municipal securities corporate debt securities acting principal account order complete transaction requires broker dealer completion transaction disclosure writing customer difference customer purchase price broker dealer purchase price customer sale price broker dealer sale price subjects principal transactions corporate debt securities disclosure requirements principal transactions municipal securities


Summary:
Bolstering Our Nation's Deficient Structures Act of 2014 or the BONDS Act - Amends the Internal Revenue Code, with respect to build America bonds, to: (1) make permanent the issuance authority for such bonds and the authority for payments to bond issuers, (2) make phased reductions in the credit percentage to bondholders and the percentage of payments to issuers of such bonds, (3) make federal wage rate and other grant requirements applicable to such bonds, (4) allow refundings of currently-issued bonds, and (5) allow the use of such bonds to fund capital expenditures for levees and flood control projects.

Provides for an increase in payments to issuers of build America bonds to compensate for reductions in the amount of such payments due to sequestration.

nation deficient structures act bonds act amends_the_internal_revenue_code respect build_america bonds permanent issuance authority bonds authority payments bond issuers phased reductions credit percentage bondholders percentage payments issuers bonds federal wage rate grant requirements applicable bonds allow refundings currently issued bonds allow use bonds fund capital expenditures levees flood control projects provides increase payments issuers build_america bonds compensate reductions payments sequestration


Summary:
End-User Protection Act of 2014 - Amends the Commodity Exchange Act with respect to exceptions to the requirement that any swap be cleared by a derivatives clearing organization either registered under that Act, or exempted from registration, if the swap is required to be cleared.

Revises the definition of a financial entity subject to such requirement to exclude one that: (1) is a commercial market participant predominantly engaged in activities in the business of banking, or in activities that are financial in nature, but is not supervised by a prudential regulator; or (2) is considered as predominantly engaged in activities in the business of banking or in financial activities because it regularly enters into foreign exchange or derivatives transactions on behalf of, or to hedge or mitigate the commercial risk of, one or more other entities within the entity's same commercial enterprise, or because of making loans to one or more of such other entities.

Directs the Commodity Futures Trading Commission (CFTC) to provide by rule for the public reporting of swap transactions, including price and volume data, in illiquid markets that are not cleared and entered into by a nonfinancial entity that is hedging or mitigating commercial risk. Defines "illiquid" as any market in which the volume and frequency of trading in swaps is at such a level as to allow identification of individual market participants.

Requires the CFTC to ensure that such swap transaction information is not available to the public until 30 days after the transaction has been executed, or at an appropriate later date, in order to: (1) protect the identity of participants and positions in illiquid markets, and (2) prevent the elimination or reduction of market liquidity.

Accords financial entities exempt from swap-clearing requirements the same treatment as exempted affiliates.

Revises the exemption of bona fide hedge transactions or positions from certain trading limitations to set criteria for CFTC rules or regulations treating swaps, contracts of sale for future delivery, or options on the contracts or commodities as bona fide hedge transactions or positions also exempt from those limitations.

Declares that, if the CFTC imposes any reporting and recordkeeping requirement on any person that is not registered, or required to be registered, with the CFTC, that person shall satisfy the requirements of any pertinent rule, order, or regulation by maintaining a written record of each cash or forward transaction related to a reportable or hedging commodity interest transaction, futures contract, option on a futures contract, or swap. Makes such a written record sufficient if it: (1) memorializes the final agreement between the parties, including the transaction's material economic terms; and (2) is identifiable and searchable by transaction.

States that certain requirements for adoption of rules governing capital and margin requirements for swap dealers and major swap participants, including the initial and variation margin requirements imposed by rules adopted according to such requirements, shall not apply to a swap in which a counterparty qualifies for specified exceptions or exemptions.

Revises requirements for a CFTC cost-benefit analysis made before an order is issued. Requires the CFTC, acting through the Office of the Chief Economist, among other things to:

 state a justification for the regulation or order; state the baseline for the cost-benefit analysis and explain how the regulation or order measures costs against the baseline; assess the costs and benefits, both qualitative and quantitative, of the intended regulation or order; measure, and seek to improve, the actual results of regulatory requirements; and propose or adopt a regulation or order only on a reasoned determination that the benefits of the intended regulation or order justify its costs.

end user protection act amends commodity_exchange_act respect exceptions requirement swap cleared derivatives clearing organization registered act exempted registration swap required cleared revises definition financial entity subject requirement exclude commercial market participant predominantly engaged activities business banking activities financial nature supervised prudential regulator considered predominantly engaged activities business banking financial activities regularly enters foreign exchange derivatives transactions behalf hedge mitigate commercial risk entities entity commercial enterprise making loans entities directs commodity_futures_trading_commission cftc provide rule public reporting swap transactions including price volume data markets cleared entered nonfinancial entity hedging mitigating commercial risk defines market volume frequency trading swaps level allow identification individual market participants requires cftc ensure swap transaction information available public days transaction executed appropriate later date order protect identity participants positions markets prevent elimination reduction market liquidity accords financial entities exempt swap clearing requirements treatment exempted affiliates revises exemption bona fide hedge transactions positions certain trading limitations set criteria cftc rules regulations treating swaps contracts sale future delivery options contracts commodities bona fide hedge transactions positions exempt limitations declares cftc imposes reporting recordkeeping requirement person registered required registered cftc person shall satisfy requirements pertinent rule order regulation maintaining written record cash forward transaction related reportable hedging commodity interest transaction futures contract option futures contract swap makes written record sufficient final agreement parties including transaction material economic terms identifiable searchable transaction states certain requirements adoption rules governing capital margin requirements swap dealers major swap participants including initial variation margin requirements imposed rules adopted according requirements shall apply swap counterparty qualifies specified exceptions exemptions revises requirements cftc cost benefit analysis order issued requires cftc acting office chief economist things state justification regulation order state baseline cost benefit analysis explain regulation order measures costs baseline assess costs benefits qualitative quantitative intended regulation order measure seek improve actual results regulatory requirements propose adopt regulation order reasoned determination benefits intended regulation order justify costs


Summary:
Helping Angels Lead Our Startups Act or the HALOS Act - Directs the Securities and Exchange Commission (SEC) to amend Regulation D (governing the limited offer and sale of securities without registration under the Securities Act of 1933) to make the prohibition against general solicitation or general advertising inapplicable to events with specified kinds of sponsors (including angel investor groups not connected to broker-dealers or investment advisers) where:

 presentations or communications are made by or on behalf of an issuer, the advertising does not refer to any specific offering of securities by the issuer, the sponsor does not engage in certain activities (such as offering investment recommendations or advice to attendees), and no specific information regarding a securities offering is communicated (other than that the issuer is in the process of offering or planning to offer securities, including the type and amount of securities being offered).

helping lead startups act act_-_directs securities_and_exchange_commission sec amend regulation governing limited offer sale securities registration securities act prohibition general solicitation general advertising inapplicable events specified kinds sponsors including investor groups connected broker dealers investment advisers presentations communications behalf issuer advertising refer specific offering securities issuer sponsor engage certain activities offering investment recommendations advice attendees specific information securities offering communicated issuer process offering planning offer securities including type securities offered


Summary: Directs the Commodity Futures Trading Commission (CFTC) to use its authority (including emergency powers) to: (1) to curb immediately the role of excessive speculation in any contract market within its jurisdiction and control on or through which energy futures or swaps are traded; and (2) eliminate excessive speculation, price distortion, sudden or unreasonable fluctuations, or unwarranted changes in prices, or other unlawful activity that is causing major market disturbances that prevent the market from accurately reflecting the forces of supply and demand for energy commodities.

directs commodity_futures_trading_commission cftc use authority including emergency powers curb immediately role excessive speculation contract market jurisdiction control energy futures swaps traded eliminate excessive speculation price sudden unreasonable fluctuations unwarranted changes prices unlawful activity causing major market disturbances prevent market accurately reflecting forces supply demand energy commodities


Summary: Risk Hedging Protection Act of 2014 - Amends the Commodity Exchange Act, with respect to futures commission merchants registration requirements and duties, to require that any rules or regulations requiring a futures commission merchant to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all their customers' uncollected margin deficits must also provide that such a merchant meets the residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day.

risk hedging protection act amends commodity_exchange_act respect futures commission merchants registration requirements duties require rules regulations requiring futures commission merchant maintain residual interest accounts held benefit customers amounts sufficient exceed sum customers margin deficits provide merchant meets residual interest requirement end business day calculated close business previous business day


Summary:
Amends the Securities Exchange Act of 1934 to establish a 10-year statute of limitations governing an action or proceeding by the Securities and Exchange Commission (SEC) for a civil monetary penalty.

Tolls this statute of limitations any time an alleged violator is either absent from the United States or has no reasonably ascertainable place of abode or work within it.

amends securities_exchange_act establish year statute limitations governing action proceeding securities_and_exchange_commission sec civil monetary penalty tolls statute limitations time alleged violator absent united_states reasonably place abode work


Summary:
Derivatives End-Users Clarification Act - Amends the Commodity Exchange Act and the Securities Exchange Act of 1934 to revise the treatment of affiliate transactions that may be exempt from clearing requirements to authorize such an exemption only if the affiliate enters into the swap to hedge or mitigate the commercial risk of the person that is not a financial entity (as under current law), on the condition that an appropriate credit support measure or other mechanism shall be used if the hedge or mitigation of commercial risk is addressed by entering into: (1) a swap with either a swap dealer or major swap participant, or (2) a security-based swap with a security-based swap dealer or major security-based swap participant.

 Applies this subtitle only to swaps or security-based swaps entered into after enactment of this Act.

derivatives end users clarification act_-_amends commodity_exchange_act securities_exchange_act revise treatment affiliate transactions exempt clearing requirements authorize exemption affiliate enters swap hedge mitigate commercial risk person financial entity current law condition appropriate credit support measure mechanism shall hedge mitigation commercial risk addressed entering swap swap dealer major swap participant security based swap security based swap dealer major security based swap participant applies subtitle swaps security based swaps entered enactment act


Summary: Ending Insider Trading in Commodities Act - Amends the Commodity Exchange Act to make it unlawful for any large financial institution, either directly or indirectly, to purchase or sell any swap, any commodity in interstate commerce, or any contract for future delivery of any commodity while in possession of material, nonpublic information related to the storage, shipment, or use of the commodity arising from the institution's ownership or interest in a business or facility used to store, ship, or use the commodity.

ending insider trading commodities act_-_amends commodity_exchange_act unlawful large financial institution directly indirectly purchase sell swap commodity interstate commerce contract future delivery commodity possession material nonpublic information related storage shipment use commodity arising institution ownership interest business facility store ship use commodity


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

SBIC Advisers Relief Act of 2015

(Sec. 2) Amends the Investment Advisers Act of 1940 to exempt specified advisers of small business investment companies (SBICs) from certain: (1) Securities and Exchange Commission (SEC) registration requirements with respect to the provision of investment advice relating to venture capital funds, and (2) SEC registration and reporting requirements with respect to assets under management of private funds.

(Sec. 4) Provides the same exemption with respect to any state or local law requiring the registration, licensing, or qualifications of investment advisers.

measure amended introduced summary expanded action occurred measure sbic advisers relief_act sec amends investment advisers act exempt specified advisers small business investment companies sbics certain securities_and_exchange_commission sec registration requirements respect provision investment advice relating venture capital funds sec registration reporting requirements respect assets management private funds sec provides exemption respect state local law requiring registration licensing qualifications investment advisers


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015

 (Sec. 2) This bill amends the Securities Exchange Act of 1934 to exempt from its registration requirements certain merger and acquisition brokers and associated persons.

A merger and acquisition broker shall not be exempt from registration, however, if the broker: (1) receives, holds, transmits, or has custody of any funds or securities to be exchanged by parties to a transfer of ownership of an eligible privately held company; or (2) engages on behalf of an issuer in a public offering of securities that are either subject to mandatory registration, or with respect to which the issuer must file periodic information, documents, and reports.

Nothing in this Act shall be construed to limit any other authority of the Securities and Exchange Commission to exempt any person, or any class of persons, from any provision of this Act, including any related rule or regulation.

measure amended introduced summary expanded action occurred measure small business mergers acquisitions sales brokerage simplification act sec bill amends securities_exchange_act exempt registration requirements certain merger acquisition brokers associated persons merger acquisition broker shall exempt registration broker receives holds transmits custody funds securities exchanged parties transfer ownership eligible privately held company engages behalf issuer public offering securities subject mandatory registration respect issuer file periodic information documents reports act shall construed limit authority securities_and_exchange_commission exempt person class persons provision act including related rule regulation


Summary:
Security in Bonding Act of 2015

Revises requirements related to assets pledged by a surety and to surety bond guarantees subject to the Small Business Investment Act of 1958. (A surety bond is a three-party instrument between a surety who agrees to be responsible for the debt or obligation of another, a contractor, and a project owner.)

Declares that if another applicable law or regulation permits the acceptance of a bond from a surety that is not subject to specified federal law, and is based on a pledge of assets by the surety, the assets pledged by such surety shall: (1) consist of eligible obligations given as security instead of surety bonds; and (2) be submitted to the government official required to approve or accept the bond, who shall deposit the assets with a depository (the Secretary of the Treasury, a federal reserve bank, or a depository designated by the Secretary).

Amends the Small Business Investment Act of 1958 to increase from 70% to 90% of the loss incurred and paid by a surety authorized to issue bonds (subject to Small Business Administration [SBA] guarantee) the SBA's guarantee of surety bonds. The SBA is required, under the guarantee, to indemnify a surety, under the Small Business Investment Program, against loss from a breach of the terms of a bid bond, payment bond, performance bond, or ancillary bonds, by a principal on any total work order or contract amount at the time of bond execution that does not exceed $6.5 million, as adjusted for inflation.

Requires the Comptroller General (GAO) to study:

 all instances during the 10-year period before enactment of the Act in which a surety bond proposed or issued by a surety in connection with a federal project was: (1) rejected by a federal contracting officer; or (2) accepted by one, but was later found to have been backed by insufficient collateral or to be otherwise deficient or with respect to which the surety did not perform; the consequences to the federal government, subcontractors, and suppliers of the instances; and the percentages of all federal contracts that were awarded to new startup businesses (including new startups that are small disadvantaged businesses or disadvantaged business enterprises), small disadvantaged businesses, and disadvantaged business enterprises as prime contractors in the two-year period before and the two-year period after enactment of this Act, together with an assessment of the impact of this Act and its amendments upon such percentages.

security bonding act revises requirements related assets pledged surety surety bond guarantees subject small_business_investment_act surety bond party instrument surety agrees responsible debt obligation contractor project owner declares applicable law regulation permits acceptance bond surety subject specified federal law based pledge assets surety assets pledged surety shall consist eligible obligations given security instead surety bonds submitted government official required approve accept bond shall deposit assets depository secretary treasury federal_reserve_bank depository designated secretary amends small_business_investment_act increase loss incurred paid surety authorized issue bonds subject small_business_administration sba guarantee sba guarantee surety bonds sba required guarantee indemnify surety small business investment program loss breach terms bid bond payment bond performance bond ancillary bonds principal total work order contract time bond execution exceed million adjusted inflation requires comptroller_general gao study instances year period enactment act surety bond proposed issued surety connection federal project rejected federal contracting officer accepted later found backed insufficient collateral deficient respect surety perform consequences federal_government subcontractors suppliers instances percentages federal contracts awarded new startup businesses including new startups small disadvantaged businesses disadvantaged business enterprises small disadvantaged businesses disadvantaged business enterprises prime contractors year period year period enactment act assessment impact act amendments percentages


Summary:
Subsidy Reserve Act of 2015

 Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to require a nonbank financial company supervised by the Board of Governors of the Federal Reserve and each bank holding company with total consolidated assets of $500 billion or more to establish and maintain a Subsidy Reserve.

Instructs the Board to:

 establish a formula for determining the financial benefit received by such companies as a result of the expectations on the part of their shareholders, creditors, and counterparties that the government will shield them from losses in the event of their failure; require them to apply the formula annually to their annual financial statement; and maintain the resulting amount in their Subsidy Reserve, in addition to any such previous amounts. Prohibits a decrease in the amount of funds in the Subsidy Reserve unless a company makes a sale of assets, spins off a subsidiary, or makes a similar divestiture. Permits the decrease only in an amount that reflects the amount of such sale, spin off, or similar divestiture, either on a pro-rata basis or according to the risk weighting of the property sold, spun off, or divested.

Permits amounts in the Subsidy Reserve to be taken into account when determining the companies' capital for purposes of meeting any regulatory capital requirements.

subsidy reserve act amends dodd-frank_wall_street_reform consumer protection act require nonbank financial company supervised board_of_governors federal_reserve bank holding company total consolidated assets billion establish maintain subsidy reserve instructs board establish formula determining financial benefit received companies result expectations shareholders creditors counterparties government shield losses event failure require apply formula annually annual financial statement maintain resulting subsidy reserve addition previous amounts prohibits decrease funds subsidy reserve company makes sale assets subsidiary makes similar divestiture permits decrease reflects sale similar divestiture pro rata basis according risk property sold permits amounts subsidy reserve taken account determining companies capital purposes meeting regulatory capital requirements


Summary:
Ban Insider Trading Act of 2015

This bill amends the Securities Exchange Act of 1934 to make it unlawful to purchase or sell any security, or securities-based swap agreement, that is based upon information that the person knows (or should know) is material inside information.

"Inside information" is defined as information that is nonpublic and obtained:

 illegally, directly or indirectly from an issuer who expects either confidentiality or that it will only be used for a legitimate business purpose, or in violation of a fiduciary duty. "Material information" is defined as information relating to an issuer or to a security which, if it were made public, would likely have a significant effect upon the security's price.

Subjects a person to liability to prosecution for trading in prohibited securities while in possession of material nonpublic information if the person, without a legitimate business purpose, discloses intentionally to another person information that the discloser knows (or should know) is material inside information.

ban insider trading act bill amends securities_exchange_act unlawful purchase sell security securities based swap agreement based information person knows know material inside information inside information defined information nonpublic obtained illegally directly indirectly issuer expects confidentiality legitimate business purpose violation fiduciary duty material information defined information relating issuer security public likely significant effect security price subjects person liability prosecution trading prohibited securities possession material nonpublic information person legitimate business purpose discloses intentionally person information knows know material inside information


Summary:
Futures Investor Protection Act

 Establishes the Futures Investor Protection Corporation (FIPC) as a nonprofit corporation, which shall be neither an agency nor establishment of the federal government.

Declares FIPC to be a membership corporation whose members comprise all persons registered as a futures commission merchant with the Commodity Futures Trading Commission (CFTC).

Grants FIPC all powers conferred upon the Security Investors Protection Corporation (SIPC). Sets forth FIPC corporate structure.

Requires FIPC to: (1) establish, and make deposits into and payments from a FIPC fund in the same manner in which SIPC has established and is authorized to make deposits into and payments from the SIPC fund; and (2) impose upon its membership assessments subject to the same rules that apply to imposition of assessments upon SIPC members.

Amends the Commodity Exchange Act to prescribe suitability rules governing a futures commission merchant's recommendations for a customer.

Grants the CFTC enforcement powers.

Directs the CFTC to review specified guidelines governing establishing account classes and determining the basis for pro rata shares (proof of claims guidelines).

futures investor protection act establishes futures investor protection corporation nonprofit corporation shall agency establishment federal_government declares membership corporation members comprise persons registered futures commission merchant commodity_futures_trading_commission cftc grants powers conferred security investors protection corporation sets forth corporate structure requires establish deposits payments fund manner established authorized deposits payments fund impose membership assessments subject rules apply imposition assessments members amends commodity_exchange_act prescribe suitability rules governing futures commission merchant recommendations customer grants cftc enforcement powers directs cftc review specified guidelines governing establishing account classes determining basis pro rata shares proof claims guidelines


Summary:
Keep Repos to Maturity on Balance Sheet Act of 2015

 Directs the Securities and Exchange Commission, in establishing accounting principles or standards for purposes of the securities laws, to require that a repurchase-to-maturity transaction be treated as a secured borrowing in which the transferred asset serves as collateral.

 Defines "repurchase-to-maturity transaction" as one in which: (1) a financial asset is transferred in exchange for cash, other financial assets, or letters of credit; and (2) the transferor and the transferee agree, concurrently that, at the asset's maturity, the transferee may either return the transferred asset (or a substantially similar asset) to the transferor, or redeem the transferred asset from the issuer of the transferred asset.

maturity balance sheet act directs securities_and_exchange_commission establishing accounting principles standards purposes securities laws require repurchase maturity transaction treated secured borrowing transferred asset serves collateral defines repurchase maturity transaction financial asset transferred exchange cash financial assets letters credit transferor transferee agree concurrently asset maturity transferee return transferred asset substantially similar asset transferor redeem transferred asset issuer transferred asset


Summary:
Nothing Off Balance Sheet Act of 2015

 Directs the Securities and Exchange Commission, in establishing accounting principles or standards under the securities laws, to require any person subject to those principles or standards to show all transactions on that person's balance sheet.

balance sheet act directs securities_and_exchange_commission establishing accounting principles standards securities laws require person subject principles standards transactions person balance sheet


Summary:
Markets and Trading Reorganization Act

 Establishes the Securities and Derivatives Commission as an independent regulatory body.

Directs the Commission to establish the following principal divisions: (1) a Markets and Trading Division with oversight of market conduct and utilities, the conduct of market professionals, and self-regulatory organizations with regard to such market professionals (including related examination functions); (2) an Issuers and Financial Disclosures Division exercising oversight of the issuance of securities (including investment companies and related rules and examinations); and (3) an Enforcement Division to enforce all Commission rules.

Transfers to such Commission all functions of the Commodity Futures Trading Commission and of the Securities and Exchange Commission, including their respective officers and components.

markets trading reorganization act establishes securities derivatives commission independent regulatory body directs commission establish following principal divisions markets trading division oversight market conduct utilities conduct market professionals self regulatory organizations regard market professionals including related examination functions issuers financial disclosures division exercising oversight issuance securities including investment companies related rules examinations enforcement division enforce commission rules transfers commission functions commodity_futures_trading_commission securities_and_exchange_commission including respective officers components


Summary:
Maker-Taker Conflict of Interest Reform Act of 2015

This bill directs the Securities and Exchange Commission (SEC) to initiate a six-month pilot program that examines maker-taker pricing (any pricing model by a trading venue that provides rebates, or comparable inducements, or fees to market participants to either provide liquidity to, or take liquidity from, that trading venue).

In conducting this program, the SEC is required to:

 identify, out of the 100 issuers with the most frequently-traded securities, a random sample of 50 issuers (the "sample group"); prohibit the payment of rebates (or comparable inducements) on any trade of securities of the issuers in the sample group; and compare the effects of such prohibition on the issuers in the sample group compared to the other 50 issuers in the "control group."

conflict interest reform_act bill directs securities_and_exchange_commission sec initiate month pilot program examines pricing pricing model trading venue provides rebates comparable inducements fees market participants provide liquidity liquidity trading venue conducting program sec required identify issuers frequently traded securities random sample issuers sample group prohibit payment rebates comparable inducements trade securities issuers sample group compare effects prohibition issuers sample group compared issuers control group


Summary:
(This measure has not been amended since it was reported to the House on October 26, 2015. The summary of that version is repeated here.)

(Sec. 1) This bill amends the Commodity Exchange Act and the Securities Exchange Act of 1934 regarding clearing requirements for certain affiliate swap transactions to revise the conditions under which an affiliate of a person that qualifies for an exception from clearing requirements may itself qualify for such exceptions.

The affiliate must be:

 directly and wholly-owned by another affiliate qualified for the exception or an entity that is not a financial entity; not indirectly majority-owned by a financial entity; not ultimately owned by a parent company that is a financial entity; and an affiliate that does not provide any services, financial or otherwise, to any affiliate that is a nonbank financial company supervised by the Board of Governors of the Federal Reserve System. The bill disqualifies for the exceptions, however, any affiliate that is:

 a swap dealer, a security-based swap dealer, a major swap participant, a major security-based swap participant, or a commodity pool (all disqualified under current law); a bank holding company (not, as under current law, only a bank holding company with over $50 billion in consolidated assets); a specified kind of private fund; an employee benefit plan or government plan under the Employee Retirement Income Security Act of 1974 (ERISA); an insured depository institution; a farm credit system institution; a credit union; a nonbank financial company supervised by the Federal Reserve Board; or an entity engaged in the business of insurance and subject to state or foreign government capital requirements. Unless the Commodity Futures Trading Commission or the Securities and Exchange Commission determines it is in the public interest, however, the exception from clearing requirements shall not apply to an affiliate that is itself affiliated with: (1) a major security-based swap participant; (2) a security-based swap dealer; (3) a major swap participant; or (4) a swap dealer.

An affiliate that does qualify for the exception from clearing requirements may not enter into any swap other than to hedge or mitigate commercial risk.

The bill also prohibits the affiliate, and any person affiliated with the affiliate that is not a financial entity, from:

 entering into a swap with or on behalf of any affiliate that is a financial entity; or otherwise assuming, netting, combining, or consolidating the risk of swaps entered into by any such financial entity, except an affiliate that qualifies for the exception from clearing requirements. Any swap entered into by an affiliate that qualifies for the exception from clearing requirements shall be subject to the affiliate's centralized risk management program, provided it is designed both to: (1) monitor and manage swap associated risks, and (2) identify each affiliate upon whose behalf a swap was entered into.

measure amended reported house october summary version repeated sec bill amends commodity_exchange_act securities_exchange_act clearing requirements certain affiliate swap transactions revise conditions affiliate person qualifies exception clearing requirements qualify exceptions affiliate directly wholly owned affiliate qualified exception entity financial entity indirectly majority owned financial entity ultimately owned parent company financial entity affiliate provide services financial affiliate nonbank financial company supervised board_of_governors federal_reserve_system bill disqualifies exceptions affiliate swap dealer security based swap dealer major swap participant major security based swap participant commodity pool disqualified current law bank holding company current law bank holding company billion consolidated assets specified kind private fund employee benefit plan government plan employee retirement income security act erisa insured depository institution farm credit system institution credit union nonbank financial company supervised federal_reserve_board entity engaged business insurance subject state foreign government capital requirements commodity_futures_trading_commission securities_and_exchange_commission determines public interest exception clearing requirements shall apply affiliate affiliated major security based swap participant security based swap dealer major swap participant swap dealer affiliate qualify exception clearing requirements enter swap hedge mitigate commercial risk bill prohibits affiliate person affiliated affiliate financial entity entering swap behalf affiliate financial entity assuming combining consolidating risk swaps entered financial entity affiliate qualifies exception clearing requirements swap entered affiliate qualifies exception clearing requirements shall subject affiliate centralized risk management program provided designed monitor manage swap associated risks identify affiliate behalf swap entered


Summary:
SEC Revolving Door Restriction Act of 2015

This bill amends the Securities Exchange Act of 1934 to subject to federal criminal penalties for bribery, graft, and conflicts of interest an ex-employee of the Securities and Exchange Commission (SEC) who, within one year after ending employment with the SEC, works for any company or individual against whom the SEC brought an enforcement action (or a related waiver) within the previous 18 months and the ex-employee participated in that action.

Any employee who seeks to work for such a company or individual must first receive an ethics opinion from the SEC on whether permission to do so should be granted.

Non-professional SEC staff are exempt from this employment prohibition.

sec revolving door restriction act bill amends securities_exchange_act subject federal criminal penalties bribery conflicts interest employee securities_and_exchange_commission sec year ending employment sec works company individual sec brought enforcement action related waiver previous months employee participated action employee seeks work company individual receive ethics opinion sec permission granted non professional sec staff exempt employment prohibition


Summary:
Inclusive Prosperity Act of 2015

 Amends the Internal Revenue Code to: (1) impose an excise tax on the transfer of ownership in certain securities (covered transaction), including any share of stock in a corporation, any partnership or beneficial interest in a partnership or trust, any note, bond, debenture, or other evidence of indebtedness (excluding tax-exempt municipal bonds), or derivative financial instruments; (2) impose a penalty on taxpayers who fail to include a covered transaction on their tax return or information statement; and (3) allow an individual taxpayer whose modified adjusted gross income does not exceed $50,000 ($75,000 for married taxpayers filing joint returns) a tax credit for the amount of tax paid on covered transactions.

inclusive prosperity act amends_the_internal_revenue_code impose excise tax transfer ownership certain securities covered transaction including share stock corporation partnership beneficial interest partnership trust note bond debenture evidence indebtedness excluding tax exempt municipal bonds derivative financial instruments impose penalty taxpayers fail include covered transaction tax return information statement allow individual taxpayer modified adjusted gross income exceed married taxpayers filing joint returns tax credit tax paid covered transactions


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Disclosure Modernization and Simplification Act of 2015

 (Sec. 2) Directs the Securities and Exchange Commission (SEC) to issue regulations permitting issuers to submit a summary page on annual and transition report form 10-K if each item on that page cross-references electronically or otherwise the material contained in form 10-K to which the item relates.

(Sec. 3) Requires the SEC to revise regulation S-K (Standard Instructions for Filing Forms under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Energy Policy and Conservation Act of 1975) in order to:

 reduce the burden on smaller issuers, including emerging growth companies, accelerated filers, and smaller reporting companies (while still providing all material information to investors); and eliminate duplicative, overlapping, outdated, or unnecessary provisions. (Sec. 4) Directs the SEC to study ways to: (1) modernize and simplify requirements in regulation S-K, and (2) evaluate information delivery and presentation methods as well as explore methods to discourage repetition and disclosure of immaterial information.

Requires the SEC to issue a proposed rule to implement any recommendations it makes to Congress based upon the study.

measure amended introduced summary expanded action occurred measure disclosure modernization simplification act sec directs securities_and_exchange_commission sec issue regulations permitting issuers submit summary page annual transition report form item page cross references electronically material contained form item relates sec requires sec revise regulation standard instructions filing forms securities act securities_exchange_act energy_policy_and_conservation_act order reduce burden smaller issuers including emerging growth companies accelerated filers smaller reporting companies providing material information investors eliminate duplicative overlapping outdated unnecessary provisions sec directs sec study ways modernize simplify requirements regulation evaluate information delivery presentation methods explore methods discourage disclosure information requires sec issue proposed rule implement recommendations makes congress based study


Summary:
Insider Trading Prohibition Act

This bill amends the Securities Exchange Act of 1934 to prohibit any person from trading securities or effectuating such trades while in possession of related material, nonpublic information, or while either knowing or recklessly disregarding that the information has been obtained wrongfully, or that the transactions would constitute a wrongful use of such information.

It shall also be unlawful for any person whose own securities transactions violate this Act to communicate wrongfully to another person material, nonpublic information relating to either those transactions or the market for them if the other person:

 purchases, sells, or causes the purchase or sale of, any security or security-based swap or enters into or causes the entry into any security-based swap agreement, to which such communication relates; or communicates the information to another person who makes or causes such a transaction while in possession of such information. The other person's ensuing purchase, sale, or entry while in possession of such information must also be reasonably foreseeable.

A standard and a knowledge requirement are prescribed for acts constituting unlawful trading in securities.

A person who has neither participated in, profited from, nor induced violations of this Act is shielded from liability even though that person controls or employs the violator.

The Securities and Exchange Commission is authorized to exempt from this Act persons, securities, or transactions, subject to any necessary or appropriate terms and conditions, if it determines that the exemption is not inconsistent with the purposes of this Act.

insider trading prohibition act bill amends securities_exchange_act prohibit person trading securities trades possession related material nonpublic information knowing recklessly disregarding information obtained wrongfully transactions constitute wrongful use information shall unlawful person securities transactions violate act communicate wrongfully person material nonpublic information relating transactions market person purchases sells causes purchase sale security security based swap enters causes entry security based swap agreement communication relates communicates information person makes causes transaction possession information person ensuing purchase sale entry possession information reasonably foreseeable standard knowledge requirement prescribed acts constituting unlawful trading securities person participated induced violations act shielded liability person controls employs violator securities_and_exchange_commission authorized exempt act persons securities transactions subject necessary appropriate terms conditions determines exemption inconsistent purposes act


Summary:
Improving Access to Capital for Emerging Growth Companies Act

 Amends the Securities Act of 1933 (Act) to reduce from 21 to 15 the number of days before a "road show" that an emerging growth company (EGC), before its initial public offering (IPO) date, may publicly file a draft registration statement for confidential nonpublic review by Securities and Exchange Commission (SEC) staff.

(A financial "road show" is an offer [other than a statutory prospectus or a portion of one] that contains a presentation regarding an offering by one or more members of the issuer's management and includes discussion of one or more of the issuer, such management, and the securities being offered. Typically, a road show is a series of meetings across different cities, often before an IPO, in which top executives from a company have the opportunity to talk with current or potential investors.)

Prescribes a grace period during which an issuer that was an EGC at the time it filed a confidential registration statement for confidential SEC review, but is no longer one, shall continue to be treated as one.

Authorizes an EGC, within one year of its IPO, to submit confidentially to the SEC a draft registration statement for any securities to be issued subsequent to its IPO (follow-on offerings) for confidential nonpublic review by SEC staff before publicly filing a registration statement, if the initial confidential submission, including amendments, is publicly filed with the SEC within two days before it issues those follow-on offerings.

 Amends the Jumpstart Our Business Startups Act to direct the SEC to revise its general instructions on Form S-1 to prescribe conditions under which a registration statement that is filed by an issuer (or submitted for confidential review) before its IPO may omit financial disclosure information for historical periods otherwise required.

improving access capital emerging growth companies act amends securities act act reduce number days road emerging growth company initial public offering date publicly file draft registration statement confidential nonpublic review securities_and_exchange_commission sec staff financial road offer statutory prospectus portion contains presentation offering members issuer management includes discussion issuer management securities offered typically road series meetings different cities executives company opportunity talk current potential investors prescribes grace period issuer time filed confidential registration statement confidential sec review longer shall continue treated authorizes year submit confidentially sec draft registration statement securities issued subsequent follow offerings confidential nonpublic review sec staff publicly filing registration statement initial confidential submission including amendments publicly filed sec days issues follow offerings amends jumpstart business startups act direct sec revise general instructions form prescribe conditions registration statement filed issuer submitted confidential review omit financial disclosure information historical periods required


Summary:
Capital Markets Improvement Act of 2016

TITLE I--ENCOURAGING EMPLOYEE OWNERSHIP

(Sec. 101) This bill directs the Securities and Exchange Commission (SEC) to revise regulations to require an issuer to furnish investors with additional specified disclosures regarding compensatory benefit plans if the aggregate sales price or amount of securities sold during any consecutive 12-month period exceeds $10 million (currently $5 million), indexed for inflation every five years.

 TITLE II--FAIR ACCESS TO INVESTMENT RESEARCH

(Sec. 201) The SEC shall revise a specified regulation to create a safe harbor for certain publications or distributions of research reports by brokers or dealers distributing securities.

The revised regulation shall declare that, even if a broker or dealer participates in the registered offering of a covered investment fund's securities, the investment fund research report shall not be deemed to constitute an offer for sale nor an offer to sell a security that is the subject of the offering pursuant to a registration statement that the issuer proposes to file, or has filed, or that is effective.

The covered investment fund research report shall be deemed to satisfy the regulation's requirements as well as those of any self-regulatory organization.

The SEC shall not impose specified conditions and requirements when implementing the safe harbor.

TITLE III--SMALL BUSINESS MERGERS, ACQUISITIONS, SALES, AND BROKERAGE SIMPLIFICATION

(Sec. 301) The Securities Exchange Act of 1934 is amended to exempt from its registration requirements certain merger and acquisition brokers and associated persons.

This registration exemption, however, shall be denied to brokers who:

 receive, hold, transmit, or have custody of any funds or securities to be exchanged by parties to a transfer of ownership of an eligible privately held company; engage on behalf of an issuer in a public offering of securities that are either subject to mandatory registration, or with respect to which the issuer must file periodic information, documents, and reports; or engage on behalf of any party in a transaction involving a public shell company. A broker shall not be exempt from registration if the broker is subject to:

 a suspension or revocation of registration; a specified statutory disqualification; a disqualification under certain rules adopted by the SEC under the Investor Protection and Securities Reform Act of 2010; or a final order of a state securities commission, a state financial institution supervisory authority, a federal banking agency, or the National Credit Union Administration. This Act may not be construed to limit any other authority of the SEC to exempt any person, or any class of persons, from any provision of this Act, including any related rule or regulation.

TITLE IV--SMALL COMPANY DISCLOSURE SIMPLIFICATION

(Sec. 401) The bill exempts emerging growth companies and issuers with total annual gross revenues of less than $250 million from the requirement to use Extensible Business Reporting Language (XBRL) for financial statements and other mandatory periodic reporting filed with the SEC. Such companies, however, may elect to use XBRL for such reporting.

 (Sec. 402) The SEC shall: (1) analyze the costs and benefits to such issuers of the requirement to use XBRL for financial statements and other mandatory periodic reporting; and (2) report to certain congressional committees on the results of such analysis as well as on progress in implementing XBRL reporting within the SEC, and use of XBRL data by the SEC and by investors.

TITLE V--STREAMLINING EXCESSIVE AND COSTLY REGULATIONS REVIEW

(Sec. 501) Within 5 years after enactment of this Act, and thereafter at least once within each 10-year period, the SEC shall:

 review each significant regulation it has issued; determine by vote whether it is ineffective, excessively burdensome, unnecessary, or inconsistent with its mandate; solicit public comment as to whether the regulation should be amended or repealed; and subsequently amend or repeal accordingly. The SEC shall report to certain congressional committees the steps it has taken to implement the results of its decision, including any action to amend or repeal the target regulation.

The bill declares that SEC determinations made pursuant to this Act are final and not subject to judicial review.

capital markets improvement act title encouraging employee ownership sec bill directs securities_and_exchange_commission sec revise regulations require issuer furnish investors additional specified disclosures compensatory benefit plans aggregate sales price securities sold consecutive month period exceeds million currently million indexed inflation years title fair access investment research sec sec shall revise specified regulation create safe harbor certain publications distributions research reports brokers dealers distributing securities revised regulation shall declare broker dealer participates registered offering covered investment fund securities investment fund research report shall deemed constitute offer sale offer sell security subject offering pursuant registration statement issuer proposes file filed effective covered investment fund research report shall deemed satisfy regulation requirements self regulatory organization sec shall impose specified conditions requirements implementing safe harbor title iii small business mergers acquisitions sales brokerage simplification sec securities_exchange_act amended exempt registration requirements certain merger acquisition brokers associated persons registration exemption shall denied brokers receive hold transmit custody funds securities exchanged parties transfer ownership eligible privately held company engage behalf issuer public offering securities subject mandatory registration respect issuer file periodic information documents reports engage behalf party transaction involving public shell company broker shall exempt registration broker subject suspension revocation registration specified statutory disqualification disqualification certain rules adopted sec investor protection securities reform_act final order state securities commission state financial institution supervisory authority federal banking agency national_credit_union_administration act construed limit authority sec exempt person class persons provision act including related rule regulation title small company disclosure simplification sec bill exempts emerging growth companies issuers total annual gross revenues million requirement use business reporting language financial statements mandatory periodic reporting filed sec companies elect use reporting sec sec shall analyze costs benefits issuers requirement use financial statements mandatory periodic reporting report certain congressional committees results analysis progress implementing reporting sec use data sec investors title streamlining excessive costly regulations review sec years enactment act year period sec shall review significant regulation issued determine vote ineffective excessively burdensome unnecessary inconsistent mandate solicit public comment regulation amended repealed subsequently amend repeal accordingly sec shall report certain congressional committees steps taken implement results decision including action amend repeal target regulation bill declares sec determinations pursuant act final subject judicial review


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Small Company Simple Registration Act of 2015

(Sec. 2) Directs the Securities and Exchange Commission (SEC) to revise Form S-1 so that a smaller reporting company may incorporate by reference in a registration statement filed on that form any documents it files with the SEC after the registration statement's effective date.

measure amended introduced summary expanded action occurred measure small company simple registration act sec directs securities_and_exchange_commission sec revise form smaller reporting company incorporate reference registration statement filed form documents files sec registration statement effective date


Summary:
Reforming Access for Investments in Startup Enterprises Act of 2015 or the RAISE Act of 2015

 (Sec. 2) The Securities Act of 1933 is amended to exempt from security registration requirements, and related prohibitions against using interstate commerce and the mails for the sale or delivery of securities after sale, any transaction where:

 each purchaser is an accredited investor; neither the seller, nor any person acting on the seller's behalf, offers or sells securities by general solicitation or advertising; the seller and prospective purchaser obtain from an issuer meeting certain criteria reasonably current specified information; the transaction is not for the sale of a security whose seller is neither an issuer nor a subsidiary of the issuer; neither the seller, nor any person receiving remuneration for participating in the offer or sale of the securities, is subject to certain legal disqualification (bad actor); the issuer is engaged in business, is not in the organizational stage or in bankruptcy or receivership, and is not a blank check, blind pool, or shell company with no specific business plan or purpose or has indicated that the issuer's primary business plan is to engage in a merger or combination of the business with, or an acquisition of, an unidentified person; the transaction does not involve a security that constitutes the whole or part of an unsold allotment to, or a subscription or participation by, a broker or dealer as an underwriter of the security or a redistribution; and the transaction does involve a security of a class authorized and outstanding for at least 90 days before the transaction. Securities acquired in such exempt transactions shall be deemed to: (1) have been acquired in a transaction not involving any public offering, (2) not be a distribution involving an underwriter, and (2) be restricted securities not subject to certain transaction requirements.

All transactions under this Act shall be exempt from state regulation of securities offerings.

reforming access investments startup enterprises act raise act sec securities act amended exempt security registration requirements related prohibitions interstate commerce mails sale delivery securities sale transaction purchaser accredited investor seller person acting seller behalf offers sells securities general solicitation advertising seller prospective purchaser obtain issuer meeting certain criteria reasonably current specified information transaction sale security seller issuer subsidiary issuer seller person receiving remuneration participating offer sale securities subject certain legal disqualification bad actor issuer engaged business organizational stage bankruptcy receivership blank check blind pool shell company specific business plan purpose indicated issuer primary business plan engage merger combination business acquisition unidentified person transaction involve security constitutes allotment subscription participation broker dealer underwriter security redistribution transaction involve security class authorized outstanding days transaction securities acquired exempt transactions shall deemed acquired transaction involving public offering distribution involving underwriter restricted securities subject certain transaction requirements transactions act shall exempt state regulation securities offerings


Summary:
Restoring Proven Financing for American Employers Act

This bill amends the Bank Holding Company Act of 1956 governing certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule).

It delays until July 21, 2019, the requirement that a banking entity or nonbank financial company supervised by the Board of Governors of the Federal Reserve System bring into compliance with the Volcker Rule its activities related to or investments in any debt securities of collateralized loan obligations issued before January 31, 2014.

restoring proven financing american employers act bill amends bank_holding_company_act governing certain prohibitions proprietary trading banking entities certain relationships hedge funds private equity funds volcker rule delays july requirement banking entity nonbank financial company supervised board_of_governors federal_reserve_system bring compliance volcker rule activities related investments debt securities collateralized loan obligations issued january


Summary:
Swap Data Repository and Clearinghouse Indemnification Correction Act of 2015

 Amends the Commodity Exchange Act, with respect to derivatives clearing organizations and swap data repositories, to repeal the prerequisite that, before the Commodity Futures Trading Commission (CFTC) may share information with specified regulatory agencies, such agencies must agree to indemnify the CFTC for expenses arising from litigation relating to information so provided.

Amends the Securities Exchange Act of 1934 to repeal similarly the prerequisite that, before a security-based swap data repository may share information with specified regulatory entities, such entities must agree to indemnify both such repository and the Securities and Exchange Commission (SEC) for expenses arising from litigation relating to information so provided.

Amends both the CEA and the SEA to require a swap or security-based swap data repository, on a confidential basis and after notification to the CFTC or the SEC, as appropriate, to make only swap or security-based swap data (currently, all data) it has obtained available to specified regulatory authorities, including other foreign authorities in addition to foreign financial supervisors, foreign central banks, and foreign ministries.

Makes these amendments effective as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.

swap data repository clearinghouse indemnification correction act amends commodity_exchange_act respect derivatives clearing organizations swap data repositories repeal prerequisite commodity_futures_trading_commission cftc share information specified regulatory agencies agencies agree indemnify cftc expenses arising litigation relating information provided amends securities_exchange_act repeal similarly prerequisite security based swap data repository share information specified regulatory entities entities agree indemnify repository securities_and_exchange_commission sec expenses arising litigation relating information provided amends cea sea require swap security based swap data repository confidential basis notification cftc sec appropriate swap security based swap data currently data obtained available specified regulatory authorities including foreign authorities addition foreign financial supervisors foreign central banks foreign ministries makes amendments effective enacted dodd-frank_wall_street_reform consumer protection act july


Summary:
Energize Emerging Opportunities Act

 Directs the Commodity Futures Trading Commission to amend regulations regarding criteria qualifying certain registered commodity pool operators for exemption from requirements for specified risk disclosures, performance disclosures, periodic reporting, annual reporting, and recordkeeping.

Alters one criterion for qualification for such exemptions currently granted to: (1) registered commodity pool operators who sell participations in a pool solely to qualified eligible persons in an offering which qualifies for exemption from the registration requirements of the Securities Act, and (2) certain banks registered as commodity pool operators in connection with a pool that is a collective trust fund whose securities are exempt from registration under the Securities Act.

Repeals the current additional criterion for such banks that the securities must be offered or sold, without marketing to the public, solely to qualified eligible persons. Replaces such criterion with one stating simply that the securities must be sold solely to qualified eligible persons. (Thus, eliminates the requirement that such securities be offered or sold without marketing to the public, and so allows such marketing.)

Repeals the current prerequisite for exemption of interests in a commodity pool from registration under the Securities Act of 1933 that such interests be offered and sold without marketing to the public in the United States. Requires such interests, instead, simply to be offered and sold pursuant to specified requirements for exempted transactions. (Thus, also eliminates the requirement that such interests be offered and sold without marketing to the public in the United States, and so allows such marketing.)

emerging opportunities act directs commodity_futures_trading_commission amend regulations criteria qualifying certain registered commodity pool operators exemption requirements specified risk disclosures performance disclosures periodic reporting annual reporting recordkeeping alters criterion qualification exemptions currently granted registered commodity pool operators sell pool solely qualified eligible persons offering qualifies exemption registration requirements securities act certain banks registered commodity pool operators connection pool collective trust_fund securities exempt registration securities act repeals current additional criterion banks securities offered sold marketing public solely qualified eligible persons replaces criterion stating simply securities sold solely qualified eligible persons eliminates requirement securities offered sold marketing public allows marketing repeals current prerequisite exemption interests commodity pool registration securities act interests offered sold marketing public united_states requires interests instead simply offered sold pursuant specified requirements exempted transactions eliminates requirement interests offered sold marketing public united_states allows marketing


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Securities and Exchange Commission Overpayment Credit Act

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to require the Securities and Exchange Commission (SEC) to offset future fees and assessments otherwise due from a national securities exchange or national securities association if it is informed within 10 years that the entity has overpaid past fees and assessments.

This requirement applies to any fees and assessments paid before, on, or after the enactment of this Act.

measure amended introduced summary expanded action occurred measure securities_and_exchange_commission overpayment credit act sec bill amends securities_exchange_act require securities_and_exchange_commission sec offset future fees assessments national securities exchange national securities association informed years entity past fees assessments requirement applies fees assessments paid enactment act


Summary:
Restoring Main Street Investor Protection and Confidence Act

Amends the Securities Investor Protection Act of 1970 to redefine "net equity."

Bases the determination of net equity, the positions, options, and contracts of a customer reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, upon: (1) the information contained in the last statement issued by the debtor to the customer before the filing date; and (2) any additional written confirmations of the customer's positions, options, contracts, or indebtedness received after such last statement but before the filing date.

 Makes an exception to this requirement when a debtor's records indicate a higher value. Requires determination of the customer's net equity using the debtor's books and records instead of the customer's last statement when the debtor's books and records indicate that the net value of a customer's positions, options, and contracts reported to the customer as held by the debtor, and any indebtedness of the customer to the debtor, is greater than the customer's net value as calculated on the basis specified by this Act.

Prohibits reliance on the final statement of the debtor to customer, however, if the customer: (1) knew the debtor was involved in fraudulent activity with respect to any of its customers which reasonably indicated a fraud adversely affecting a substantial number of customers; or (2) as a registered broker, dealer, or investment adviser under specified securities laws, or a person required to be so registered, knew, or should have known, that the debtor was involved in a fraudulent activity and did not notify the Securities Investor Protection Corporation (SIPC), the Securities and Exchange Commission (SEC), or law enforcement personnel.

Prohibits a trustee in bankruptcy in a liquidation proceeding from recovering any property transferred by the debtor to a customer before the filing date unless, at the time of such transfer, the customer meets the same criteria regarding actual or constructive knowledge of the debtor's involvement in fraudulent activity.

Prescribes alternative methodologies for allocation of customer property to customers by a trustee in a liquidation proceeding. Requires public notice and comment as a prerequisite to court approval of a proposed allocation methodology.

 Transfers from the SIPC to the SEC authority to nominate to a court persons for appointment as trustee for the liquidation of a debtor's business and as attorney for the trustee.

Prohibits a trustee from serving in multiple liquidations if the trustee is currently serving as such under this Act for the liquidation of the business of another debtor.

Sets forth requirements for trustee and attorney compensation.

Requires the SIPC to issue quarterly public reports on its payments to the trustee, as well as all other costs in connection with the liquidation proceeding.

Defines as a "customer" of the debtor under such Act: (1) any person that had cash or securities that were converted or otherwise misappropriated by the debtor (or any person who controls, is controlled by, or is under common control with the debtor, if such person was operating through the debtor), irrespective of whether the debtor held or otherwise had custody, possession, or control of that cash or securities; and (2) any other person the SIPC deems a customer of the debtor.

Authorizes the SEC as well as the SIPC (as under current law) to apply for a protective decree on an SIPC member's behalf with any court of competent jurisdiction.

Prescribes the timing of: (1) SIPC advances, and (2) payments to customers.

Conditions the SEC authorization to make loans to the SIPC upon an SEC determination that the SIPC is unable to borrow in the public debt markets at reasonable terms (both as to yield and maturity).

Requires the SEC to inspect SIPC members periodically to ensure that the information they provide to customers is accurate.

 Requires the self-regulatory organization to which an SIPC member belongs, or in which it is a participant, to inspect or examine the member to assess its financial stability as well as ensure that the information the member provides to customers is accurate.

restoring main street investor protection confidence act amends securities investor protection act redefine net equity bases determination net equity positions options contracts customer reported customer held debtor indebtedness customer debtor information contained statement issued debtor customer filing date additional written customer positions options contracts indebtedness received statement filing date makes exception requirement debtor records indicate higher value requires determination customer net equity debtor books records instead customer statement debtor books records indicate net value customer positions options contracts reported customer held debtor indebtedness customer debtor greater customer net value calculated basis specified act prohibits reliance final statement debtor customer customer knew debtor involved fraudulent activity respect customers reasonably indicated fraud adversely affecting substantial number customers registered broker dealer investment adviser specified securities laws person required registered knew known debtor involved fraudulent activity notify securities investor protection corporation securities_and_exchange_commission sec law enforcement personnel prohibits trustee bankruptcy liquidation proceeding recovering property transferred debtor customer filing date time transfer customer meets criteria actual constructive knowledge debtor involvement fraudulent activity prescribes alternative methodologies allocation customer property customers trustee liquidation proceeding requires public notice comment prerequisite court approval proposed allocation methodology transfers sec authority nominate court persons appointment trustee liquidation debtor business attorney trustee prohibits trustee serving multiple trustee currently serving act liquidation business debtor sets forth requirements trustee attorney compensation requires issue quarterly public reports payments trustee costs connection liquidation proceeding defines customer debtor act person cash securities converted misappropriated debtor person controls controlled common control debtor person operating debtor irrespective debtor held custody possession control cash securities person deems customer debtor authorizes sec current law apply protective decree member behalf court competent jurisdiction prescribes timing advances payments customers conditions sec authorization loans sec determination unable borrow public debt markets reasonable terms yield maturity requires sec inspect members periodically ensure information provide customers accurate requires self regulatory organization member belongs participant inspect examine member assess financial stability ensure information member provides customers accurate


Summary:
Public Power Risk Management Act of 2015

 Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC), when it determines whether to provide an exemption to designation as a swap dealer, to treat a utility operations-related swap entered into with a utility special entity as if such swap were entered into with an entity that is not a special entity. (Thus exempts an entity entering into a utility operations-related swap with a utility special entity from mandatory registration as a swap dealer.)

Requires transactions in utility operations-related swaps to be reported according to requirements for the reporting of uncleared swaps.

Defines "utility special entity" as a special entity, or any instrumentality, department, or corporation of or established by a state or local government, that: (1) owns or operates, or anticipates owning or operating, an electric or natural gas facility or an electric or natural gas operation; (2) supplies or anticipates supplying natural gas or electric energy to another utility special entity; (3) has or anticipates having public service obligations under federal, state, or local law or regulation to deliver electric energy or natural gas service to customers; or (4) is a federal power marketing agency.

Redefines swap to include a utility operations-related swap.

Defines "utility operations-related swap" as one that: (1) is entered into to hedge or mitigate commercial risk; (2) is associated with specified transactions in electric energy or natural gas; and (3) is not a contract, agreement, or transaction based on, derived on, or referencing:

 an interest rate, credit, equity, or currency asset class; a metal, agricultural commodity, or crude oil or gasoline commodity of any grade, except as used as fuel for electric energy generation; and any other commodity or category of commodities identified for this purpose in a CFTC rule or order adopted in consultation with federal and state regulatory commissions.

public power risk management act amends commodity_exchange_act direct commodity_futures_trading_commission cftc determines provide exemption designation swap dealer treat utility operations related swap entered utility special entity swap entered entity special entity exempts entity entering utility operations related swap utility special entity mandatory registration swap dealer requires transactions utility operations related swaps reported according requirements reporting swaps defines utility special entity special entity instrumentality department corporation established state local government owns operates owning operating electric natural gas facility electric natural gas operation supplies supplying natural gas electric energy utility special entity having public service obligations federal state local law regulation deliver electric energy natural gas service customers federal power marketing agency redefines swap include utility operations related swap defines utility operations related swap entered hedge mitigate commercial risk associated specified transactions electric energy natural gas contract agreement transaction based derived referencing interest rate credit equity currency asset class metal agricultural commodity crude oil gasoline commodity grade fuel electric energy generation commodity category commodities identified purpose cftc rule order adopted consultation federal state regulatory commissions


Summary:
Improving Access To Capital For Emerging Growth Companies Act

(Sec. 2) Amends the Securities Act of 1933 to reduce from 21 to 15 the number of days before a "road show" that an emerging growth company (EGC), before its initial public offering (IPO) date, may publicly file a draft registration statement for confidential nonpublic review by the SEC.

(A financial "road show" is an offer [other than a statutory prospectus or a portion of one] that contains a presentation regarding an offering by one or more members of the issuer's management and includes discussion of one or more of the issuer, such management, and the securities being offered. Typically, a road show is a series of meetings across different cities, often before an IPO, in which top executives from a company have the opportunity to talk with current or potential investors.)

(Sec. 3) Prescribes a grace period during which an issuer that was an EGC at the time it filed a confidential registration statement (or, in lieu of that, a publicly filed registration statement) for SEC review, but ceases to be an EGC, shall continue to be treated as an emerging market growth company for one year or, if earlier, until consummation of its IPO.

 (Sec. 4) Amends the Jumpstart Our Business Startups Act to direct the SEC to prescribe conditions under which a registration statement filed (or submitted for confidential review) by an issuer before its IPO may omit financial disclosure information for historical periods otherwise required.

improving access capital emerging growth companies act sec amends securities act reduce number days road emerging growth company initial public offering date publicly file draft registration statement confidential nonpublic review sec financial road offer statutory prospectus portion contains presentation offering members issuer management includes discussion issuer management securities offered typically road series meetings different cities executives company opportunity talk current potential investors sec prescribes grace period issuer time filed confidential registration statement lieu publicly filed registration statement sec review ceases shall continue treated emerging market growth company year earlier consummation sec amends jumpstart business startups act direct sec prescribe conditions registration statement filed submitted confidential review issuer omit financial disclosure information historical periods required


Summary:
Promotion and Expansion of Private Employee Ownership Act of 2015

Amends the Internal Revenue Code to: (1) extend to all domestic corporations, including S corporations, provisions allowing deferral of tax on gain from the sale of employer securities to an S corporation-sponsored employee stock ownership plan (ESOP); and (2) allow a tax deduction for 50% of the interest incurred on loans to S corporation-sponsored ESOPs for the purchase of employer securities.

Directs the Department of the Treasury to establish the S Corporation Employee Ownership Assistance Office to foster increased employee ownership of S corporations.

Amends the Small Business Act to define "ESOP business concern" and allow such a concern to continue to qualify for loans, preferences, and other programs under such Act.

promotion expansion private employee ownership act amends_the_internal_revenue_code extend domestic corporations including corporations provisions allowing deferral tax gain sale employer securities corporation sponsored employee stock ownership plan esop allow tax deduction interest incurred loans corporation sponsored esops purchase employer securities directs department_of_the_treasury establish s_corporation_employee_ownership_assistance_office foster increased employee ownership corporations amends small_business_act define esop business concern allow concern continue qualify loans preferences programs act


Summary:
Fair Investment Opportunities for Professional Experts Act

(Sec. 2) This bill amends the Securities Act of 1933 to add to the definition of accredited investor any natural person whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million (adjusted every five years for inflation).

The person's net worth shall exclude:

 the person's primary residence; and as a liability any indebtedness secured by the primary residence, up to the estimated fair market value of the residence at the time of the sale of securities. Indebtedness secured by the person's primary residence in excess of the residence's estimated fair market value at the time of the sale of securities, however, shall be included in net worth as a liability.

An accredited investor shall also include any natural person:

 whose individual income exceeded $200,000 in each of the two most recent years, or whose joint income with spouse exceeded $300,000 in each of those years, and has a reasonable expectation of reaching the same income level in the current year; currently licensed or registered as a broker or investment adviser by the Securities and Exchange Commission, the Financial Industry Regulatory Authority (FINRA) (or an equivalent self-regulatory organization), or a state division responsible for licensing or registration of individuals in connection with securities activities; or whose demonstrable education or job experience qualifies as professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the FINRA or an equivalent self-regulatory organization.

fair investment opportunities professional experts act sec bill amends securities act add definition accredited investor natural person individual net worth joint net worth spouse exceeds million adjusted years inflation person net worth shall exclude person primary residence liability indebtedness secured primary residence estimated fair market value residence time sale securities indebtedness secured person primary residence excess residence estimated fair market value time sale securities shall included net worth liability accredited investor shall include natural person individual income exceeded recent years joint income spouse exceeded years reasonable expectation reaching income level current year currently licensed registered broker investment adviser securities_and_exchange_commission financial_industry_regulatory_authority finra equivalent self regulatory organization state division responsible licensing registration individuals connection securities activities demonstrable education job experience qualifies professional knowledge subject related particular investment education job experience verified finra equivalent self regulatory organization