Summary:
Investment Adviser Examination Improvement Act of 2013 - Declares the sense of Congress that the Securities and Exchange Commission (SEC) should increase the number and frequency of examinations of investment advisers.

Amends the Investment Advisers Act of 1940 to direct the SEC to collect an annual fee from investment advisers subject to SEC inspection or examination to defray the cost of such inspections and examinations. Exempts certain state-regulated investment advisers from the requirement to pay an annual fee.

Prescribes a fee calculation formula. Requires the SEC to make the formula publicly available on its website along with the factors used to reach the fee determination.

Requires the Comptroller General to audit biennially the use of such fees, SEC reviews of the fee formula, and any adjustments to it.

Makes such fees available to the SEC, without further appropriation or fiscal year limitation, to pay costs associated with inspecting and examining investment advisers.

investment adviser examination improvement act declares sense congress securities_and_exchange_commission sec increase number frequency examinations investment advisers amends investment advisers act direct sec collect annual fee investment advisers subject sec inspection examination defray cost inspections examinations exempts certain state regulated investment advisers requirement pay annual fee prescribes fee calculation formula requires sec formula publicly available website factors reach fee determination requires comptroller_general audit biennially use fees sec reviews fee formula adjustments makes fees available sec appropriation fiscal year limitation pay costs associated inspecting examining investment advisers


Summary:
Small Business Credit Availability Act - Amends the Investment Company Act of 1940 to allow a business development company (BDC) to own or acquire securities or other interests in the business of a registered investment adviser or adviser to an investment company.

Reduces from 200% to 150% the asset coverage requirements applicable to BDCs. Allows a BDC to issue stock.

Directs the Securities and Exchange Commission (SEC) to revise various rules under the Securities Act of 1933 and to revise forms as necessary to allow a BDC to use security offering rules available to other issuers that are required to file security issuance reports under the Securities Exchange Act of 1934.

small business credit availability act_-_amends investment company act allow business development company acquire securities interests business registered investment adviser adviser investment company reduces asset coverage requirements applicable allows issue stock directs securities_and_exchange_commission sec revise rules securities act revise forms necessary allow use security offering rules available issuers required file security issuance reports securities_exchange_act


Summary:
Spread Pricing Liquidity Act of 2013 - Amends the Securities Exchange Act of 1934 concerning the national market system for securities to authorize the board of directors of an issuer with a public float of $500 million or less to select to have the issuer's securities quoted and traded using an increment (tick) of either $0.05 or $0.10.

Prohibits selection of the $0.05 tick unless the average trading price in the most recent 1-month period for the securities of an issuer is between $1 and $2. Limits the tick selection to $0.05 for the issuer of any such security.

Prescribes trading requirements. Permits a issuer that has made the selection under this Act to choose to opt out at any time after the six-month period beginning on the date the selection was made.

States that, if the public float of an issuer that has made such a tick selection rises above $500 million (based on a rolling average over the course of a 3-month period), or its average daily trading volume rises above $500 million, then after the end of the 3-month period beginning on the date of such occurrence the issuer: (1) shall no longer be considered to have made the tick selection; and (2) shall be ineligible to make such a tick selection for 2 years after such 3-month period.

Directs the Securities and Exchange Commission (SEC) to study the quoting and trading of securities in increments of $0.05 and $0.10, and the extent to which such system increases liquidity by incentivizing capital commitment, research coverage, and brokerage support.

spread pricing liquidity act amends securities_exchange_act concerning national market system securities authorize board_of_directors issuer public million select issuer securities traded increment tick prohibits selection tick average trading price recent month period securities issuer limits tick selection issuer security prescribes trading requirements permits issuer selection act choose opt time month period beginning date selection states public issuer tick selection million based rolling average course month period average daily trading volume million end month period beginning date occurrence issuer shall longer considered tick selection shall ineligible tick selection years month period directs securities_and_exchange_commission sec study trading securities increments extent system increases liquidity incentivizing capital commitment research coverage brokerage support


Summary: Business Development Company Modernization Act - Amends the Investment Company Act of 1940 to allow business development companies to invest in: (1) a registered investment adviser or investment adviser to an investment company, or (2) an eligible portfolio company (generally, a small- or middle-market financial service company).

business development company modernization act_-_amends investment company act allow business development companies invest registered investment adviser investment adviser investment company eligible portfolio company generally small- middle market financial service company


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

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

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

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


Summary:
Fostering Innovation Act of 2013 - Directs the Securities and Exchange Commission (SEC) to redefine "accelerated filer" with respect to issuers of securities required to meet accelerated deadlines for filing their Form 10-Q quarterly reports.

Requires the SEC to include among accelerated filers any issuers of securities that have: (1) annual revenues in excess of $100 million, and (2) an aggregated worldwide market value between $250 million and $700 million of the voting and non-voting common equity held by non-affiliates.

fostering innovation_act directs securities_and_exchange_commission sec redefine accelerated filer respect issuers securities required meet accelerated deadlines filing form quarterly reports requires sec include accelerated filers issuers securities annual revenues excess million aggregated worldwide market value million million voting non voting common equity held non affiliates


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

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

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

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

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

Grants the CFTC enforcement powers.

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

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


Summary:
Keep Repos to Maturity on Balance Sheet Act of 2013 - Directs the Securities and Exchange Commission (SEC), in establishing accounting principles or standards for purposes of the securities laws, to require that a repurchase-to-maturity transaction be treated as a secured borrowing in which the transferred asset serves as collateral.

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

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


Summary: Nothing Off Balance Sheet Act of 2013 - Directs the Securities and Exchange Commission (SEC), in establishing accounting principles or standards under the securities laws, to require any person subject to those principles or standards to show all transactions on that person's balance sheet.

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


Summary:
Markets and Trading Reorganization Act - Establishes the Securities and Derivatives Commission as an independent regulatory body.

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

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

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


Summary:
Small Cap Liquidity Reform Act of 2014 - Amends the Securities Exchange Act of 1934 to establish a pilot liquidity program for equity securities of emerging growth companies (EGCs) with total annual gross revenues of less than $750 million, under which those securities shall be quoted using either: (1) a minimum increment of $0.05 or $0.10, or (2) the increment at which the securities would be quoted without regard to such minimum increments.

Repeals the requirement for an SEC study examining the transition to trading and quoting securities in one penny increments, known as decimalization.

Directs the Securities and Exchange Commission (SEC) to determine, in the case of an EGC whose securities are quoted at a minimum increment of either $0.05 or $0.10, the increment at which such securities are traded.

Requires EGC securities quoted at a minimum increment of $0.05 or $0.10 to be traded at either such minimum increment or at one permitted by SEC regulations.

Permits an EGC to opt out or change such minimum increment upon notifying the SEC 90 days after enactment of this Act. Limits any EGC to a single change of minimum increment (thus prohibiting any increases in the minimum).

Requires the SEC, upon notification of an EGC election, to inform each trading venue where the EGC securities are quoted or traded.

Requires that securities of issuers that cease to be EGCs be quoted at the increment at which such securities would be quoted without regard to the minimum increments established under this Act.

Prescribes pricing and trading procedures governing securities trading below $1.00.

Directs the SEC to require an EGC under this Act to submit additional reports and disclosures.

Shields an issuer from liability for losses caused solely by the quoting or trading of its securities at a minimum increment of $0.05 or $0.10, another SEC-authorized increment, or by both such quoting and trading.

Directs the SEC to report biannually to Congress on: (1) the quoting and trading of securities in increments permitted by this Act, and (2) the extent to which such quoting and trading increases liquidity and active trading by incentivizing capital commitment, research coverage, and brokerage support.

Authorizes the SEC to: (1) make adjustments to the pilot program to ensure that it can provide statistically meaningful or reliable results, and (2) conduct any other study or pilot program to evaluate quoting or trading in various minimum increments.

Sunsets the pilot program five years after enactment of this Act.

small cap liquidity reform_act amends securities_exchange_act establish pilot liquidity program equity securities emerging growth companies total annual gross revenues million securities shall minimum increment increment securities regard minimum increments repeals requirement sec study examining transition trading securities increments known directs securities_and_exchange_commission sec determine case securities minimum increment increment securities traded requires securities minimum increment traded minimum increment permitted sec regulations permits opt change minimum increment notifying sec days enactment act limits single change minimum increment prohibiting increases minimum requires sec notification election inform trading venue securities traded requires securities issuers cease increment securities regard minimum increments established act prescribes pricing trading procedures governing securities trading directs sec require act submit additional reports disclosures shields issuer liability losses caused solely trading securities minimum increment sec authorized increment trading directs sec report biannually congress trading securities increments permitted act extent trading increases liquidity active trading incentivizing capital commitment research coverage brokerage support authorizes sec adjustments pilot program ensure provide statistically meaningful reliable results conduct study pilot program evaluate trading minimum increments sunsets pilot program years enactment act


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

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

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

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

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

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

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

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

Sets forth requirements for trustee and attorney compensation.

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

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

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

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

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

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

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

restoring main street investor protection confidence act_-_amends securities investor protection act revise definition net equity bases determination net equity positions options contracts customer reported customer held debtor indebtedness customer debtor information contained statement issued debtor customer filing date additional written customer positions options contracts indebtedness received statement filing date makes exception requirement debtor records indicate higher value requires determination customer net equity debtor books records instead customer statement debtor books records indicate net value customer positions options contracts reported customer held debtor indebtedness customer debtor greater customer net value calculated basis specified act prohibits reliance final statement debtor customer customer knew debtor involved fraudulent activity respect customers reasonably indicated fraud adversely affecting substantial number customers registered broker dealer investment adviser specified securities laws person required registered knew known debtor involved fraudulent activity notify securities investor protection corporation securities_and_exchange_commission sec law enforcement personnel prohibits trustee bankruptcy liquidation proceeding recovering property transferred debtor customer filing date time transfer customer meets criteria actual constructive knowledge debtor involvement fraudulent activity prescribes alternative methodologies allocation customer property customers trustee liquidation proceeding requires public notice comment prerequisite court approval proposed allocation methodology transfers sec authority nominate court persons appointment trustee liquidation debtor business attorney trustee prohibits trustee serving multiple trustee currently serving act liquidation business debtor sets forth requirements trustee attorney compensation requires issue quarterly public reports payments trustee costs connection liquidation proceeding defines customer debtor act person cash securities converted misappropriated debtor person controls controlled common control debtor person operating debtor irrespective debtor held custody possession control cash securities person deems customer debtor authorizes securities_and_exchange_commission 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:
Improving Access to Capital for Emerging Growth Companies Act - Amends the Securities Act of 1933 (Act) to reduce from 21 to 15 the number of days before a "road show" that an emerging growth company (EGC), before its initial public offering (IPO) date, may publicly file a draft registration statement for confidential nonpublic review by Securities and Exchange Commission (SEC) staff.

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

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

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

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

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


Summary:
Risk Management Certainty Act - Amends the Commodity Exchange Act to revise the de minimis exemption from designation as a swap dealer. Specifies the de minimus quantity of swap dealing as at least $8 billion.

(The Commodity Futures Trading Commission [CFTC] is required to exempt from designation as a swap dealer any entity that engages in de minimis quantity of swap dealing in connection with transactions with or on behalf of its customers.)

Directs the CFTC to include, among the factors used in determining swap dealer exemptions, any monetary or other levels it has established. Prescribes affirmative CFTC action, either by rule or by regulation, as a prerequisite to changing or amending such levels.

risk management certainty act_-_amends commodity_exchange_act revise minimis exemption designation swap dealer specifies minimus quantity swap dealing billion commodity_futures_trading_commission cftc required exempt designation swap dealer entity engages minimis quantity swap dealing connection transactions behalf customers directs cftc include factors determining swap dealer exemptions monetary levels established prescribes affirmative cftc action rule regulation prerequisite changing amending levels


Summary:
Small Company Disclosure Simplification Act - Exempts emerging growth companies and issuers with total annual gross revenues of less than $250 million from the requirements to use Extensible Business Reporting Language (XBRL) for financial statements and other mandatory periodic reporting filed with the Securities and Exchange Commission (SEC). Allows such companies, however, to elect to use XBRL for such reporting.

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

small company disclosure simplification act exempts emerging growth companies issuers total annual gross revenues million requirements use business reporting language financial statements mandatory periodic reporting filed securities_and_exchange_commission sec allows companies elect use reporting directs sec analyze costs benefits issuers requirements use financial statements mandatory periodic reporting report certain congressional committees results analysis progress implementing reporting sec use data sec investors


Summary:
Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule).

Prescribes rules of construction governing a collateralized loan obligation to prohibit the Volcker Rule from being construed to require divestiture, before July 21, 2017, of any debt securities of collateralized loan obligations issued before January 31, 2014.

Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it either acquires, has acquired, or retains a debt security in such obligation if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation.

Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans.

Deems an investment manager or adviser to be removed "for cause" if the removal is a result of:

 a breach of a material term of the applicable management or advisory agreement or the agreement governing the collateralized loan obligation; the investment manager's or investment adviser's inability to continue to perform its obligations under any such agreement; any other action or inaction by the investment manager or investment adviser that has or could reasonably be expected to have a materially adverse effect on the collateralized loan obligation, if the investment manager or investment adviser fails to cure or take reasonable steps to cure such effect within a reasonable time; or an event or circumstance which threatens, or could reasonably be expected to threaten, the interests of holders of the debt securities.

restoring proven financing american employers act_-_amends bank_holding_company_act respect certain prohibitions proprietary trading banking entities certain relationships hedge funds private equity funds volcker rule prescribes rules construction governing collateralized loan obligation prohibit volcker rule construed require divestiture july debt securities collateralized loan obligations issued january declares banking entity shall considered ownership interest collateralized loan obligation acquires acquired retains debt security obligation debt security indicia ownership right banking entity participate removal cause selection replacement removal cause resignation investment manager investment adviser collateralized loan obligation defines collateralized loan obligation issuing entity asset backed security comprised primarily commercial loans deems investment manager adviser removed cause removal result breach material term applicable management advisory agreement agreement governing collateralized loan obligation investment manager investment adviser inability continue perform obligations agreement action inaction investment manager investment adviser reasonably expected materially adverse effect collateralized loan obligation investment manager investment adviser fails cure reasonable steps cure effect reasonable time event circumstance threatens reasonably expected threaten interests holders debt securities


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

SBIC Advisers Relief Act of 2014 - Amends the Investment Advisers Act of 1940 to exempt specified advisers of small business investment companies (SBICs) from certain: (1) Securities and Exchange Commission (SEC) registration requirements with respect to the provision of investment advice relating to venture capital funds, and (2) SEC registration and reporting requirements with respect to assets under management of private funds.

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

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


Summary:
Commodity Delivery Relief Act - Amends the Commodity Exchange Act to revise the exclusion from the definition of "swap" of any sale of a nonfinancial commodity or security for deferred shipment or delivery, so long as the transaction is intended to be physically settled.

Excludes from the meaning of "swap" also: (1) any purchase of a nonfinancial commodity or security for deferred shipment or delivery, so long as the transaction is intended to be physically settled; and (2) any stand-alone or embedded option for which exercise results in a physical delivery obligation.

commodity delivery relief_act_-_amends commodity_exchange_act revise exclusion definition swap sale nonfinancial commodity security deferred shipment delivery long transaction intended physically settled excludes meaning swap purchase nonfinancial commodity security deferred shipment delivery long transaction intended physically settled stand embedded option exercise results physical delivery obligation


Summary:
Business Risk Planning Act - Amends the Commodity Exchange Act to direct the Commodity Futures Trading Commission (CFTC) to: (1) prescribe a rule for public reporting of swap transactions (including price and volume data) in illiquid markets that are not cleared and entered into by a non-financial entity that is hedging or mitigating commercial risk, and (2) ensure that such swap transaction information is publicly available no sooner than 30 days after it has been executed or at a later date the CFTC determines appropriate to protect the identity of participants and positions in illiquid markets and to prevent the elimination or reduction of market liquidity.

Defines an "illiquid market" as one in which there is relatively little volume and infrequent trading in swaps.

business risk planning act_-_amends commodity_exchange_act direct commodity_futures_trading_commission cftc prescribe rule public reporting swap transactions including price volume data markets cleared entered non financial entity hedging mitigating commercial risk ensure swap transaction information publicly available sooner days executed later date cftc determines appropriate protect identity participants positions markets prevent elimination reduction market liquidity defines market relatively little volume trading swaps


Summary:
Energize Emerging Opportunities Act - Directs the Commodity Futures Trading Commission (CFTC) to amend regulations regarding criteria qualifying certain registered commodity pool operators for exemption from requirements for specified risk disclosures, performance disclosures, periodic reporting, annual reporting, and recordkeeping.

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

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

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

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


Summary:
Customer Protection and End User Relief Act - Title I: Customer Protections - Futures Customer Protection Act - (Sec. 102) Amends the Commodity Exchange Act (CEA) to direct registered futures associations to require their futures commission merchant members to: (1) maintain written policies and procedures governing maintenance of members’ specified residual interests in customer segregated funds accounts, including cleared swaps customer collateral accounts; and (2) establish rules governing the withdrawal, transfer, or disbursement of a member's residual interest in customer segregated funds, in foreign futures and foreign options customer secured amount funds, and from a cleared swaps customer collateral.

(Sec. 106) Authorizes the Commodity Futures Trading Commission (CFTC) to require that property of the bankruptcy estate, including trading or operating accounts and commodities held in inventory, of a commodity broker who is a Chapter 7 debtor in bankruptcy be included in customer property, subject to any otherwise unavoidable security interest, or otherwise unavoidable contractual offset or netting rights of creditors in respect of such property, but only to the extent that such property is insufficient to satisfy the net equity claims of the broker's public customers.

(Sec. 107) Directs the CFTC to examine the effect of high-frequency trading upon markets under its jurisdiction, particularly whether such trading increases market volatility, including short term market swings.

Title II: Commodity Futures Trading Commission Reforms - Commodity Futures Trading Commission Reform Act - (Sec. 203) Extends authority for CFTC operations. Amends the Commodity Exchange Act (CEA) to revise the requirement that the CFTC, before promulgating a regulation or issuing an order, consider the costs and benefits of the action. Requires the CFTC, through the Office of the Chief Economist (established by this Act), to: (1) assess and publish the costs and benefits, both qualitative and quantitative, of the proposed regulation; and (2) require the proposed regulation or order to state its statutory justification.

Requires a court to affirm a CFTC assessment of costs and benefits, unless it finds the assessment to be an abuse of discretion.

(Sec. 204) States that the heads of CFTC units (division directors) shall serve at the pleasure of the Commission, report directly to it, and perform such functions and duties as the Commission may prescribe.

(Sec. 205) Establishes within the CFTC the Office of the Chief Economist.

(Sec. 206) Directs the CFTC to develop and publish internal procedures governing the issuance of any CFTC response to a formal, written request or petition from any member of the public for an exemptive, a no-action, or an interpretive letter.

Requires such procedures to require that the CFTC be provided with the final version of the matter to be issued in the response with sufficient notice to review it thoroughly before its issuance. (Sec. 207) Requires the CFTC to submit every five years to certain congressional committees a detailed strategic technology plan focused upon its acquisition and use of technology. Prescribes plan contents.

(Sec. 208) Requires the CFTC to develop comprehensive internal risk control mechanisms to safeguard and govern the storage of all market data, including CFTC market data sharing agreements, and academic research performed at the CFTC using market data.

Requires the CFTC to submit to certain congressional committees two status reports regarding implementation of specified internal risk controls.

(Sec. 209) Requires a CFTC order authorizing the issuance of a subpoena in an investigation to state: (1) the legitimate purpose of the investigation, and (2) the information sought that will be reasonably relevant to that purpose.

Prohibits the issuance of such an order for an indefinite duration, and permits it to be renewed only by CFTC action.

 (Sec. 210) Requires CFTC staff to develop and publish in any proposed rule a plan for: (1) when and for how long the proposed rule will be subject to public comment, and (2) a deadline for compliance with the final rule.

(Sec. 211) Applies certain notice and comment requirements of the Administrative Procedure Act to guidance issued by the CFTC.

(Sec. 212) Prescribes procedures for judicial review of CFTC rules.

(Sec. 213) Directs the Comptroller General (GAO) to: (1) study and report to certain congressional committees whether CFTC resources are sufficient to enable the CFTC to carry out its duties effectively; and (2) examine prior CFTC expenditures on hardware, software, and analytical processes to protect customers in the areas of market surveillance and risk detection, and market data collection, aggregation, interpretation, standardization, harmonization, and streamlining.

 (Sec. 214) Prohibits compulsory CFTC disclosure of proprietary information provided to it; but denies any authorization for the CFTC to withhold information from Congress, upon an agreement of confidentiality.

States this prohibition does not prevent:

 CFTC compliance with a request for information from any federal agency or state, local, or foreign governmental entity requesting it for purposes within the scope of its jurisdiction, upon an agreement of confidentiality to protect the information; or CFTC disclosure pursuant to a court order in connection with an administrative or judicial proceeding brought under this Act, in any receivership proceeding involving a receiver appointed in a judicial proceeding brought under this Act, or in any bankruptcy proceeding in which the CFTC has either intervened or in which it has the right to appear and be heard. Subjects proprietary information of a commodity trading advisor or commodity pool operator ascertained via specified CFTC forms to the same limitations on public disclosure as any facts ascertained during an investigation. States that the CFTC, however, shall not be precluded from publishing aggregate information compiled from such forms, to the extent such aggregate information does not identify any individual person or firm, or such person's proprietary information.

(Sec. 215) Directs GAO to study how to achieve efficiencies in leasing and rental costs at the CFTC.

Requires the CFTC Chairman to report to certain congressional committees as to whether he or she accepts or rejects the GAO recommendations.

Title III: End-User Relief and Market Certainty Act - End-User Relief and Market Certainty Act - Subtitle A: End-User Exemption From Margin Requirements - (Sec. 311) Amends the CEA to exempt from prudential rules governing initial and variation margin requirements those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the CFTC, or an exemption from certain clearing requirements for cooperative entities; or (2) satisfies certain criteria for the treatment of affiliates.

Amends the Securities Exchange Act of 1934 (Act) to exempt from prudential regulator and CFTC margin requirements for security-based swap dealers and major security-based swap participants any security-based swap in which a counterparty qualifies for an exception from clearing requirements or satisfies the criteria for an excepted affiliate.

Subtitle B: Inter-Affiliate Swaps - (Sec. 321) Amends the CEA and the Act 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 is used if the transfer of commercial risk is addressed by entering into: (1) a swap with either a swap dealer or major swap participant, or (2) a security-based swap with a security-based swap dealer or major security-based swap participant.

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

Subtitle C: Indemnification Requirements Related to Swap Data Repositories - (Sec. 331) Amends the Act and the CEA to require that the CFTC, swap-data repositories, and security-based swap-data repositories, before sharing information with specified federal and foreign entities, receive a written agreement from each such entity stating that it will abide by specified confidentiality requirements regarding the information provided on their swap transactions.

Subtitle D: Relief for Municipal Utilities - (Sec. 341) Amends the CEA to prescribe reporting requirements for transactions in utility operations-related swaps.

Requires the CFTC, in determining whether to exempt an entity that engages in a de minimis quantity of swap dealing, to treat a utility operations-related swap entered into with a utility special entity as if the entity were not a special entity.

Subtitle E: End-User Regulatory Relief - (Sec. 351) Excludes from the definition of financial entity subject to clearing requirements specified entities that are not supervised by a prudential regulator, yet are commercial market participants deemed to be a financial entity because they: (1) predominantly engage in physical delivery contracts; or (2) enter into swaps, contracts for future delivery, and other derivatives on behalf of, or to hedge or mitigate the commercial risk of affiliates that are not so supervised or described.

(Sec. 352) Directs the CFTC to: (1) provide by rule for the public reporting of swap transactions in illiquid markets that are not cleared and entered into by a non-financial entity that is hedging or mitigating commercial risk; and (2) ensure that certain swap transaction information is publicly available no sooner than 30 days after the swap transaction has been executed, or at a later date appropriate to protect the identity of participants and positions in illiquid markets and to prevent the elimination or reduction of market liquidity.

Defines "illiquid market" as any market in which the volume and frequency of trading in swaps is at such a level as to allow identification of individual market participants.

(Sec. 353) Sets forth recordkeeping requirements for a member of a designated contract market or a swap execution facility that is neither registered with the CFTC nor required to be registered.

(Sec. 354) Excludes from the definition of “swap” any purchase or sale of a nonfinancial commodity or security for deferred shipment or delivery, so long as the transaction is intended to be physically settled (as under current law), including any stand-alone or embedded option: (1) for which exercise results in a physical delivery obligation, (2) which cannot be severed or marketed separately from the overall transaction for the purpose of financial settlement, and (3) in which both parties are commercial market participants.

 (Sec. 355) Requires a new affirmative CFTC rule or regulation in order to amend or reduce the de minimis quantity of swap dealing that is currently set at $8 billion.

 (Sec. 356) Directs the CFTC, in consultation with the prudential regulators and the Securities and Exchange Commission (SEC), to the extent that swap dealers and major swap participants that are banks are permitted to use approved financial models to calculate minimum capital requirements (including minimum initial and variation margin requirements and non-cash collateral) to permit the use of comparable financial models by swap dealers and major swap participants that are not banks.

Amends the Act to require the SEC, in consultation with the CFTC, to do the same with respect to security-based swap dealers and major security-based swap participants.

 (Sec. 357) Directs the CFTC to revise regulations regarding criteria that qualify certain registered commodity pool operators for exemption from requirements for specified risk disclosures, performance disclosures, periodic reporting, annual reporting, and recordkeeping.

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

 (Sec. 358) Authorizes the CFTC to define a bona fide hedging transaction, consistent with certain CEA requirements.

 (Sec. 359) Directs the SEC and the CFTC jointly to issue rules setting forth the application of United States swaps requirements for cross-border swaps and security-based swaps transactions involving U.S. persons or non-U.S. persons.

(Sec. 360) Directs the CFTC to report to certain congressional committees on the standards and rules of foreign boards of trade with respect to the physical delivery of base metals, including warehousing facilities, as compared to the standards and rules for domestic designated contract markets and related warehouses for base metals.

(Sec. 361) Excludes from the definition of "commodity pool operator" a person who serves as an investment adviser to a registered investment company (or its subsidiary) that invests, reinvests, owns, holds, or trades in commodity interests limited to only financial commodity interests.

Excludes from the definition of "commodity trading advisor" a person who serves as an investment adviser to a registered investment company or its subsidiary, if the commodity trading advice relates only to a financial commodity interest.

Defines "financial commodity interest" as a futures contract, an option on a futures contract, or a swap involving a commodity that is not an exempt commodity or an agricultural commodity, including any index of financial commodity interests, whether cash settled or involving physical delivery.

Subtitle F: Effective Date - (Sec. 371) Makes enactment of this Act retroactive to July 21, 2010 (the date of enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act).

customer protection end user relief_act title customer protections futures customer protection act sec amends commodity_exchange_act cea direct registered futures associations require futures commission merchant members maintain written policies procedures governing maintenance members specified residual interests customer segregated funds accounts including cleared swaps customer collateral accounts establish rules governing withdrawal transfer disbursement member residual interest customer segregated funds foreign futures foreign options customer secured funds cleared swaps customer collateral sec authorizes commodity_futures_trading_commission cftc require property bankruptcy estate including trading operating accounts commodities held inventory commodity broker chapter debtor bankruptcy included customer property subject unavoidable security interest unavoidable contractual offset rights creditors respect property extent property insufficient satisfy net equity claims broker public customers sec directs cftc examine effect high frequency trading markets jurisdiction particularly trading increases market volatility including short term market title commodity_futures_trading_commission reforms commodity_futures_trading_commission reform_act sec extends authority cftc operations amends commodity_exchange_act cea revise requirement cftc promulgating regulation issuing order consider costs benefits action requires cftc office chief economist established act assess publish costs benefits qualitative quantitative proposed regulation require proposed regulation order state statutory justification requires court affirm cftc assessment costs benefits finds assessment abuse discretion sec states heads cftc units division directors shall serve pleasure commission report directly perform functions duties commission prescribe sec establishes cftc office chief economist sec directs cftc develop publish internal procedures governing issuance cftc response formal written request petition member public action interpretive letter requires procedures require cftc provided final version matter issued response sufficient notice review issuance sec requires cftc submit years certain congressional committees detailed strategic technology plan focused acquisition use technology prescribes plan contents sec requires cftc develop comprehensive internal risk control mechanisms safeguard govern storage market data including cftc market data sharing agreements academic research performed cftc market data requires cftc submit certain congressional committees status reports implementation specified internal risk controls sec requires cftc order authorizing issuance subpoena investigation state legitimate purpose investigation information sought reasonably relevant purpose prohibits issuance order indefinite duration permits renewed cftc action sec requires cftc staff develop publish proposed rule plan long proposed rule subject public comment deadline compliance final rule sec applies certain notice comment requirements administrative procedure act guidance issued cftc sec prescribes procedures judicial review cftc rules sec directs comptroller_general gao study report certain congressional committees cftc resources sufficient enable cftc carry duties effectively examine prior cftc expenditures hardware software analytical processes protect customers areas market surveillance risk detection market data collection aggregation interpretation standardization harmonization streamlining sec prohibits compulsory cftc disclosure proprietary information provided denies authorization cftc withhold information congress agreement confidentiality states prohibition prevent cftc compliance request information federal agency state local foreign governmental entity requesting purposes scope jurisdiction agreement confidentiality protect information cftc disclosure pursuant court order connection administrative judicial proceeding brought act receivership proceeding involving receiver appointed judicial proceeding brought act bankruptcy proceeding cftc right appear heard subjects proprietary information commodity trading advisor commodity pool operator ascertained specified cftc forms limitations public disclosure facts ascertained investigation states cftc shall precluded publishing aggregate information compiled forms extent aggregate information identify individual person firm person proprietary information sec directs gao study achieve efficiencies leasing rental costs cftc requires cftc chairman report certain congressional committees accepts rejects gao recommendations title iii end user relief market certainty act end user relief market certainty act subtitle end user exemption margin requirements sec amends cea exempt prudential rules governing initial variation margin requirements swaps counterparties eligible exception clearing requirements certain significant price discovery agreements contracts transactions commodity exempt regulation cftc exemption certain clearing requirements cooperative entities satisfies certain criteria treatment affiliates amends securities_exchange_act act exempt prudential regulator cftc margin requirements security based swap dealers major security based swap participants security based swap counterparty qualifies exception clearing requirements satisfies criteria excepted affiliate subtitle inter affiliate swaps sec amends cea 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 transfer commercial risk addressed entering swap swap dealer major swap participant security based swap security based swap dealer major security based swap participant applies subtitle swaps security based swaps entered enactment act subtitle indemnification requirements related swap data repositories sec amends act cea require cftc swap data repositories security based swap data repositories sharing information specified federal foreign entities receive written agreement entity stating abide specified confidentiality requirements information provided swap transactions subtitle relief municipal utilities sec amends cea prescribe reporting requirements transactions utility operations related swaps requires cftc determining exempt entity engages minimis quantity swap dealing treat utility operations related swap entered utility special entity entity special entity subtitle end user regulatory relief sec excludes definition financial entity subject clearing requirements specified entities supervised prudential regulator commercial market participants deemed financial entity predominantly engage physical delivery contracts enter swaps contracts future delivery derivatives behalf hedge mitigate commercial risk affiliates supervised described sec directs cftc provide rule public reporting swap transactions markets cleared entered non financial entity hedging mitigating commercial risk ensure certain swap transaction information publicly available sooner days swap transaction executed later date appropriate protect identity participants positions markets prevent elimination reduction market liquidity defines market market volume frequency trading swaps level allow identification individual market participants sec sets forth recordkeeping requirements member designated contract market swap execution facility registered cftc required registered sec excludes definition swap purchase sale nonfinancial commodity security deferred shipment delivery long transaction intended physically settled current law including stand embedded option exercise results physical delivery obligation marketed separately overall transaction purpose financial settlement parties commercial market participants sec requires new affirmative cftc rule regulation order amend reduce minimis quantity swap dealing currently set billion sec directs cftc consultation prudential regulators securities_and_exchange_commission sec extent swap dealers major swap participants banks permitted use approved financial models calculate minimum capital requirements including minimum initial variation margin requirements non cash collateral permit use comparable financial models swap dealers major swap participants banks amends act require sec consultation cftc respect security based swap dealers major security based swap participants sec directs cftc revise regulations criteria qualify certain registered commodity pool operators exemption requirements specified risk disclosures performance disclosures periodic reporting annual reporting recordkeeping alters criterion qualification exemptions currently granted registered commodity pool operators sell pool solely qualified eligible persons offering qualifies exemption registration requirements securities act certain banks registered commodity pool operators connection pool collective trust_fund securities exempt registration securities act sec authorizes cftc define bona fide hedging transaction consistent certain cea requirements sec directs sec cftc jointly issue rules setting forth application united_states swaps requirements cross border swaps security based swaps transactions involving persons non persons sec directs cftc report certain congressional committees standards rules foreign boards trade respect physical delivery base metals including warehousing facilities compared standards rules domestic designated contract markets related base metals sec excludes definition commodity pool operator person serves investment adviser registered investment company subsidiary invests owns holds trades commodity interests limited financial commodity interests excludes definition commodity trading advisor person serves investment adviser registered investment company subsidiary commodity trading advice relates financial commodity interest defines financial commodity interest futures contract option futures contract swap involving commodity exempt commodity agricultural commodity including index financial commodity interests cash settled involving physical delivery subtitle effective date sec makes enactment act retroactive july date enactment dodd-frank_wall_street_reform consumer protection act


Summary:
Restricted Securities Relief Act of 2014 - Directs the Securities and Exchange Commission (SEC) to revise specified regulations to: (1) reduce from six to three months the holding period for restricted securities issued by an issuer that is, and has been for at least 90 days immediately before the sale, subject to certain reporting requirements of the Securities Exchange Act of 1934; and (2) permit a securities issuer with no or nominal operations and no or nominal non-cash assets that has ceased to be such an issuer to sell its securities two years after filing with the SEC a Form 8-K stating that it is no longer an issuer with no or nominal operations and no or nominal non-cash assets.

Amends the Securities Act of 1933 to exempt from any state or local registration or qualification requirements any security offered or sold in compliance with specified conditions for private resales of securities to institutions.

restricted securities relief_act directs securities_and_exchange_commission sec revise specified regulations reduce months holding period restricted securities issued issuer days immediately sale subject certain reporting requirements securities_exchange_act permit securities issuer nominal operations nominal non cash assets ceased issuer sell securities years filing sec form stating longer issuer nominal operations nominal non cash assets amends securities act exempt state local registration qualification requirements security offered sold compliance specified conditions private securities institutions


Summary:
Startup Capital Modernization Act of 2014 - Amends the Securities Act of 1933 (Act) to increase from $5 million to $10 million the maximum aggregate amount of securities exempt from its purview due to either the small amount involved, or the limited character of the public offering.

Preempts state requirements governing securities registration, documentation, and offerings in connection with small issues related to small company capital formation.

Declares that this Act shall have no impact on state enforcement authority over the unlawful conduct of issuers, intermediaries, or custodians who are exempt from federal registration requirements under the Act.

Amends the Securities Exchange Act of 1934 to exempt certain small issues from its securities registration requirements if the issuer: (1) has filed audited financial statements with the Securities and Exchange Commission (SEC), and (2) is in compliance with all periodic disclosures required by the SEC.

 Exempts from prohibitions relating to interstate commerce and the mails any transaction where: (1) each purchaser is an accredited investor; and (2) if the securities are offered by means of any general solicitation or general advertising, the seller verifies that the purchaser is an accredited investor.

Denies such an exemption to transactions where the seller is: (1) either an issuer, its subsidiaries or parent; (2) a dealer; or (3) an underwriter acting on behalf of the issuer, its subsidiaries, or parent, which receives compensation from the issuer with respect to such sale.

startup capital modernization act amends securities act act increase million million maximum aggregate securities exempt purview small involved limited character public offering preempts state requirements governing securities registration documentation offerings connection small issues related small company capital formation declares act shall impact state enforcement authority unlawful conduct issuers intermediaries exempt federal registration requirements act amends securities_exchange_act exempt certain small issues securities registration requirements issuer filed audited financial statements securities_and_exchange_commission sec compliance periodic disclosures required sec exempts prohibitions relating interstate commerce mails transaction purchaser accredited investor securities offered means general solicitation general advertising seller verifies purchaser accredited investor denies exemption transactions seller issuer subsidiaries parent dealer underwriter acting behalf issuer subsidiaries parent receives compensation issuer respect sale


Summary:
Small Business Freedom to Grow Act of 2014 - Directs the Securities and Exchange Commission (SEC) to revise Form S-1 so that a smaller reporting company may incorporate by reference in a registration statement filed on that form any documents it files with the SEC after the registration statement's effective date.

Directs the SEC to revise Form S-3 so as to permit securities to be registered pursuant to General Instruction I.B.1. of the form if either: (1) the aggregate market value of voting and non-voting common equity held by non-affiliates of the registrant is $75 million or more, or (2) the registrant has at least one class of common equity securities listed and registered on a national securities exchange.

Requires the SEC to remove a certain listing and registration requirement from General Instruction I.B.6. of Form S-3.

small business freedom grow act directs securities_and_exchange_commission sec revise form smaller reporting company incorporate reference registration statement filed form documents files sec registration statement effective date directs sec revise form permit securities registered pursuant general instruction form aggregate market value voting non voting common equity held non affiliates registrant million registrant class common equity securities listed registered national securities exchange requires sec remove certain listing registration requirement general instruction form


Summary:
Disclosure Modernization and Simplification Act of 2014 - Directs the Securities and Exchange Commission (SEC) to issue regulations permitting issuers to submit a summary page on annual and transition report form 10-K if each item on that page cross-references electronically or otherwise the material contained in form 10-K to which the item relates.

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

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

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

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


Summary:
Private Placement Improvement Act of 2014 - Directs the Securities and Exchange Commission (SEC) to revise the filing requirements of Regulation D to require an issuer that offers or sells securities in reliance upon a certain exemption from registration (for limited offers and sales without regard to the dollar amount of the offering [Rule 506]) to file, no earlier than the date of first sale of such securities, a single notice of sales containing the information required by Form D for each new offering of securities.

Prohibits the SEC from: (1) requiring the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) conditioning the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) requiring issuers to submit written general solicitation materials in connection with a limited offering subject to Rule 506, except when it requests such materials pursuant to specified authority.

Directs the SEC to revise a specified rule, regarding a Rule 506 offering of a private fund, to characterize as an accredited investor a "knowledgeable employee" of that private fund or the fund's investment adviser.

Prohibits the SEC from extending to private funds the requirements governing investment company sales literature.

private placement improvement act directs securities_and_exchange_commission sec revise filing requirements regulation require issuer offers sells securities reliance certain exemption registration limited offers sales regard dollar offering rule file earlier date sale securities single notice sales containing information required form new offering securities prohibits sec requiring issuer file notice sales containing information required form single notice conditioning availability rule exemption filing form similar report requiring issuers submit written general solicitation materials connection limited offering subject rule requests materials pursuant specified authority directs sec revise specified rule rule offering private fund characterize accredited investor knowledgeable employee private fund fund investment adviser prohibits sec extending private funds requirements governing investment company sales literature


Summary:
Directs the Securities and Exchange Commission (SEC) to revise regulations to require an issuer to furnish investors with additional specified disclosures regarding compensatory benefit plans if the aggregate sales price or amount of securities sold during any consecutive 12-month period exceeds $20 million (currently $5 million).

Directs the SEC to index that aggregate sales price or amount for inflation every 5 years.

directs securities_and_exchange_commission sec revise regulations require issuer furnish investors additional specified disclosures compensatory benefit plans aggregate sales price securities sold consecutive month period exceeds million currently million directs sec index aggregate sales price inflation years


Summary: Small-Cap Access to Capital Act - Directs the Securities and Exchange Commission (SEC) to revise its definition of a well-known seasoned issuer to: (1) reduce from $700 million to $250 million the dollar amount of the issuer's worldwide market value of outstanding voting and non-voting common equity held by non-affiliates, and (2) prohibit an emerging growth company from qualifying as a well-known seasoned issuer.

small cap access capital act_-_directs securities_and_exchange_commission sec revise definition known issuer reduce million million dollar issuer worldwide market value outstanding voting non voting common equity held non affiliates prohibit emerging growth company qualifying known issuer


Summary: Amends the Internal Revenue Code, with respect to private activity bond financing for first-time farmers, to: (1) increase from $450,000 to $509,600 (adjusted annually for inflation) the amount of bond proceeds that may be used by a first-time farmer to acquire land for farming purposes, (2) repeal the limitation on the use of bond proceeds for used farm equipment, and (3) modify the definition of "substantial farmland" to determine farm size by reference to the average (instead of median) size of a farm in the county in which the farm is located.

amends_the_internal_revenue_code respect private activity bond financing time farmers increase adjusted annually inflation bond proceeds time farmer acquire land farming purposes repeal limitation use bond proceeds farm equipment modify definition substantial farmland determine farm size reference average instead median size farm county farm located


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

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

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


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

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


Summary: Corporate Transparency and Accountability Act - Amends the Securities Exchange Act of 1934 to require each issuer of a security required to file an annual or quarterly report to disclose in that report: (1) the issuer's total pre-tax profit during the period covered, and (2) the total amount paid by the issuer in state and federal taxes during that period.

corporate transparency accountability act_-_amends securities_exchange_act require issuer security required file annual quarterly report disclose report issuer total pre tax profit period covered total paid issuer state federal taxes period


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

 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.

measure amended introduced summary version repeated 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 based swap dealer major security based swap participant


Summary:
Wall Street Accountability Through Sustainable Funding Act - Amends the Commodity Exchange Act to require the Commodity Futures Trading Commission (CFTC) to impose fees to recover the cost of the appropriation to the CFTC for the fiscal year.

Requires the fees to be imposed on each agreement, contract, or transaction that is a contract of sale of a commodity for future delivery, an option, or a swap.

Permits the CFTC to exempt contracts, agreements, or transactions from the fee if the exemption is consistent with: (1) the public interest; (2) the equal treatment of contract markets, derivatives clearing organizations, and market participants; and (3) the operation of a nationwide market system.

Establishes the Commodity Futures Trading Commission Reserve Fund in the Treasury and requires the CFTC to impose and collect an additional fee to be deposited into the Fund. Permits the CFTC to obligate amounts in the Fund for long-term investments in information technology and unexpected expenses. Limits the balance in the Fund to $50 million.

wall street accountability sustainable funding act_-_amends commodity_exchange_act require commodity_futures_trading_commission cftc impose fees recover cost appropriation cftc fiscal year requires fees imposed agreement contract transaction contract sale commodity future delivery option swap permits cftc exempt contracts agreements transactions fee exemption consistent public interest equal treatment contract markets derivatives clearing organizations market participants operation nationwide market system establishes commodity_futures_trading_commission reserve fund treasury requires cftc impose collect additional fee deposited fund permits cftc obligate amounts fund long term investments information technology unexpected expenses limits balance fund million


Summary:
Taxpayer Protections Against Abusive Seizures Act - Requires notice of a right to request a court hearing to each person whose property is seized or restrained because of an alleged violation of the prohibition against structuring transactions to evade reporting requirements.

Requires the seized or restrained property to be returned, if the person requests a court hearing within 14 days after receiving such notice, unless within 14 days of that request the court holds an adversarial hearing and finds probable cause to believe that such a violation exists.

taxpayer protections abusive seizures act_-_requires notice right request court hearing person property seized restrained alleged violation prohibition structuring transactions evade reporting requirements requires seized restrained property returned person requests court hearing days receiving notice days request court holds adversarial hearing finds probable cause believe violation exists


Summary:
Wall Street Trading and Speculators Tax Act - Amends the Internal Revenue Code to impose a .03% excise tax on the purchase of a security if: (1) such purchase occurs or is cleared on a trading facility located in the United States, or (2) the purchaser or seller is a U.S. person.

Defines "security" to include: (1) stocks, partnership interests, notes, bonds, debentures, or other evidences of indebtedness; (2) interests in a derivative financial instrument (i.e., any option, forward contract, futures contract, or any similar financial instrument) and (3) any notional principal contract.

Exempts from such tax: (1) initial issues of securities; (2) any note, bond, debenture, or other evidence of indebtedness which is traded on a trading facility located in the United States and has a fixed maturity of not more than 100 days; and (3) securities traded pursuant to certain lending arrangements. Makes such tax applicable to transactions by controlled foreign corporations and payable by its U.S. shareholders.

Allows an offset against such tax for contributions to certain tax-favored accounts, including tax-exempt retirement plans, Archer medical savings accounts, health savings accounts, and qualified tuition plans and Coverdell education savings accounts.

wall street trading tax act amends_the_internal_revenue_code impose excise tax purchase security purchase occurs cleared trading facility located united_states purchaser seller person defines security include stocks partnership interests notes bonds debentures evidences indebtedness interests derivative financial instrument option forward contract futures contract similar financial instrument notional principal contract exempts tax initial issues securities note bond debenture evidence indebtedness traded trading facility located united_states fixed maturity days securities traded pursuant certain lending arrangements makes tax applicable transactions controlled foreign corporations payable shareholders allows offset tax contributions certain tax favored accounts including tax exempt retirement plans archer_medical_savings_accounts health savings_accounts qualified tuition plans coverdell education savings_accounts


Summary:
Securities Litigation Attorney Accountability and Transparency Act - Amends the Securities Exchange Act of 1934 and the Securities Act of 1933 to require plaintiff and plaintiff's attorney in any private securities class action to disclose in sworn certifications filed with the complaint: (1) any direct or indirect payment, or promise of such, by the attorney (or an affiliated person) to the plaintiff (or any affiliated person), beyond the pro rata share of any recovery received by the plaintiff; (2) the nature and terms of any legal representation provided by such attorney (or an affiliated person) to such plaintiff (or an affiliated person), other than the representation of the plaintiff in the private action; and (3) any contribution made during the five-year period preceding the filing date of the complaint by such attorney (or an affiliated person) or any political action committee controlled by such attorney, to any elected official with real or apparent authority to retain counsel for such plaintiff or to select or appoint, influence the selection or appointment of, or oversee any individual or group of individuals with that authority.

Requires the court, in exercising its discretion over the approval of lead counsel, to employ a competitive bidding process as one of the criteria in the selection and retention of counsel for the most adequate plaintiff in a class action, unless the court determines on the record that such a process is not feasible.

Directs the Comptroller General to: (1) study fee awards to lead counsel in securities class actions during the seven-year period preceding the enactment of this Act; and (2) determine the effective average hourly rate for lead counsel in such actions, including lead counsel perquisites such as travel and accommodation.

securities litigation attorney accountability transparency act_-_amends securities_exchange_act securities act require plaintiff plaintiff attorney private securities class action disclose sworn certifications filed complaint direct indirect payment promise attorney affiliated person plaintiff affiliated person pro rata share recovery received plaintiff nature terms legal representation provided attorney affiliated person plaintiff affiliated person representation plaintiff private action contribution year period preceding filing date complaint attorney affiliated person political action committee controlled attorney elected official real apparent authority retain counsel plaintiff select appoint influence selection appointment oversee individual group individuals authority requires court exercising discretion approval lead counsel employ competitive bidding process criteria selection retention counsel adequate plaintiff class action court determines record process feasible directs comptroller_general study fee awards lead counsel securities class actions seven year period preceding enactment act determine effective average hourly rate lead counsel actions including lead counsel travel accommodation


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

Amends the Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act) with respect to mandatory public, on-line reporting of financial disclosure statements by congressional staff and executive branch officers and employees.

Applies mandatory public, on-line reporting of financial disclosure statements only to Members of Congress, congressional candidates, the President, the Vice President, and executive branch officers at levels I and II of the Executive Schedule who require nomination by the President and confirmation by the Senate.

Extends until January 1, 2014, the deadline for:

 the Secretary, the Sergeant at Arms, and the Clerk to develop systems to enable the electronic filing of financial disclosure reports as well as their on-line public availability; the Director of the Office of Government Ethics to develop such systems for financial disclosure forms filed by covered executive branch officials. Repeals: (1) the prohibition against requiring a login to search or sort the data contained in the publicly available financial disclosure systems, and (2) the requirement that a login protocol with the name of the user be utilized by a person downloading data contained in the reports.

measure amended introduced summary version repeated amends stop trading congressional knowledge act stock act respect mandatory public line reporting financial disclosure statements congressional staff executive branch officers employees applies mandatory public line reporting financial disclosure statements members congress congressional candidates president vice president executive branch officers levels executive schedule require nomination president confirmation senate extends january deadline secretary sergeant arms clerk develop systems enable electronic filing financial disclosure reports line public availability director office_of_government_ethics develop systems financial disclosure forms filed covered executive branch officials repeals prohibition requiring search data contained publicly available financial disclosure systems requirement protocol user utilized person downloading data contained reports


Summary:
Promotion and Expansion of Private Employee Ownership Act of 2013 - 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 employer stock ownership plan (ESOP).

Directs the Secretary 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 employer stock ownership plan esop directs secretary 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:
Shareholder Protection Act of 2013 - 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 (GAO) 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 gao evaluate periodically effectiveness sec oversight requirements