Summary:
Corporate Governance Reform and Transparency Act of 2016

(Sec. 3) This bill amends the Securities Exchange Act of 1934 to: (1) require a proxy advisory firm to register with the Securities and Exchange Commission (SEC); and (2) prohibit an unregistered proxy advisory firm from using interstate commerce to provide proxy-voting research, analysis, or recommendations to any client.

 With respect to such firms, the bill: (1) establishes procedures for both registration and termination of registration; (2) requires each firm to employ an ombudsman, designate a compliance officer, and file specified documents with the SEC; and (3) prohibits unfair, coercive, or abusive practices.

(Sec. 4) The SEC shall report annually on its website regarding registration applications and related matters.

corporate governance reform transparency_act sec bill amends securities_exchange_act require proxy advisory firm register securities_and_exchange_commission sec prohibit unregistered proxy advisory firm interstate commerce provide proxy voting research analysis recommendations client respect firms bill establishes procedures registration termination registration requires firm employ ombudsman designate compliance officer file specified documents sec prohibits unfair coercive abusive practices sec sec shall report annually website registration applications related matters


Summary:
National Securities Exchange Regulatory Parity Act of 2016

(Sec. 2) This bill amends the Securities Act of 1933, regarding the exemption of certain securities from state regulation, to replace limitations based upon listing on specific stock exchanges with a general exemption from state regulation of any securities listed on a national exchange whose listing standards are approved by the Securities and Exchange Commission (SEC), consistent with SEC rules that establish minimum core quantitative listing standards.

national securities exchange regulatory parity act sec bill amends securities act exemption certain securities state regulation replace limitations based listing specific stock exchanges general exemption state regulation securities listed national exchange listing standards approved securities_and_exchange_commission sec consistent sec rules establish minimum core quantitative listing standards


Summary:
Investment Advisers Modernization Act of 2016

This bill directs the Securities and Exchange Commission (SEC) to amend specified regulations for investment advisers as they apply to private equity firms and private investment funds.

(Sec. 2) The bill revises the disclaimer that, in the case of an investment adviser that is a partnership, an assignment shall not be deemed to result from the death, withdrawal, sale or transfer of minority interests to apply the disclaimer also to minority members, shareholders, for other equity owners of the investment adviser. Qualified clients of an investment adviser may consent to an assignment of the investment adviser contract at the time they enter into an advisory contract.

The Investment Advisers Act of 1940 is amended to repeal the requirement that advisers organized as partnerships notify the other party to an investment adviser contract every time there is a change in the composition of the partnership.

The SEC shall waive the application of specified antifraud prohibitions to advisers who advertise exclusively to:

 qualified clients, determined as of the time of the publication, circulation, or distribution of the advertisement rather than immediately before or after entering into the investment advisory contract; knowledgeable employees of any private fund to which the investment adviser acts as an investment adviser; qualified purchasers; or accredited investors (determined as if the investment adviser were the securities issuer and the time of the publication, circulation, or distribution of the advertisement were the sale of such securities). (Sec. 3) The SEC must amend a certain regulation regarding Form PF which registered investment advisers with at least $150 million in private funds assets under management must file with the SEC to report information about the private funds that they manage. This amendment shall state that an investment adviser to a private fund is not required to report any information beyond that which is required by sections 1a and 1b of Form PF unless it is a large hedge fund adviser or a large liquidity fund adviser.

The SEC shall also amend the regulation requiring that client funds and securities of which an investment adviser has custody are verified by actual examination periodically by an independent public accountant.

The SEC shall amend the proxy voting regulation to waive its application to any voting authority exercised by an investment adviser regarding client securities that are not public securities.

(Sec. 4) On the other hand, the SEC may not:

 amend a specified regulation to extend its requirements and prohibitions concerning investment company sales literature to offerings of securities issued by private funds, or adopt substantially similar rules applicable to such offerings. (Sec. 5) This bill shall not apply to advisory services supplied to an investment company registered under the Investment Company Act of 1940.

(Sec. 6) Any regulation referred to in this bill includes any successor regulation.

investment advisers modernization act bill directs securities_and_exchange_commission sec amend specified regulations investment advisers apply private equity firms private investment funds sec bill revises disclaimer case investment adviser partnership assignment shall deemed result death withdrawal sale transfer minority interests apply disclaimer minority members shareholders equity owners investment adviser qualified clients investment adviser consent assignment investment adviser contract time enter advisory contract investment advisers act amended repeal requirement advisers organized partnerships notify party investment adviser contract time change composition partnership sec shall waive application specified antifraud prohibitions advisers advertise exclusively qualified clients determined time publication circulation distribution advertisement immediately entering investment advisory contract knowledgeable employees private fund investment adviser acts investment adviser qualified purchasers accredited investors determined investment adviser securities issuer time publication circulation distribution advertisement sale securities sec sec amend certain regulation form registered investment advisers million private funds assets management file sec report information private funds manage amendment shall state investment adviser private fund required report information required sections form large hedge fund adviser large liquidity fund adviser sec shall amend regulation requiring client funds securities investment adviser custody verified actual examination periodically independent public accountant sec shall amend proxy voting regulation waive application voting authority exercised investment adviser client securities public securities sec hand sec amend specified regulation extend requirements prohibitions concerning investment company sales literature offerings securities issued private funds adopt substantially similar rules applicable offerings sec bill shall apply advisory services supplied investment company registered investment company act sec regulation referred bill includes successor regulation


Summary:
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

SEC Regulatory Accountability Act

This bill amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC), before issuing a regulation under the securities laws, to:

 identify the nature and source of the problem that the proposed regulation is designed to address in order to assess whether any new regulation is warranted; use the SEC Chief Economist to assess the costs and benefits of the intended regulation and adopt it only upon a reasoned determination that its benefits justify the costs; identify and assess available alternatives that were considered; and ensure that any regulation is accessible, consistent, written in plain language, and easy to understand. The SEC shall:

 consider the impact of the regulation upon investor choice, market liquidity, and small business; and explain in its final rule the nature of comments received concerning the proposed rule or rule change as well as its response to those comments. The SEC shall: (1) review its existing regulations periodically to determine if they are outmoded, ineffective, insufficient, or excessively burdensome; and (2) modify, streamline, expand, or repeal them.

Whenever it adopts or amends a major rule, the SEC shall state in its adopting release the regulation's purposes and intended consequences, the post-implementation quantitative and qualitative metrics to measure the regulation's economic impact, the assessment plan to be used under the supervision of the Chief Economist to assess whether the regulation has achieved those purposes, and any foreseeable unintended or negative consequences.

The assessment plan must: (1) consider the regulation's costs, benefits, and intended and unintended consequences; and (2) specify the data to be collected, the methods for its collection and analysis, and an assessment completion date.

The bill expresses the sense of Congress that the Public Company Accounting Oversight Board should also follow the requirements set forth by this bill.

measure amended introduced summary version repeated sec regulatory accountability_act bill amends securities_exchange_act direct securities_and_exchange_commission sec issuing regulation securities laws identify nature source problem proposed regulation designed address order assess new regulation warranted use sec chief economist assess costs benefits intended regulation adopt reasoned determination benefits justify costs identify assess available alternatives considered ensure regulation accessible consistent written plain language easy understand sec shall consider impact regulation investor choice market liquidity small business explain final rule nature comments received concerning proposed rule rule change response comments sec shall review existing regulations periodically determine outmoded ineffective insufficient excessively burdensome modify streamline expand repeal adopts amends major rule sec shall state adopting release regulation purposes intended consequences post implementation quantitative qualitative metrics measure regulation economic impact assessment plan supervision chief economist assess regulation achieved purposes foreseeable unintended negative consequences assessment plan consider regulation costs benefits intended unintended consequences specify data collected methods collection analysis assessment completion date bill expresses sense congress public_company_accounting_oversight_board follow requirements set forth bill


Summary:
This bill amends the Securities Exchange Act of 1934 to declare that fines collected for violations of the rules of the Municipal Securities Rulemaking Board shall be deposited and credited as general revenue of the Treasury.

Currently such fines must be be equally divided between the board and the Securities and Exchange Commission.

The bill repeals the requirement that any such fines collected by a registered securities association be accounted for by the association separately from certain other fines collected and be allocated two-thirds to the association and one-third to the board.

The Sarbanes-Oxley Act of 2002 is amended to repeal the requirement for the Public Company Accounting Oversight Board to use funds generated from the collection of monetary penalties for a merit scholarship program for undergraduate and graduate students enrolled in accredited accounting degree programs.

bill amends securities_exchange_act declare fines collected violations rules municipal_securities_rulemaking_board shall deposited credited general revenue treasury currently fines equally divided board securities_and_exchange_commission bill repeals requirement fines collected registered securities association accounted association separately certain fines collected allocated thirds association board sarbanes-oxley_act amended repeal requirement public_company_accounting_oversight_board use funds generated collection monetary penalties merit scholarship program undergraduate graduate students enrolled accredited accounting degree programs


Summary:
Derivatives Oversight and Taxpayer Protection Act

This bill amends the Commodity Exchange Act (CEA) to require the Commodity Futures Trading Commission (CFTC) to collect fees to recover the costs of its regulatory services and its annual appropriation from Congress.

The bill increases penalties for CEA violations, removes the Department of the Treasury's authority to exempt foreign exchange swaps or forwards from CFTC regulation, and requires collection of margin on inter-affiliate swaps.

Swaps requirements enacted by the Wall Street Transparency and Accountability Act of 2010 that ordinarily do not apply to activities outside the United States are made applicable to swaps transactions in which a financial entity domiciled or organized in the United States bears swaps-related risks. But the CFTC may allow a swaps transaction involving a subsidiary entity that is majority owned or controlled by a financial entity domiciled or organized in the United States to be conducted under a foreign jurisdiction's rules and oversight if the foreign rules are no less stringent than U.S. rules.

The CFTC must: (1) make data concerning swap data repository registrations available to other financial regulatory agencies, and (2) revoke the license of swap dealers that the CFTC and the Securities and Exchange Commission have found are not providing accurate data in standardized formats that allow aggregated analysis by regulators.

The bill repeals a safe harbor provision under federal bankruptcy law that protects a contractual right to liquidate the amount due on a swap agreement because of a debtor's bankruptcy case. The removal of this safe harbor subjects swap agreements to the regular bankruptcy procedures that automatically stay claims against a debtor.

The bill amends the Financial Stability Act of 2010 to require Federal Reserve Board (FRB) risk-based capital requirements and leverage limits for nonbank financial companies supervised by the FRB and bank holding companies with total consolidated assets of $50 billion or more to include the fair value and potential future exposure of derivatives exposures, without recognizing the benefits of netting arrangements. Exceptions are provided for certain formal netting agreements with counterparties or with clearing organizations that meet financial standards approved by the FRB and the Federal Deposit Insurance Corporation (FDIC).

The CFTC, the Comptroller of the Currency, the FDIC, and the FRB must report on the ability of clearinghouses to endure systemic stress events.

derivatives oversight taxpayer protection act bill amends commodity_exchange_act cea require commodity_futures_trading_commission cftc collect fees recover costs regulatory services annual appropriation congress bill increases penalties cea violations removes department_of_the_treasury authority exempt foreign exchange swaps forwards cftc regulation requires collection margin inter affiliate swaps swaps requirements enacted wall street transparency accountability_act ordinarily apply activities outside united_states applicable swaps transactions financial entity domiciled organized united_states bears swaps related risks cftc allow swaps transaction involving subsidiary entity majority owned controlled financial entity domiciled organized united_states conducted foreign jurisdiction rules oversight foreign rules stringent rules cftc data concerning swap data repository registrations available financial regulatory agencies revoke license swap dealers cftc securities_and_exchange_commission found providing accurate data standardized formats allow aggregated analysis regulators bill repeals safe harbor provision federal bankruptcy law protects contractual right liquidate swap agreement debtor bankruptcy case removal safe harbor subjects swap agreements regular bankruptcy procedures automatically stay claims debtor bill amends financial stability act require federal_reserve_board risk based capital requirements leverage limits nonbank financial companies supervised bank holding companies total consolidated assets billion include fair value potential future exposure derivatives exposures recognizing benefits arrangements exceptions provided certain formal agreements counterparties clearing organizations meet financial standards approved federal_deposit_insurance_corporation fdic cftc comptroller_of_the_currency fdic report ability clearinghouses systemic stress events


Summary:
Municipal Advisor Choice Act

This bill amends the Securities Exchange Act of 1934 to provide that an issuer of municipal securities is not required to retain a municipal advisor prior to issuing securities.

municipal advisor choice act bill amends securities_exchange_act provide issuer municipal securities required retain municipal advisor prior issuing securities


Summary:
Putting Main Street FIRST Act or the Putting Main Street FIRST: Finishing Irresponsible Reckless Speculative Trading Act

This bill amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security if: (1) such purchase occurs on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) the purchaser or seller is a U.S. person.

A "security" includes: (1) any share of stock in a corporation, (2) any partnership or beneficial ownership interest in a partnership or trust; (3) any note, bond, debenture, or other evidence of indebtedness; and (4) derivatives that meet specified criteria.

The tax applies to transactions with respect to a derivative if: (1) the derivative is traded on, or is subject to the rules of, a qualified board or exchange located in the United States; or (2) any party with rights under the derivative is a U.S. person.

The bill exempts from such tax: (1) initial issues of securities; (2) any note, bond, debenture, or other evidence of indebtedness which is traded on or is subject to the rules of, a qualified board or exchange located in the United States, and has a fixed maturity of not more than 100 days.

The tax applies to transactions by a controlled foreign corporation and must be paid by its U.S. shareholders.

The bill allows an offset against such tax for contributions to certain tax-favored savings accounts.

putting main street act putting main street reckless speculative trading act bill amends_the_internal_revenue_code impose excise tax purchase security purchase occurs subject rules qualified board exchange located united_states purchaser seller person security includes share stock corporation partnership beneficial ownership interest partnership trust note bond debenture evidence indebtedness derivatives meet specified criteria tax applies transactions respect derivative derivative traded subject rules qualified board exchange located united_states party rights derivative person bill exempts tax initial issues securities note bond debenture evidence indebtedness traded subject rules qualified board exchange located united_states fixed maturity days tax applies transactions controlled foreign corporation paid shareholders bill allows offset tax contributions certain tax favored savings_accounts


Summary:
This bill amends the Securities Investor Protection Act of 1970 to revise provisions related to determining a customer's "net equity" (the dollar amount of the customer's accounts) for purposes of a claim.

In general, such a determination shall be based on: (1) the information contained in the customer's final statement, and (2) certain additional written confirmations received after the final statement but prior to the filing date. However, the bill establishes exceptions to this requirement: (1) when the debtor's records indicate a higher net value, or (2) in specified cases involving the customer's awareness of fraudulent activity by the debtor.

The bill also establishes specified methodologies for allocating a customer's property in a liquidation proceeding.

 Under current law, a "customer" of a debtor is a person that has a claim on account of certain securities received, acquired, or held by the debtor. The bill expands the definition of "customer" to include a person: (1) that had cash or securities that were converted or otherwise misappropriated by the debtor, irrespective of whether the debtor held or otherwise had custody, possession, or control of such cash or securities; or (2) that is deemed a customer of the debtor by the Securities and Exchange Commission (SEC).

 The SEC may direct the Securities Investor Protection Corporation (SIPC) to take necessary or appropriate action for the protection of investors.

If the balance of the SIPC Fund decreases by more than a specified amount during a fiscal year, the SIPC must establish and carry out a fund replenishment plan.

The SEC may transfer amounts from a specified fund established under the Sarbanes-Oxley Act of 2002 if the SEC determines that payments from the SIPC Fund are required because a debtor committed fraud.

bill amends securities investor protection act revise provisions related determining customer net equity dollar customer accounts purposes claim general determination shall based information contained customer final statement certain additional written received final statement prior filing date bill establishes exceptions requirement debtor records indicate higher net value specified cases involving customer awareness fraudulent activity debtor bill establishes specified methodologies allocating customer property liquidation proceeding current law customer debtor person claim account certain securities received acquired held debtor bill expands definition customer include person cash securities converted misappropriated debtor irrespective debtor held custody possession control cash securities deemed customer debtor securities_and_exchange_commission sec sec direct securities investor protection corporation necessary appropriate action protection investors balance fund decreases specified fiscal year establish carry fund replenishment plan sec transfer amounts specified fund established sarbanes-oxley_act sec determines payments fund required debtor committed fraud


Summary:
Risk-Based Credit Examination Act

This bill amends the Securities Exchange Act of 1934 to provide the Securities and Exchange Commission's Office of Credit Ratings with discretion concerning the matters to review in its annual examinations of the management and activities of nationally recognized statistical rating organizations.

risk based credit examination act bill amends securities_exchange_act provide securities_and_exchange_commission office credit ratings discretion concerning matters review annual examinations management activities nationally recognized statistical rating organizations


Summary: This bill prohibits proposed Internal Revenue Service regulations published on August 4, 2016, relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes, and any substantially similar regulations, from taking effect.

bill prohibits proposed internal_revenue_service regulations published august relating restrictions liquidation interest respect estate gift generation skipping transfer taxes substantially similar regulations taking effect


Summary:
Protect Family Farms and Businesses Act

This bill prohibits proposed Internal Revenue Service regulations published on August 4, 2016, relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes from taking effect. The bill prohibits funds from being used to finalize, implement, administer, or enforce the proposed regulations or any substantially similar regulations.

protect family farms businesses act bill prohibits proposed internal_revenue_service regulations published august relating restrictions liquidation interest respect estate gift generation skipping transfer taxes taking effect bill prohibits funds finalize implement administer enforce proposed regulations substantially similar regulations


Summary:
Corporate Transparency and Accountability Act

This bill amends the Securities Exchange Act of 1934 to require each issuer of a security required to file an annual or quarterly report to disclose during the period covered in that report:

 the issuer's total pre-tax profit, the total amount paid by the issuer in state taxes, the total amount paid by the issuer in federal taxes, and the total amount paid by the issuer in foreign taxes. Each such issuer shall also disclose in that report specified corporate financial information, aggregated on a country-by-country basis, for each of its subsidiaries.

corporate transparency accountability_act bill amends securities_exchange_act require issuer security required file annual quarterly report disclose period covered report issuer total pre tax profit total paid issuer state taxes total paid issuer federal taxes total paid issuer foreign taxes issuer shall disclose report specified corporate financial information aggregated country country basis subsidiaries


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

Creating Financial Prosperity for Businesses and Investors Act

TITLE I--SMALL BUSINESS CAPITAL FORMATION ENHANCEMENT

(Sec. 101) This bill amends the Small Business Investment Incentive Act of 1980 to require the Securities and Exchange Commission (SEC) to issue a public statement, and disclose any actions it intends to take, each time its annual government-business forum submits findings or recommendations regarding the current status of problems and programs relating to small business capital formation.

TITLE II--SEC SMALL BUSINESS ADVOCATE

(Sec. 201) This title amends the Securities Exchange Act of 1934 to establish within the SEC an Office of the Advocate for Small Business Capital Formation and a Small Business Capital Formation Advisory Committee.

The Advocate for Small Business Capital Formation shall:

 assist small businesses and small business investors in resolving significant problems they may have with the SEC or with self-regulatory organizations; identify areas in which such businesses and investors would benefit from changes in SEC regulations or the rules of such organizations; identify problems that small businesses have with securing access to capital, including any unique challenges to minority-owned and women-owned small businesses; analyze the potential impact on such businesses and investors of proposed SEC regulations and proposed rules that are likely to have a significant economic impact on small businesses and small business capital formation; conduct outreach to such businesses and investors to solicit views on relevant capital formation issues; propose to the SEC changes in its regulations or orders, and propose to Congress legislative, administrative, or personnel changes, to mitigate problems identified and to promote the interests of such businesses and investors; consult with the Investor Advocate on such proposals and advise the Investor Advocate on small business-related issues; submit annual reports on its activities to specified congressional committees; and be responsible for planning, organizing, and executing the annual government-business forum on small business capital formation. The Small Business Capital Formation Advisory Committee shall provide the SEC with advice on SEC rules, regulations, and policies regarding its mission of protecting investors, maintaining fair, orderly, and efficient markets, and facilitating capital formation, as they relate to:

 capital raising by emerging, privately held small businesses and publicly traded companies with less than $250 million in public market capitalization through securities offerings; trading in the securities of such businesses and companies; and public reporting and corporate governance requirements of such businesses and companies. The SEC shall assess the committee's recommendations and disclose any action it intends to take with respect to such recommendations.

TITLE III--SUPPORTING AMERICA'S INNOVATORS

(Sec. 301) This title amends the Investment Company Act of 1940 to increase from 100 to 250 the limit on the number of people who may own securities in certain venture capital funds before the issuer is required to register as an investment company.

Under current law, an issuer is exempt from requirements to register as an investment company if its outstanding securities (other than short-term paper) are beneficially owned by not more than 100 persons and it is not making a public offering. The bill revises this exemption to allow a special category of venture capital funds (with no more than $10 million in invested capital, adjusted annually for inflation) to remain exempt from these registration requirements until they have more than 250 persons who own their securities.

TITLE IV--FIX CROWDFUNDING

(Sec. 401) This title amends the Securities Act of 1933 and the Investment Company Act of 1940 to allow crowdfunding issuers to sell shares through a special purpose entity known as a crowdfunding vehicle, and exempt them from registering as investment companies, if their crowdfunding vehicle is a company that:

 has purposes limited to acquiring, holding, and disposing securities issued by a single company in one or more transactions and made pursuant to crowdfunding exemption transaction requirements; issues only one class of securities; receives no compensation for such acquisition, holding, or disposition of securities; is a co-issuer with the company whose securities it holds; and meets specified requirements related to disclosure obligations and the use of investment advisers. (Crowdfunding is a method of capital formation in which groups of people pool money, typically composed of small individual contributions, and often via Internet platforms, either to invest in a company or to support an effort by others to accomplish a specific goal.)

(Sec. 402) The bill amends the Securities Exchange Act of 1934 to revise the conditions upon which the SEC shall exempt securities issued in crowdfunding transactions from SEC registration requirements.

Under current law, holders of crowdfunded shares do not count toward the shareholder threshold beyond which an issuer is required to register its securities with the SEC, provided that the issuer: (1) is current in its annual reporting obligations, (2) retains the services of a registered transfer agent, and (3) has less than $25 million in assets. The bill maintains this exemption but removes and replaces the conditions upon which it applies. Specifically, holders of crowdfunded shares shall not count toward the shareholder threshold if the issuer has: (1) a public float of less than $75 million, and (2) annual revenues of less than $50 million.

TITLE V--FAIR INVESTMENT OPPORTUNITIES FOR PROFESSIONAL EXPERTS

(Sec. 501) This title amends the Securities Act of 1933 to qualify as accredited investors four categories of natural persons:

 whose individual net worth, or joint net worth with his or her spouse, exceeds $1 million (adjusted every five years for inflation); 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; who are currently licensed or registered as a broker or investment adviser by the SEC, 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. For purposes of the first category of net worth qualifications, a 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.

TITLE VI--U.S. TERRITORIES INVESTOR PROTECTION

(Sec. 601) This title amends the Investment Company Act of 1940 to repeal the exemption from its coverage of investment companies created under the laws of Puerto Rico, the Virgin Islands, or any other U.S. possession.

measure amended introduced summary expanded action occurred measure creating financial prosperity businesses investors act title small business capital formation enhancement sec bill amends small business investment incentive act require securities_and_exchange_commission sec issue public statement disclose actions intends time annual government business forum submits findings recommendations current status problems programs relating small business capital formation title sec small business advocate sec title amends securities_exchange_act establish sec office advocate small business capital formation small business capital formation advisory_committee advocate small business capital formation shall assist small businesses small business investors resolving significant problems sec self regulatory organizations identify areas businesses investors benefit changes sec regulations rules organizations identify problems small businesses securing access capital including unique challenges minority owned women owned small businesses analyze potential impact businesses investors proposed sec regulations proposed rules likely significant economic impact small businesses small business capital formation conduct outreach businesses investors solicit views relevant capital formation issues propose sec changes regulations orders propose congress legislative administrative personnel changes mitigate problems identified promote interests businesses investors consult investor advocate proposals advise investor advocate small business related issues submit annual reports activities specified congressional committees responsible planning organizing executing annual government business forum small business capital formation small business capital formation advisory_committee shall provide sec advice sec rules regulations policies mission protecting investors maintaining fair orderly efficient markets facilitating capital formation relate capital raising emerging privately held small businesses publicly traded companies million public market capitalization securities offerings trading securities businesses companies public reporting corporate governance requirements businesses companies sec shall assess committee recommendations disclose action intends respect recommendations title iii supporting america innovators sec title amends investment company act increase limit number people securities certain venture capital funds issuer required register investment company current law issuer exempt requirements register investment company outstanding securities short term paper beneficially owned persons making public offering bill revises exemption allow special category venture capital funds million invested capital adjusted annually inflation remain exempt registration requirements persons securities title fix sec title amends securities act investment company act allow issuers sell shares special purpose entity known vehicle exempt registering investment companies vehicle company purposes limited acquiring holding disposing securities issued single company transactions pursuant exemption transaction requirements issues class securities receives compensation acquisition holding disposition securities issuer company securities holds meets specified requirements related disclosure obligations use investment advisers method capital formation groups people pool money typically composed small individual contributions internet platforms invest company support effort accomplish specific goal sec bill amends securities_exchange_act revise conditions sec shall exempt securities issued transactions sec registration requirements current law holders shares count shareholder threshold issuer required register securities sec provided issuer current annual reporting obligations retains services registered transfer agent million assets bill maintains exemption removes replaces conditions applies specifically holders shares shall count shareholder threshold issuer public million annual revenues million title fair investment opportunities professional experts sec title amends securities act qualify accredited investors categories natural persons individual net worth joint net worth spouse exceeds million adjusted years inflation individual income exceeded recent years joint income spouse exceeded years reasonable expectation reaching income level current year currently licensed registered broker investment adviser sec 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 purposes category net worth qualifications 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 title territories investor protection sec title amends investment company act repeal exemption coverage investment companies created laws puerto_rico virgin_islands possession


Summary:
Municipal Securities Disclosure Act of 2016

This bill amends the Securities Act of 1933 to require registration with the Securities and Exchange Commission (SEC) of certain industrial development bonds that finance private projects through municipal securities. (Currently, the Securities Act exempts these private activity municipal bonds from SEC registration.)

The bill amends the Securities Exchange Act of 1934 to require state and local government issuers of municipal securities, or obligated persons or borrowers with respect to these securities, to prepare annual periodic reports and disseminate financial disclosures that the SEC determines appropriate in the public interest and for the protection of investors. (Currently, SEC antifraud rules do not regulate municipal securities issuers directly but the rules prohibit securities dealers from underwriting the buying or selling of municipal securities unless they obtain the state or local government issuer's agreement to provide ongoing disclosures to the Municipal Securities Rulemaking Board. The bill makes state or local government issuers directly responsible for providing the municipal securities disclosures by placing them under the SEC's jurisdiction.)

The SEC may prescribe the accounting methods to be followed in the preparation of the financial statements or require the use of accounting methods established by a standard-setting body.

An issuer or borrower of outstanding municipal securities exceeding $10 million must adopt internal controls that identify the officials responsible for preparing the required disclosures and provide checks and balances for adequate supervision. The SEC may allow these requirements to be satisfied through a statewide system of disclosure controls and disclosure education.

municipal securities disclosure act bill amends securities act require registration securities_and_exchange_commission sec certain industrial development bonds finance private projects municipal securities currently securities act exempts private activity municipal bonds sec registration bill amends securities_exchange_act require state local government issuers municipal securities obligated persons borrowers respect securities prepare annual periodic reports disseminate financial disclosures sec determines appropriate public interest protection investors currently sec antifraud rules regulate municipal securities issuers directly rules prohibit securities dealers underwriting buying selling municipal securities obtain state local government issuer agreement provide ongoing disclosures municipal_securities_rulemaking_board bill makes state local government issuers directly responsible providing municipal securities disclosures placing sec jurisdiction sec prescribe accounting methods followed preparation financial statements require use accounting methods established standard setting body issuer borrower outstanding municipal securities exceeding million adopt internal controls identify officials responsible preparing required disclosures provide checks balances adequate supervision sec allow requirements satisfied statewide system disclosure controls disclosure education


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:
Shareholder Protection Act of 2015

 Amends the Securities Exchange Act of 1934 to require that any solicitation of a proxy, consent, or authorization with respect to any security of an issuer: (1) describe the specific nature (to the extent known) and total amount of expenditures proposed for political activities for the forthcoming fiscal year but not yet authorized by a vote of the issuer's shareholders, and (2) provide for a separate shareholder vote to authorize such proposed expenditures.

Prohibits an issuer from making an expenditure for political activities in any fiscal year unless: (1) such expenditure is of the nature of those proposed by the issuer according to the requirements of this Act, and (2) authorization for such expenditure has been granted by votes representing a majority of outstanding shares.

Deems a violation of this requirement to be a breach of the fiduciary duty of the officers and directors who authorized such expenditure. Subjects officers and directors who authorize the expenditure without prior shareholder authorization to joint and several liability to any shareholder or class of shareholders for the amount of such expenditure.

Requires certain institutional investment managers to disclose annually in mandatory reports how they voted (proxies) in certain shareholder votes.

Prohibits any person from bringing any civil, criminal, or administrative action against an institutional investment manager, or any of its employees, officers, or directors, based solely upon the investment manager's decision to divest from, or not to invest in, securities of an issuer because of expenditures for political activities made by that issuer.

Requires the Securities and Exchange Commission (SEC) to direct the national securities exchanges and national securities associations to prohibit the listing of any equity security of an issuer whose corporate bylaws do not expressly provide for a vote of the issuer's directors on any individual expenditure for political activities in excess of $50,000. Requires an issuer to make public, within 48 hours, the individual votes of the directors regarding any such expenditure.

Directs the SEC to: (1) require issuers to disclose expenditures for political activities made during the preceding quarter and the individual votes by board members authorizing such expenditures, and (2) make such reports publicly available through the SEC website.

Requires the SEC to make annual assessments of the compliance by public corporations and their management with the reporting and disclosure requirements of this Act, and the Comptroller General to evaluate periodically the effectiveness of SEC oversight of these requirements.

shareholder protection act amends securities_exchange_act require solicitation proxy consent authorization respect security issuer describe specific nature extent known total expenditures proposed political activities forthcoming fiscal year authorized vote issuer shareholders provide separate shareholder vote authorize proposed expenditures prohibits issuer making expenditure political activities fiscal year expenditure nature proposed issuer according requirements act authorization expenditure granted votes representing majority outstanding shares deems violation requirement breach fiduciary duty officers directors authorized expenditure subjects officers directors authorize expenditure prior shareholder authorization joint liability shareholder class shareholders expenditure requires certain institutional investment managers disclose annually mandatory reports voted proxies certain shareholder votes prohibits person bringing civil criminal administrative action institutional investment manager employees officers directors based solely investment manager decision divest invest securities issuer expenditures political activities issuer requires securities_and_exchange_commission sec direct national securities exchanges national securities associations prohibit listing equity security issuer corporate bylaws expressly provide vote issuer directors individual expenditure political activities excess requires issuer public hours individual votes directors expenditure directs sec require issuers disclose expenditures political activities preceding quarter individual votes board members authorizing expenditures reports publicly available sec website requires sec annual assessments compliance public corporations management reporting disclosure requirements act comptroller_general evaluate periodically effectiveness sec oversight requirements


Summary:
Retirement Security Act of 2015

 Directs the Secretary of the Treasury to: (1) prescribe final regulations to permit employers to participate in multiple employer pension benefit plans, (2) promulgate regulations or other guidance to simplify and clarify rules relating to the timing of participant notices required under tax-preferred pension plans and the automatic escalation rules, and (3) modify the 1040EZ tax return form to allow taxpayers to claim the tax credit for retirement savings (saver's credit) on such form.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to employer pension benefit plans, to: (1) allow employers to maintain a tax-exempt multiple employer pension benefit plan even if the employers sponsoring the plan share no common interest, (2) modify requirements for secure deferral arrangements with respect to nondiscrimination and employer matching contributions, and (3) allow employers with not more than 100 employees a business-related tax credit to cover increased matching contributions required by this Act.

retirement security act directs secretary treasury prescribe final regulations permit employers participate multiple employer pension benefit plans promulgate regulations guidance simplify clarify rules relating timing participant notices required tax preferred pension plans automatic escalation rules modify 1040ez tax return form allow taxpayers claim tax credit retirement savings saver credit form amends employee retirement income security act erisa internal_revenue_code respect employer pension benefit plans allow employers maintain tax exempt multiple employer pension benefit plan employers sponsoring plan share common interest modify requirements secure deferral arrangements respect nondiscrimination employer matching contributions allow employers employees business related tax credit cover increased matching contributions required act


Summary:
Foreign Earnings Reinvestment Act

 Amends the Internal Revenue Code to: (1) extend the election allowed to a domestic corporation to deduct current and accumulated dividends received from a controlled foreign corporation to the corporation's last taxable year beginning before the enactment of this Act or the first taxable year which begins during the one-year period beginning on such enactment date, (2) reduce tax rates on foreign earnings of domestic corporations that reinvest such earnings in the United States and that expand their payrolls over 2014 levels, and (3) increase the taxable income of domestic corporations that fail to maintain employment levels in the 23-month period after receiving a reduction in tax rates under this Act.

foreign earnings reinvestment act amends_the_internal_revenue_code extend election allowed domestic corporation deduct current accumulated dividends received controlled foreign corporation corporation taxable year beginning enactment act taxable year begins year period beginning enactment date reduce tax rates foreign earnings domestic corporations reinvest earnings united_states expand levels increase taxable income domestic corporations fail maintain employment levels month period receiving reduction tax rates act


Summary:
Encouraging Employee Ownership Act

Directs the Securities and Exchange Commission 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.

encouraging employee ownership act directs securities_and_exchange_commission 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


Summary:
Stop Illegal Insider Trading Act

This bill amends the Securities Exchange Act of 1934 governing manipulative and deceptive devices to make it unlawful for any person to: (1) purchase, sell, or cause the purchase or sale of any security on the basis of material information that the person knows or has reason to know is not publicly available; or (2) knowingly or recklessly communicate material information that the person knows or has reason to know is not publicly available to any other person under circumstances in which it is reasonably foreseeable that the communication is likely to result in a violation of this prohibition.

Excludes from the definition of "not publicly available" any information a person has developed independently from publicly available sources.

 The Securities and Exchange Commission is permitted to exempt, by rule, any person, transaction, communication, or any class of persons, transactions, or communications from the prohibitions of this Act, if it determines that the exemption is necessary or appropriate in the public interest and consistent with the protection of investors.

stop illegal insider trading act bill amends securities_exchange_act governing manipulative deceptive devices unlawful person purchase sell cause purchase sale security basis material information person knows reason know publicly available knowingly recklessly communicate material information person knows reason know publicly available person circumstances reasonably foreseeable communication likely result violation prohibition excludes definition publicly available information person developed independently publicly available sources securities_and_exchange_commission permitted exempt rule person transaction communication class persons transactions communications prohibitions act determines exemption necessary appropriate public interest consistent protection investors


Summary: 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), provided that an appropriate credit support measure or other mechanism must be used if the hedge or mitigation of commercial risk is addressed by entering into a swap with either: (1) 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.

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 provided appropriate credit support measure mechanism hedge mitigation commercial risk addressed entering swap swap dealer major swap participant security based swap security based swap dealer major security based swap participant


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

Real Estate Investment and Jobs Act of 2015

(Sec. 2) This section increases from 5% to 10% the stock ownership threshold in a real estate investment trust (REIT) for exempting such stock as a U.S. real property interest on disposition.

(Sec. 3) This section provides for an increase from 10% to 15% of the rate of withholding of tax on dispositions of U.S. real property interests.

(Sec. 4) This section requires any corporation that is a U.S. real property holding company during a specified period to disclose such status to the Internal Revenue Service, the corporation's shareholders, and the public. The corporation is subject to penalties for failure to make such a disclosure.

(Sec. 5) This section requires a broker to deduct and withhold a tax equal to 15% of the amount realized on the disposition of stock of a U.S. real property holding company by a foreign person.

(Sec. 6) This provision exempts regulated investment companies (RICs) and REITs from tax rules governing the treatment of stock of a domestic corporation as a U.S. real property holding company.

(Sec. 7) This section provides that neither RICs nor REITs shall not be treated as domestic corporations for purposes of determining whether dividends from a foreign corporation are eligible for the tax deduction for the U.S-sourced portion of such dividends.

(Sec. 8) This section increases from 30% to 35% the rate of the continuous levy on payments made after 180 days after the enactment of this Act to Medicare providers and suppliers for unpaid taxes.

measure amended introduced summary expanded action occurred measure real estate investment jobs_act sec section increases stock ownership threshold real estate investment trust reit exempting stock real property interest disposition sec section provides increase rate withholding tax dispositions real property interests sec section requires corporation real property holding company specified period disclose status internal_revenue_service corporation shareholders public corporation subject penalties failure disclosure sec section requires broker deduct withhold tax equal realized disposition stock real property holding company foreign person sec provision exempts regulated investment companies rics reits tax rules governing treatment stock domestic corporation real property holding company sec section provides rics reits shall treated domestic corporations purposes determining dividends foreign corporation eligible tax deduction sourced portion dividends sec section increases rate continuous levy payments days enactment act medicare providers suppliers unpaid taxes


Summary:
Helping Angels Lead Our Startups Act or the HALOS Act

 Directs the Securities and Exchange Commission 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 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:
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015

 Amends the Securities Exchange Act of 1934 to exempt from its registration requirements certain merger and acquisition 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; (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; (3) engage on behalf of any party in a transaction involving a public shell company; or (4) are subject to suspension or revocation of registration, or to certain statutory disqualifications, or to certain final orders.

Prohibits this Act from being 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.

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 engage behalf party transaction involving public shell company subject suspension revocation registration certain statutory disqualifications certain final orders prohibits act construed limit authority securities_and_exchange_commission exempt person class persons provision act including related rule regulation


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:
Move America Act of 2015

This bill amends the Internal Revenue Code to allow the issuance of Move America Bonds as tax-exempt private facility bonds and describes a Move America Bond as a bond issued as part of an issuance that requires 95% or more of its net proceeds to be used for infrastructure projects, including: (1) airports; (2) docks and wharves; (3) mass commuting facilities; (4) railroads; (5) any surface transportation project eligible for federal assistance, a project for an international bridge or tunnel, or a facility for the transfer of freight from truck to rail or rail to truck; (6) flood diversions; or (7) inland waterways.

The bill also allows a tax credit for 10% of the value of a Move America credit certificate that is issued to a taxpayer by a state or project sponsor for infrastructure investment.

america act bill amends_the_internal_revenue_code allow issuance america bonds tax exempt private facility bonds describes america bond bond issued issuance requires net proceeds infrastructure projects including airports docks mass commuting facilities railroads surface_transportation project eligible federal assistance project international bridge tunnel facility transfer freight truck rail rail truck flood diversions inland waterways bill allows tax credit value america credit certificate issued taxpayer state project sponsor infrastructure investment


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

 Amends the Internal Revenue Code to 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).

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 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:
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:
Bolstering Our Nation's Deficient Structures Act of 2015 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 in 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:
This bill amends the Commodity Exchange Act to declare that any rules or regulations requiring a futures commission merchant (FCM) to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all the customers' uncollected margin deficits shall require an FCM to meet its residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day.

The bill repeals the prerequisite to sharing by Commodity Futures Trading Commission (CFTC) with a specified entity of information on swaps cleared by derivatives clearing organizations that the entity agree to indemnify the CFTC for any expenses arising from litigation relating to that information.

The bill also: repeals a similar prerequisite for information-sharing by a swap data repository, and makes a similar and conforming amendment to the Securities Exchange Act of 1934 with respect to a securities-based swap data repository. States that this Act takes effect as if enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, 2010.

bill amends commodity_exchange_act declare rules regulations requiring futures commission merchant maintain residual interest accounts held benefit customers amounts sufficient exceed sum customers margin deficits shall require meet residual interest requirement end business day calculated close business previous business day bill repeals prerequisite sharing commodity_futures_trading_commission cftc specified entity information swaps cleared derivatives clearing organizations entity agree indemnify cftc expenses arising litigation relating information bill repeals similar prerequisite information sharing swap data repository makes similar conforming amendment securities_exchange_act respect securities based swap data repository states act takes effect enacted dodd-frank_wall_street_reform consumer protection act july


Summary:
Carried Interest Fairness Act of 2015

Amends the Internal Revenue Code to: (1) set forth a special rule for the inclusion in gross income of partnership interests transferred in connection with the performance of services, (2) treat as ordinary income the net capital gain with respect to an investment services partnership interest except to the extent such gain is attributable to a partner's qualified capital interest, (3) exempt income from investment services partnership interests from treatment as qualifying income of a publicly traded partnership, (4) exempt certain family partnerships from the application of this Act; (5) increase the penalty for underpayments of tax resulting from failure to treat income from an investment services partnership interest as ordinary income, and (6) include income and loss from an investment services partnership interest for purposes of determining net earnings from self-employment and applicable self-employment taxes.

Defines "investment services partnership interest" as any interest in a partnership held by a person who provides services to a partnership by: (1) advising the partnership about investing in, purchasing, or selling specified assets; (2) managing, acquiring, or disposing of specified assets; or (3) arranging financing with respect to acquiring specified assets.

carried interest fairness act amends_the_internal_revenue_code set forth special rule inclusion gross income partnership interests transferred connection performance services treat ordinary income net capital gain respect investment services partnership interest extent gain attributable partner qualified capital interest exempt income investment services partnership interests treatment qualifying income publicly traded partnership exempt certain family partnerships application act increase penalty underpayments tax resulting failure treat income investment services partnership interest ordinary income include income loss investment services partnership interest purposes determining net earnings self employment applicable self employment taxes defines investment services partnership interest interest partnership held person provides services partnership advising partnership investing purchasing selling specified assets managing acquiring disposing specified assets arranging financing respect acquiring specified assets


Summary:
Stronger Enforcement of Civil Penalties Act of 2015

 Amends the Securities Act of 1933, the Securities Exchange Act of 1934, the Investment Company Act of 1940, and the Investment Advisers Act of 1940 to increase the money penalties in administrative and civil actions involving securities laws violations.

Prescribes a fourth tier penalty of triple monetary penalties for noncompliance with certain enforcement actions if the violator, within the five-year period preceding the prohibited act, was criminally convicted for securities fraud or became subject to a judgment or order imposing monetary, equitable, or administrative relief in any Securities and Exchange Commission (SEC) action alleging fraud by such violator.

Applies the treatment as a separate offense each day that a violation of an SEC cease-and-desist order is committed through continuing noncompliance to violation of any action to enforce a federal court injunction or certain SEC orders that bar, suspend, place limitations on the activities or functions of, or prohibit the activities of, a person.

stronger enforcement civil penalties act amends securities act securities_exchange_act investment company act investment advisers act increase money penalties administrative civil actions involving securities laws violations prescribes fourth tier penalty triple monetary penalties noncompliance certain enforcement actions violator year period preceding prohibited act criminally convicted securities fraud subject judgment order imposing monetary equitable administrative relief securities_and_exchange_commission sec action alleging fraud violator applies treatment separate offense day violation sec cease desist order committed continuing noncompliance violation action enforce federal court injunction certain sec orders bar suspend place limitations activities functions prohibit activities person


Summary:
Consumer Financial Choice and Capital Markets Protection Act of 2015

This bill amends the Investment Company Act of 1940 to authorize any open-end investment company to elect, in its registration statement, to be a money market fund and to compute the current price per share, for purposes of distribution or redemption and repurchase, of any redeemable security issued by the company using the amortized cost method of valuation or the penny-rounding method of pricing, regardless of whether its shareholders are limited to natural persons, if:

 the company's objective is the generation of income and preservation of capital through investment in short-term, high-quality debt securities; the company elects to maintain a stable net asset value per share or stable price per share, by virtue of such methods, and the board of directors of the company has determined in good faith that it is in the best interests of the company and its shareholders to do so and that the money market fund will continue to use such method(s) only as long as the board believes that the resulting share price fairly reflects the market-based net asset value per share of the company; and the company agrees to comply with such quality, maturity, diversification, and liquidity requirements as the Securities and Exchange Commission (SEC) prescribes as necessary or appropriate in the public interest or for the protection of investors, if consistent with this Act. The bill prohibits covered federal assistance from being provided directly to any money market fund. The bill defines: (1) "covered federal assistance " as federal assistance used for the purpose of making any loan to, or purchasing any stock, equity interest, or debt obligation of, any money market fund, guaranteeing any loan or debt issuance of any money market fund, or entering into any assistance arrangement, loss sharing, or profit sharing with any money market fund; and (2) "federal assistance" as insurance or guarantees by the Federal Deposit Insurance Corporation, transactions involving the Secretary of the Treasury, or the use of any advances from any Federal Reserve credit facility or discount window that is not part of a program or facility with broad-based eligibility established in unusual or exigent circumstances.

No principal underwriter of a redeemable security issued by a money market fund nor any dealer shall offer or sell any such security to any person unless the prospectus of the money market fund and any advertising or sales literature for such fund prominently discloses such prohibition against direct covered federal assistance.

 A company that elects to be a money market fund shall remain subject to the provisions of this Act and SEC rules and regulations that would otherwise apply to a registered open-end company, if consistent with this Act.

consumer financial choice capital markets protection act bill amends investment company act authorize open end investment company elect registration statement money market fund compute current price share purposes distribution redemption repurchase redeemable security issued company amortized cost method valuation method pricing regardless shareholders limited natural persons company objective generation income preservation capital investment short term high quality debt securities company elects maintain stable net asset value share stable price share virtue methods board_of_directors company determined good faith best interests company shareholders money market fund continue use long board believes resulting share price fairly reflects market based net asset value share company company agrees comply quality maturity diversification liquidity requirements securities_and_exchange_commission sec prescribes necessary appropriate public interest protection investors consistent act bill prohibits covered federal assistance provided directly money market fund bill defines covered federal assistance federal assistance purpose making loan purchasing stock equity interest debt obligation money market fund guaranteeing loan debt issuance money market fund entering assistance arrangement loss sharing profit sharing money market fund federal assistance insurance guarantees federal_deposit_insurance_corporation transactions involving secretary treasury use advances federal_reserve credit facility discount window program facility broad based eligibility established unusual exigent circumstances principal underwriter redeemable security issued money market fund dealer shall offer sell security person prospectus money market fund advertising sales literature fund prominently discloses prohibition direct covered federal assistance company elects money market fund shall remain subject provisions act sec rules regulations apply registered open end company consistent act


Summary: This bill amends the Internal Revenue Code to make permanent a recognition period of 5 years (currently, 10 years) of the built-in gains of an S corporation beginning on the date that such corporation qualifies as an S corporation.

bill amends_the_internal_revenue_code permanent recognition period years currently years built gains corporation beginning date corporation qualifies corporation


Summary:
State Licensing Efficiency Act of 2015

This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to direct the Attorney General to provide appropriate state officials responsible for regulating financial service providers (in addition to state officials responsible for regulating state-licensed loan originators) with access to criminal history information to the extent that criminal history background checks are required under state law for the licensing of such parties.

state licensing efficiency_act bill amends mortgage licensing act direct attorney general provide appropriate state officials responsible regulating financial service providers addition state officials responsible regulating state licensed loan originators access criminal history information extent criminal history background checks required state law licensing parties


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 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 civil monetary penalty tolls statute limitations time alleged violator absent united_states reasonably place abode work


Summary:
Retail Investor Protection Act

 This bill prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual shall be considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law.

The Securities Exchange Act of 1934 is amended to prohibit the SEC from promulgating a rule establishing an investment adviser standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether:

 retail investors and other customers are being harmed by brokers or dealers operating under different standards of conduct than those applicable to investment advisers under the Investment Advisers Act of 1940; alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct; adoption of a uniform fiduciary standard of conduct for brokers, dealers, and investment advisers would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisers would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations. The SEC shall: (1) publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to different standards of conduct applicable to brokers, dealers, and investment advisers; and (2) consider, when proposing rules, the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisers.

retail investor protection act bill prohibits secretary labor prescribing regulation employee retirement income security act erisa defining circumstances individual shall considered fiduciary days securities_and_exchange_commission sec issues final rule governing standards conduct brokers dealers specified law securities_exchange_act amended prohibit sec promulgating rule establishing investment adviser standard conduct standard conduct brokers dealers reports certain congressional committees retail investors customers harmed brokers dealers operating different standards conduct applicable investment advisers investment advisers act alternative remedies reduce confusion harm retail investors brokers dealers operating different standards conduct adoption uniform fiduciary standard conduct brokers dealers investment advisers adversely impact commissions availability proprietary products offered brokers dealers ability brokers dealers engage principal transactions customers adoption uniform fiduciary standard conduct brokers dealers investment advisers adversely impact retail investor access personalized cost effective investment advice recommendations sec shall publish federal_register formal findings rule reduce retail customer confusion harm different standards conduct applicable brokers dealers investment advisers consider proposing rules differences registration supervision examination requirements applicable brokers dealers investment advisers


Summary:
Whistleblower Augmented Reward and Nonretaliation Act of 2016 or the WARN Act of 2016

This bill amends the Financial Institutions Anti-Fraud Enforcement Act of 1990 governing the rights of a private person (declarant) who files a declaration of a violation giving rise to a federal action for civil penalties with respect to fraud crimes involving federally insured financial institutions.

The bill revises the minimum and maximum percentage of a declarant's entitlement to share in the recovery by the United States from a judgment, order, or settlement that was based in whole or in part on the information contained in a valid declaration, and allows a 30-day window in which to appeal any award determination.

The bill prescribes specified relief in a civil action intended to protect declarants from employer reprisals including reinstatement with the same seniority status.

The Department of Justice shall require employers to provide education and training to employees regarding declarant rights and remedies.

The Federal Deposit Insurance Act is amended to extend similar protections to employees of banking agencies, together with the same minimum and maximum rewards for information leading to recoveries or civil penalties.

Both the Securities Exchange Act of 1934 and the Commodity Exchange Act are amended to: (1) remove the definition of whistleblower, and (2) prohibit the Securities and Exchange Commission and the Commodity Futures Trading Commission (Commissions) from denying eligibility for an award if the information basic to the award is submitted within 90 days after obtaining knowledge of the disclosed misconduct.

The Commissions shall presume that reports are timely and shall not reduce an award due to delay, unless disclosure was deliberately postponed either because of culpability, interference with internal investigative processes, or attempts at self-enrichment.

The prohibition against employer retaliation shall cover acts by the whistleblower in: (1) objecting to, or refusing to participate in, any activity, policy, practice which the whistleblower reasonably believed to be in violation of Commission-enforceable law, rule, order, standard, or prohibition; or (2) providing information relating to any violation within Commission jurisdiction.

Relief for an individual prevailing in an enforcement action shall include compensatory damages and up to $250,000 in punitive damages.

The bill prohibits employers from: (1) taking specified actions to impede an individual who undertakes a protected activity, or (2) engaging in any other discrimination that would chill the exercise of a protected activity.

whistleblower augmented reward act warn act bill amends financial institutions anti fraud enforcement act governing rights private person files declaration violation giving rise federal action civil penalties respect fraud crimes involving federally insured financial institutions bill revises minimum maximum percentage entitlement share recovery united_states judgment order settlement based information contained valid declaration allows day window appeal award determination bill prescribes specified relief civil action intended protect employer reprisals including reinstatement seniority status department_of_justice shall require employers provide education training employees rights remedies federal_deposit_insurance_act amended extend similar protections employees banking agencies minimum maximum rewards information leading recoveries civil penalties securities_exchange_act commodity_exchange_act amended remove definition whistleblower prohibit securities_and_exchange_commission commodity_futures_trading_commission commissions denying eligibility award information basic award submitted days obtaining knowledge disclosed misconduct commissions shall presume reports timely shall reduce award delay disclosure deliberately interference internal investigative processes attempts self enrichment prohibition employer retaliation shall cover acts whistleblower refusing participate activity policy practice whistleblower reasonably believed violation commission enforceable law rule order standard prohibition providing information relating violation commission jurisdiction relief individual prevailing enforcement action shall include compensatory damages punitive damages bill prohibits employers taking specified actions impede individual protected activity engaging discrimination exercise protected activity


Summary:
This bill directs the Securities and Exchange Commission (SEC), within 180 days of enactment of this bill, to update:

 the Securities Act industry guides entitled "Prospectuses relating to interests in oil and gas programs" and "Description of Property by Issuers Engaged or To Be Engaged in Significant Mining Operations," the Exchange Act industry guide entitled "Description of Property by Issuers Engaged or To Be Engaged in Significant Mining Operations," and regulations concerning disclosure by registrants engaged in oil and gas producing activities. In making such updates, the SEC shall work with the Investor Advisory Committee, which shall solicit and consider public input or appropriate disclosures to include and make specific recommendations to the SEC.

If the SEC fails to meet the deadline, it must report to and testify before specified congressional committees explaining why it failed to meet it.

bill directs securities_and_exchange_commission sec days enactment bill update securities act industry guides entitled relating interests oil gas programs description property issuers engaged engaged significant mining operations exchange act industry guide entitled description property issuers engaged engaged significant mining operations regulations concerning disclosure registrants engaged oil gas producing activities making updates sec shall work investor advisory_committee shall solicit consider public input appropriate disclosures include specific recommendations sec sec fails meet deadline report testify specified congressional committees explaining failed meet