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

(Sec. 1) This bill amends the Federal Deposit Insurance Act with respect to the treatment of certain municipal obligations to direct the federal banking agencies to treat as a high-quality level 2A liquid asset any municipal obligation that is liquid, readily marketable, and investment grade as of the calculation date.

The Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency are directed to amend the rule titled "Liquidity Coverage Ratio: Liquidity Risk Measurement Standards; Final Rule" to implement this Act.

measure amended introduced summary expanded action occurred measure sec bill amends federal_deposit_insurance_act respect treatment certain municipal obligations direct federal banking agencies treat high quality level liquid asset municipal obligation liquid readily marketable investment grade calculation date federal_deposit_insurance_corporation board_of_governors federal_reserve_system comptroller_of_the_currency directed amend rule titled liquidity coverage ratio liquidity risk measurement standards final rule implement act


Summary:
Commodity End User Relief Act

 TITLE I--CUSTOMER PROTECTIONS

(Sec. 101) Amends the Commodity Exchange Act (CEA) to direct registered futures associations (RFAs) to require their futures commission merchant (FCM) members to:

 maintain written policies and procedures governing maintenance of members’ specified residual interests in customer segregated funds accounts, including cleared swaps customer collateral accounts; 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; use an electronic system or systems to report financial and operational information to the RFA or another RFA-designated party; and instruct each depository, including any bank, trust company, derivatives clearing organization, or futures commission merchant holding customer segregated funds, foreign futures and foreign options customer secured amount funds, or cleared swap customer funds to report balances in such funds to the RFA or or another RFA-designated party. (Sec. 103) Requires any FCM that has adjusted net capital in an amount less than required by regulations of the Commodity Futures Trading Commission (CFTC) or of a self-regulatory organization to notify the CFTC and the self-regulatory organization.

Requires any FCM that does not hold a sufficient amount of funds in segregated accounts for futures customers, in foreign futures and foreign options secured amount accounts for those customers, or in segregated accounts for cleared swap customers to notify the CFTC and the self-regulatory organization immediately.

(Sec. 104) Declares that any rules or regulations requiring an FCM to maintain a residual interest in accounts held for the benefit of customers in amounts at least sufficient to exceed the sum of all the customers' uncollected margin deficits shall require an FCM to meet its residual interest requirement as of the end of each business day calculated as of the close of business on the previous business day.

(Sec. 105) Authorizes the 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 to the extent that such property is insufficient to satisfy the net equity claims of the broker's public customers.

TITLE II--COMMODITY FUTURES TRADING COMMISSION REFORMS

 (Sec. 201) Extends authority for CFTC operations through FY2019.

Sec. 202) Amends the 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 a court to affirm a CFTC assessment of costs and benefits unless it is found to be an abuse of discretion.

(Sec. 203) Declares that the heads of the CFTC administrative units shall serve at the pleasure of the CFTC.

(Sec. 204) Establishes in the CFTC the Office of the Chief Economist.

Expresses the sense of Congress that the CFTC should encourage applications from members of minority groups, women, disabled persons, and veterans for positions in the Office of the Chief Economist.

(Sec. 205) Directs the CFTC to develop and publish internal procedures governing the issuance by any CFTC division or office of any 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 these procedures to involve sufficient notice to the CFTC to review the matter before its issuance.

(Sec. 206) Requires the CFTC to submit every five years to certain congressional committees a detailed strategic technology plan focused upon technology acquisition and use, including a plan of action to address known information security vulnerability, and specific deadlines to address such vulnerability.

(Sec. 207) 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.

(Sec. 208) Prohibits any indefinite duration to an omnibus order of investigation authorizing one or more CFTC members or staff to issue subpoenas to multiple persons in relation to a particular subject matter area. Limits to the CFTC the authority to renew such an order.

(Sec. 209) Applies the notice and comment requirements of the Administrative Procedure Act to guidance, including interpretive rules, general policy statements, or CFTC rules of organization, procedure, or practice, voted on by the CFTC.

(Sec. 210) Prescribes guidelines for judicial review of CFTC rules.

(Sec. 211) Directs the Government Accountability Office (GAO) to:

 assess whether CFTC resources are sufficient to enable the CFTC to carry out its duties effectively; and 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, streamlining, and oversight and compliance work by market participants and regulators. (Sec. 212) Declares that, although the CFTC may not be compelled to disclose proprietary information provided to it, neither is it authorized to withhold information from Congress, nor is it prevented from complying with a request from a federal, state, local, or foreign governmental or judicial entity request for information within the scope of such entity's jurisdiction, subject to an agreement of confidentiality to protect the information.

(Sec. 213) Requires the CFTC to report to Congress on the status of:

 any review of a registration application submitted by a metals exchange, negotiations with foreign regulators regarding aluminum warehousing, consultations with all U.S. market participants, including major producers and consumers. TITLE III--END-USER RELIEF

(Sec. 301) Revises the treatment of affiliate transactions that may be exempt from clearing requirements to authorize such an exemption only if an affiliate enters into a swap to hedge or mitigate the commercial risk of the person that is not a financial entity (as under current law). Requires utilization of an appropriate credit support measure or other mechanism if the transfer of commercial risk is addressed by entering into a swap with a swap dealer or major swap participant.

Amends the Securities Exchange Act of 1934 to require the same treatment with respect to securities-based swaps.

(Sec. 302) Amends the Commodity Exchange Act to repeal the prerequisite to the CFTC's sharing with a specified entity information on swaps cleared by derivatives clearing organizations that the entity agree to indemnify the CFTC for any expenses arising from litigation relating to that information.

Repeals a similar prerequisite for information-sharing by a swap data depository.

Requires a swap repository to make swap data available on a confidential basis to foreign authorities, and receive a written agreement from each entity stating that it shall abide by the confidentiality requirements relating to the information on swap transactions that is provided. Amends the Securities Exchange Act to apply the same requirement with respect to securities-based swap repositories.

(Sec. 303) Prescribes reporting requirements for transactions in utility operations-related swaps.

Requires the CFTC, in determining whether to exempt from designation as a swap dealer 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.

(Sec. 304) Defines "utility special entity" as a special entity, or any instrumentality, department, or corporation of or established by a state or political subdivision, that:

 owns or operates, or anticipates owning or operating, an electric or natural gas facility or an electric or natural gas operation; supplies, or anticipates supplying, natural gas and or electric energy to another utility special entity; has, or anticipates having, public service obligations under federal, state, or local law or regulation to deliver electric energy or natural gas service to customers; or is a federal power marketing agency. (Sec. 305) Defines "utility operations-related swap" as a swap that:

 is entered into by a utility to hedge or mitigate a commercial risk; is not a contract, agreement, or transaction based on, derived on, or referencing an interest rate, credit, equity, or currency asset class, or a metal, agricultural commodity, or crude oil or gasoline commodity of any grade (except as these are used for fuel for electric energy generation); and is associated with the generation, production, purchase, or sale of natural gas or electric energy, the supply of natural gas or electric energy to a utility, or the delivery of natural gas or electric energy service to utility customers, and meets certain other related criteria. (Sec. 306) Excludes from the definition of a 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. 307) Directs the CFTC to:

 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 ensure that certain swap transaction information is publicly available no sooner than 30 days after the swap transaction has been executed, or at such later date as 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. (Sec. 308) 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 so registered.

(Sec. 309) 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).

 (Sec. 310) 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. 311) Amends the Commodity Exchange Act and the Securities Exchange Act to direct the CFTC and the Securities and Exchange Commission (SEC), respectively, to the extent that swap dealers and major swap participants, on the one hand, and securities-based swap dealers and major securities-swap participants, that are banks are permitted by the regulators, the SEC, or the CFTC to use approved financial models to calculate minimum capital requirements and minimum initial and variation margin requirements, including the use of non-cash collateral, to permit the use of comparable financial models by such dealers and participants that are not banks.

 (Sec. 312) Directs the CFTC to amend 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. 313) Authorizes the CFTC to define a bona fide hedging transaction, consistent with certain CEA requirements.

 (Sec. 314) Directs the CFTC to promulgate rules governing cross-border regulation of derivatives transactions.

 Considers the swaps regulatory requirements of certain foreign jurisdictions with the largest swaps markets to be comparable to and as comprehensive as those of the U.S.

Exempts from U.S. swaps requirements either a non-U.S. person or a transaction between two non-U.S. persons if the person or transaction is in compliance with the swaps regulatory requirements of specified foreign jurisdictions.

Authorizes the CFTC, however, to suspend its determination of foreign swaps regulatory comparability if the foreign jurisdiction is not providing equivalent recognition of, or substituted compliance for, registered entities domiciled in the United States.

Provides for expedited CFTC consideration of a petition for review that is requested by either a registered entity, commercial market participant, or CFTC registrant with respect to a CFTC determination regarding foreign jurisdiction regulatory requirements. (Sec. 315) Excludes from the definition of "commodity pool" certain investment trusts and syndicates that are excluded from the definition of "investment company" under the Investment Company Act of 1940. Exempts certain qualified charitable organizations and their employees, acting within the scope of their employment or duties, from designation and regulation as commodity pool operators subject to registration requirements. (Sec. 316) States that any CFTC determination exempting a small bank or savings association from the treatment as a financial entity also applies to the bank's or association's holding company if the holding company's total consolidated assets do not exceed the asset threshold set by the CFTC for defining a small bank and savings association. (Sec. 317) Repeals the requirement that a swap execution facility provide by its rules that, when a swap dealer or major swap participant enters into or facilitates a swap subject to the mandatory clearing requirement, the swap dealer or major swap participant shall be responsible for compliance with a specified mandatory trading requirement. Grants a swap execution facility, instead, discretion in establishing and enforcing its rules concerning trade practice surveillance, market surveillance, real-time marketing monitoring, and audit trail given that a swap execution facility may offer a trading system or platform to execute or trade swaps through any means of interstate commerce. Makes a swap execution facility responsible for monitoring trading in swaps only on its own facility. Repeals the requirement that a swap execution facility set its position limitation at a level no higher than the CFTC limit. Makes a swap execution facility responsible for monitoring positions only on its own facility. Repeals swap execution facility authority, in an emergency, to liquidate or transfer open positions in any swap. Deems the financial resources of a swap execution facility to be adequate if the value of such resources exceeds the total amount that would enable the facility to cover its operating costs for a 90-day period, as calculated on a rolling basis, or (as under current law) conduct an orderly wind-down of its operations, whichever is greater. Requires the chief compliance officer of a swap execution facility to establish and administer policies and procedures that: (1) are designed to resolve potential conflicts of interest; and (2) ensure compliance with this Act and with rules prescribed by the CFTC. (Sec. 318) Makes the Federal Housing Finance Agency the appropriate federal banking agency for any Federal Home Loan Bank (thereby exempting any Federal Home Loan Bank loan from regulation as a swap). Amends the Legal Certainty for Bank Products Act of 2000 to define any Federal Home Loan Bank as a bank for purposes of its prohibitions and requirements. (Sec. 319) Excludes from the meaning of "commodity pool operator" any person who serves as an investment adviser to a registered investment company or its subsidiary, if the company or subsidiary invests, reinvests, owns, holds, or trades in commodity interests limited exclusively to financial commodity interests. 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. Excludes from the meaning of this kind of "commodity" any security issued by a real estate investment trust, business development company, or issuer of asset-backed securities, including any index of such securities. Excludes from the definition of "Commodity Trading Advisor" any 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. TITLE IV--TECHNICAL CORRECTIONS (Sec. 401) Makes technical and conforming corrections to the CEA. (Sec. 402) Eliminates obsolete references to dealer options. (Sec. 403) Requires each designated contract market and swap execution facility (under current law, the exchange) to publicize, each trading day, the volume of trading on each type of contract for the previous day and any other information the CFTC deems necessary in the public interest. (Sec. 405) Eliminates obsolete references to electronic trading facilities and alternative swap execution facilities. (Sec. 408) Authorizes the CFTC to alter or supplement rules of a registered entity if it finds that the entity has not made changes requested for the protection of swaps traders and to assure fair dealing in swaps. (Sec. 409) Eliminates obsolete references to the Commodity Exchange Commission, derivatives transaction execution facilities, and exempt boards of trade. (Sec. 413) Requires mandatory compliance reports to certify that they are materially accurate and complete (under current law, merely accurate and complete). Repeals the requirement that a compliance report accompany each appropriate financial report of the swap dealer or major swap participant required to be furnished to the CFTC. Requires the furnishing of a compliance report only at such time the CFTC determines by rule, regulation, or order, to be appropriate. (Sec. 414) Makes specified miscellaneous technical corrections to the CEA.

commodity end user relief_act title customer protections 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 use electronic system systems report financial operational information rfa rfa designated party instruct depository including bank trust company derivatives clearing organization futures commission merchant holding customer segregated funds foreign futures foreign options customer secured funds cleared swap customer funds report balances funds rfa rfa designated party sec requires adjusted net capital required regulations commodity_futures_trading_commission cftc self regulatory organization notify cftc self regulatory organization requires hold sufficient funds segregated accounts futures customers foreign futures foreign options secured accounts customers segregated accounts cleared swap customers notify cftc self regulatory organization immediately sec declares rules regulations requiring maintain residual interest accounts held benefit customers amounts sufficient exceed sum customers margin deficits shall require meet residual interest requirement end business day calculated close business previous business day sec authorizes cftc require property bankruptcy estate including trading operating accounts commodities held inventory commodity broker chapter debtor bankruptcy included customer property extent property insufficient satisfy net equity claims broker public customers title commodity_futures_trading_commission reforms sec extends authority cftc operations fy2019 sec amends cea revise requirement cftc promulgating regulation issuing order consider costs benefits action requires court affirm cftc assessment costs benefits found abuse discretion sec declares heads cftc administrative units shall serve pleasure cftc sec establishes cftc office chief economist expresses sense congress cftc encourage applications members minority groups women disabled persons veterans positions office chief economist sec directs cftc develop publish internal procedures governing issuance cftc division office response formal written request petition member public action interpretive letter requires procedures involve sufficient notice cftc review matter issuance sec requires cftc submit years certain congressional committees detailed strategic technology plan focused technology acquisition use including plan action address known information security vulnerability specific deadlines address vulnerability 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 sec prohibits indefinite duration omnibus order investigation authorizing cftc members staff issue subpoenas multiple persons relation particular subject matter area limits cftc authority renew order sec applies notice comment requirements administrative procedure act guidance including interpretive rules general policy statements cftc rules organization procedure practice voted cftc sec prescribes guidelines judicial review cftc rules sec directs government_accountability_office gao assess 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 oversight compliance work market participants regulators sec declares cftc compelled disclose proprietary information provided authorized withhold information congress prevented complying request federal state local foreign governmental judicial entity request information scope entity jurisdiction subject agreement confidentiality protect information sec requires cftc report congress status review registration application submitted metals exchange negotiations foreign regulators aluminum warehousing consultations market participants including major producers consumers title iii end user relief sec revises treatment affiliate transactions exempt clearing requirements authorize exemption affiliate enters swap hedge mitigate commercial risk person financial entity current law requires utilization appropriate credit support measure mechanism transfer commercial risk addressed entering swap swap dealer major swap participant amends securities_exchange_act require treatment respect securities based swaps sec amends commodity_exchange_act repeal prerequisite cftc sharing specified entity information swaps cleared derivatives clearing organizations entity agree indemnify cftc expenses arising litigation relating information repeals similar prerequisite information sharing swap data depository requires swap repository swap data available confidential basis foreign authorities receive written agreement entity stating shall abide confidentiality requirements relating information swap transactions provided amends securities_exchange_act apply requirement respect securities based swap repositories sec prescribes reporting requirements transactions utility operations related swaps requires cftc determining exempt designation swap dealer entity engages minimis quantity swap dealing treat utility operations related swap entered utility special entity entity special entity sec defines utility special entity special entity instrumentality department corporation established state political subdivision owns operates owning operating electric natural gas facility electric natural gas operation supplies supplying natural gas electric energy utility special entity having public service obligations federal state local law regulation deliver electric energy natural gas service customers federal power marketing agency sec defines utility operations related swap swap entered utility hedge mitigate commercial risk contract agreement transaction based derived referencing interest rate credit equity currency asset class metal agricultural commodity crude oil gasoline commodity grade fuel electric energy generation associated generation production purchase sale natural gas electric energy supply natural gas electric energy utility delivery natural gas electric energy service utility customers meets certain related criteria 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 cftc determines appropriate protect identity participants positions markets prevent elimination reduction market liquidity 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 sec requires new affirmative cftc rule regulation order amend reduce minimis quantity swap dealing currently set billion sec amends commodity_exchange_act securities_exchange_act direct cftc securities_and_exchange_commission sec respectively extent swap dealers major swap participants hand securities based swap dealers major securities swap participants banks permitted regulators sec cftc use approved financial models calculate minimum capital requirements minimum initial variation margin requirements including use non cash collateral permit use comparable financial models dealers participants banks sec directs cftc amend 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 cftc promulgate rules governing cross border regulation derivatives transactions considers swaps regulatory requirements certain foreign jurisdictions largest swaps markets comparable comprehensive exempts swaps requirements non person transaction non persons person transaction compliance swaps regulatory requirements specified foreign jurisdictions authorizes cftc suspend determination foreign swaps regulatory comparability foreign jurisdiction providing equivalent recognition substituted compliance registered entities domiciled united_states provides expedited cftc consideration petition review requested registered entity commercial market participant cftc registrant respect cftc determination foreign jurisdiction regulatory requirements sec excludes definition commodity pool certain investment trusts excluded definition investment company investment company act exempts certain qualified charitable organizations employees acting scope employment duties designation regulation commodity pool operators subject registration requirements sec states cftc determination exempting small bank savings association treatment financial entity applies bank association holding company holding company total consolidated assets exceed asset threshold set cftc defining small bank savings association sec repeals requirement swap execution facility provide rules swap dealer major swap participant enters facilitates swap subject mandatory clearing requirement swap dealer major swap participant shall responsible compliance specified mandatory trading requirement grants swap execution facility instead discretion establishing enforcing rules concerning trade practice surveillance market surveillance real time marketing monitoring audit trail given swap execution facility offer trading system platform execute trade swaps means interstate commerce makes swap execution facility responsible monitoring trading swaps facility repeals requirement swap execution facility set position limitation level higher cftc limit makes swap execution facility responsible monitoring positions facility repeals swap execution facility authority emergency liquidate transfer open positions swap deems financial resources swap execution facility adequate value resources exceeds total enable facility cover operating costs day period calculated rolling basis current law conduct orderly wind operations whichever greater requires chief compliance officer swap execution facility establish administer policies procedures designed resolve potential conflicts interest ensure compliance act rules prescribed cftc sec makes federal_housing_finance_agency appropriate federal banking agency federal_home_loan_bank exempting federal_home_loan_bank loan regulation swap amends legal certainty bank products act define federal_home_loan_bank bank purposes prohibitions requirements sec excludes meaning commodity pool operator person serves investment adviser registered investment company subsidiary company subsidiary invests owns holds trades commodity interests limited exclusively financial commodity interests 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 excludes meaning kind commodity security issued real estate investment trust business development company issuer asset backed securities including index securities excludes definition commodity trading advisor person serves investment adviser registered investment company subsidiary commodity trading advice relates financial commodity interest title technical corrections sec makes technical conforming corrections cea sec eliminates obsolete references dealer options sec requires designated contract market swap execution facility current law exchange publicize trading day volume trading type contract previous day information cftc deems necessary public interest sec eliminates obsolete references electronic trading facilities alternative swap execution facilities sec authorizes cftc alter supplement rules registered entity finds entity changes requested protection swaps traders assure fair dealing swaps sec eliminates obsolete references commodity exchange commission derivatives transaction execution facilities exempt boards trade sec requires mandatory compliance reports certify materially accurate complete current law merely accurate complete repeals requirement compliance report accompany appropriate financial report swap dealer major swap participant required furnished cftc requires furnishing compliance report time cftc determines rule regulation order appropriate sec makes specified miscellaneous technical corrections cea


Summary:
Streamlining Excessive and Costly Regulations Review Act

(Sec. 2) This bill requires the Securities and Exchange Commission (SEC), within 5 years after enactment of this Act, and thereafter at least once within each 10-year period, to:

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

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

streamlining excessive costly regulations review act sec bill requires securities_and_exchange_commission sec years enactment act year period review significant regulation issued determine vote ineffective excessively burdensome unnecessary inconsistent mandate solicit public comment regulation amended repealed subsequently amend repeal accordingly sec shall report certain congressional committees steps taken implement results decision including action amend repeal target regulation bill declares sec determinations pursuant act final subject judicial review


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

Fair Access to Investment Research Act of 2015

(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to revise a specified regulation to create a safe harbor for certain publications or distributions of research reports by brokers or dealers distributing securities.

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

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

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

measure amended introduced summary expanded action occurred measure fair access investment research_act sec bill directs securities_and_exchange_commission sec revise specified regulation create safe harbor certain publications distributions research reports brokers dealers distributing securities revised regulation shall declare broker dealer participates registered offering covered investment fund securities investment fund research report shall deemed constitute offer sale offer sell security subject offering pursuant registration statement issuer proposes file filed effective covered investment fund research report shall deemed satisfy regulation requirements self regulatory organization sec shall impose specified conditions requirements implementing safe harbor


Summary:
Accelerating Access to Capital Act of 2016

TITLE I--ACCELERATING ACCESS TO CAPITAL

(Sec. 101) This bill directs the Securities and Exchange Commission (SEC) to revise Form S-3 (a simplified securities registration form for companies that have already met other reporting requirements) so as to permit securities to be registered pursuant to General Instruction I.B.1. of the form if: (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.

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

TITLE II--MICRO-OFFERING SAFE HARBOR

(Sec. 201) The Securities Act of 1933 is amended to exempt from specified prohibitions against the sale or delivery after sale of unregistered securities, among other things, transactions involving the sale of securities by an issuer of micro-offerings if:

 each purchaser has a substantive pre-existing relationship with either an officer or director of the issuer, or with a shareholder holding 10% or more of the issuer's shares; during the 12-month period preceding the transaction there are no more than 35 purchasers of such micro-offerings sold in reliance on this exemption; and the aggregate amount of all securities sold by the issuer (including any amount sold in reliance upon the exemption) during the 12-month period preceding the transaction does not exceed $500,000. The exemption shall not apply, however, to transactions involving a sale of securities if issuers, officers, beneficial owners, promotors, investment managers, or other specified persons would have triggered the SEC's "bad actor" disqualification standards for certain previous securities violations or criminal convictions. These bad actors are prohibited from participating in a micro-offering.

The bill also exempts such micro-offerings from state regulation of securities offerings.

TITLE III--PRIVATE PLACEMENT IMPROVEMENT

(Sec. 301) The SEC must revise the filing requirements of Regulation D (which provides exemptions from securities registration requirements) 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 15 days after the date of first sale of such securities, a single notice of sales containing the information required by Form D (used to file a notice of an exempt offering of securities under Regulation D) for each new offering of securities.

The SEC shall not: (1) require the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) condition the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) require 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.

The SEC shall 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.

The SEC shall not extend to private funds the requirements governing investment company sales literature.

accelerating access capital act title accelerating access capital sec bill directs securities_and_exchange_commission sec revise form simplified securities registration form companies met reporting requirements 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 sec remove certain listing registration requirement general instruction form title micro offering safe harbor sec securities act amended exempt specified prohibitions sale delivery sale unregistered securities things transactions involving sale securities issuer micro offerings purchaser substantive pre existing relationship officer director issuer shareholder holding issuer shares month period preceding transaction purchasers micro offerings sold reliance exemption aggregate securities sold issuer including sold reliance exemption month period preceding transaction exceed exemption shall apply transactions involving sale securities issuers officers beneficial owners investment managers specified persons triggered sec bad actor disqualification standards certain previous securities violations criminal convictions bad actors prohibited participating micro offering bill exempts micro offerings state regulation securities offerings title iii private placement improvement sec sec revise filing requirements regulation provides exemptions securities registration requirements require issuer offers sells securities reliance certain exemption registration limited offers sales regard dollar offering rule file earlier days date sale securities single notice sales containing information required form file notice exempt offering securities regulation new offering securities sec shall require issuer file notice sales containing information required form single notice condition availability rule exemption filing form similar report require issuers submit written general solicitation materials connection limited offering subject rule requests materials pursuant specified authority sec shall revise specified rule rule offering private fund characterize accredited investor knowledgeable employee private fund fund investment adviser sec shall extend private funds requirements governing investment company sales literature


Summary:
Build America Bonds Act of 2015

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

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

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


Summary:
Modernizing American Manufacturing Bonds Act

Amends the Internal Revenue Code, with respect to qualified small issue bonds for manufacturing purposes, to: (1) expand the definition of "manufacturing facility" to include a facility which is used in the creation or production of intangible property and which is functionally related and subordinate to a facility located on the same site and financed with not more than 25% of bond proceeds, and (2) increase from $10 million to $30 million the maximum bond limitation.

modernizing american manufacturing bonds act amends_the_internal_revenue_code respect qualified small issue bonds manufacturing purposes expand definition manufacturing facility include facility creation production intangible property functionally related subordinate facility located site financed bond proceeds increase million million maximum bond limitation


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

Securities and Exchange Commission Reporting Modernization Act

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to repeal the requirement that the Securities and Exchange Commission (SEC) compile an annual tabulation of the occasions on which it has used specified law, including the Right to Financial Privacy Act of 1978, to obtain access to financial records of a customer and include it in its annual report to the Congress.

(The specified law referred to is the authority of the SEC to gain access to and obtain copies of, or the information contained in, financial records of a customer from a financial institution without prior notice to the customer upon an ex parte showing to an appropriate U.S. district court that the SEC seeks such records pursuant to a subpena, if certain circumstances exist and certain requirements are met.)

measure amended introduced summary expanded action occurred measure securities_and_exchange_commission reporting modernization act sec bill amends securities_exchange_act repeal requirement securities_and_exchange_commission sec compile annual tabulation occasions specified law including right_to_financial_privacy_act obtain access financial records customer include annual report congress specified law referred authority sec gain access obtain copies information contained financial records customer financial institution prior notice customer parte showing appropriate district_court sec seeks records pursuant certain circumstances exist certain requirements met


Summary:
Fixed Asset Relief Act of 2015

This bill amends the Internal Revenue Code to increase the additional depreciation allowance (bonus depreciation) from 50% to 100% of the adjusted basis of qualifying business property and to make such increased allowance permanent.

fixed asset relief_act bill amends_the_internal_revenue_code increase additional depreciation allowance bonus depreciation adjusted basis qualifying business property increased allowance permanent


Summary:
Business Supply Chain Transparency on Trafficking and Slavery Act of 2015

 This bill expresses the sense of Congress that: (1) legislation is necessary to provide consumers information on products that are free of child labor, forced labor, slavery, and human trafficking; and (2) businesses and consumers, by means of publicly available disclosures, can avoid inadvertently promoting or sanctioning these crimes through production and purchase of raw materials, goods, and finished products that have been tainted in the supply chains.

The bill amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC), within one year after enactment of this Act, to promulgate regulations requiring any covered issuer of a registered security to include in its mandatory annual report a disclosure of whether the issuer has taken any measures during the year to identify and address conditions of forced labor, slavery, human trafficking, and the worst forms of child labor within the issuer's supply chains. The term "covered issuer" means an issuer that has annual worldwide global receipts in excess of $100 million.

The regulations shall mandate that the required information be disclosed on such issuer's Internet website through a conspicuous and easily understandable link to the relevant information labeled "Global Supply Chain Transparency."

The SEC must make available to the public in a searchable format on its website: (1) a list of covered issuers required to disclose such information, and (2) a compilation of the information disclosed.

business supply chain transparency trafficking slavery act bill expresses sense congress legislation necessary provide consumers information products free child labor forced labor slavery human trafficking businesses consumers means publicly available disclosures avoid inadvertently promoting sanctioning crimes production purchase raw materials goods finished products supply chains bill amends securities_exchange_act direct securities_and_exchange_commission sec year enactment act promulgate regulations requiring covered issuer registered security include mandatory annual report disclosure issuer taken measures year identify address conditions forced labor slavery human trafficking worst forms child labor issuer supply chains term covered issuer means issuer annual worldwide global receipts excess million regulations shall mandate required information disclosed issuer internet website conspicuous easily understandable link relevant information labeled global supply chain transparency sec available public searchable format website list covered issuers required disclose information compilation information disclosed


Summary:
(This measure has not been amended since it was passed by the House on February 1, 2016. The summary of that version is repeated here.)

SEC Small Business Advocate Act of 2016

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to establish within the Securities and Exchange Commission (SEC) an Office of the Advocate for Small Business Capital Formation.

The Advocate for Small Business Capital Formation shall:

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

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

measure amended passed house february summary version repeated sec small business advocate act sec bill amends securities_exchange_act establish securities_and_exchange_commission sec office advocate small business capital formation advocate small business capital formation shall assist small businesses small business investors resolving significant problems sec self regulatory organizations identify areas businesses investors benefit changes sec regulations rules organizations identify problems small businesses securing access capital including unique challenges minority owned women owned small businesses analyze potential impact businesses investors proposed sec regulations proposed rules likely significant economic impact small businesses small business capital formation conduct outreach businesses investors solicit views relevant capital formation issues propose sec changes regulations orders propose congress legislative administrative personnel changes mitigate problems identified promote interests businesses investors consult investor advocate proposals advise investor advocate small business related issues submit annual reports activities specified congressional committees responsible planning organizing executing annual government business forum small business capital formation bill establishes small business capital formation advisory_committee shall provide sec advice sec rules regulations policies mission protecting investors maintaining fair orderly efficient markets facilitating capital formation relate capital raising emerging privately held small businesses publicly traded companies million public market capitalization securities offerings trading securities businesses companies public reporting corporate governance requirements businesses companies sec shall assess committee recommendations disclose action intends respect recommendations


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

Due Process Restoration Act of 2015

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to authorize a person who is a party to an administrative proceeding brought by the Securities and Exchange Commission (SEC) under a securities law, and against whom an order imposing a cease and desist order and a penalty may be issued at the conclusion of the proceeding, to require the SEC to terminate the proceeding. If a person requires the SEC to terminate a proceeding, the SEC may bring a civil action against that person for the same remedy that might have been imposed.

A legal or equitable remedy may be imposed on a person against whom an administrative proceeding was brought only upon a showing by the SEC of clear and convincing evidence that the person has violated the relevant provision of law.

measure amended introduced summary expanded action occurred measure process restoration act sec bill amends securities_exchange_act authorize person party administrative proceeding brought securities_and_exchange_commission sec securities law order imposing cease desist order penalty issued conclusion proceeding require sec terminate proceeding person requires sec terminate proceeding sec bring civil action person remedy imposed legal equitable remedy imposed person administrative proceeding brought showing sec clear convincing evidence person violated relevant provision law


Summary:
Outsourcing Accountability Act of 2015

 Amends the Securities Exchange Act of 1934 to require registered securities issuers to disclose annually to the Securities and Exchange Commission and to shareholders: (1) the total number of employees domiciled in the United States and listed by number in each state (including those of consolidated subsidiaries); (2) the total number of such employees physically working in and domiciled in any country other than the United States, listed by number in each country; and (3) the percentage increase or decrease in such numbers from the previous reporting year.

Exempts from such requirements: (1) certain new public companies, and (2) issuers with total annual gross revenues of less than $1 billion during the most recently completed fiscal year.

outsourcing accountability_act amends securities_exchange_act require registered securities issuers disclose annually securities_and_exchange_commission shareholders total number employees domiciled united_states listed number state including consolidated subsidiaries total number employees physically working domiciled country united_states listed number country percentage increase decrease numbers previous reporting year exempts requirements certain new public companies issuers total annual gross revenues billion recently completed fiscal year


Summary:
Get Regulation Out of the Way Act of 2015 or the GROW Act of 2015

This bill amends the Sarbanes-Oxley Act of 2002 to exempt from the auditor attestation of internal control assessments an issuer of securities whose total market capitalization is less than $2 billion.

regulation way act grow act bill amends sarbanes-oxley_act exempt auditor attestation internal control assessments issuer securities total market capitalization billion


Summary:
Hedge Fund Sunshine Act of 2015

This bill amends the Securities Exchange Act of 1934 to require that hedge funds send specified information to both the issuer of a security and each exchange where the security is rated within five (instead of 10) days of acquiring 1% (instead of 5%) of the beneficial ownership of an equity security, and also to file specified information required by the Securities and Exchange Commission (SEC).

 For purposes of determining such beneficial ownership, a hedge fund shall include any equity security with respect to which it owns a derivative instrument that includes the opportunity to profit or share in any profit derived from an increase in the value of such equity security.

In addition, a hedge fund must file a quarterly report with the SEC if it: (1) has $100 million or more in assets under management, and (2) is the beneficial owner of more than 1% of a class of any security.

The SEC shall make all reports received under this Act publicly available on its website.

hedge fund sunshine act bill amends securities_exchange_act require hedge funds send specified information issuer security exchange security rated instead days acquiring instead beneficial ownership equity security file specified information required securities_and_exchange_commission sec purposes determining beneficial ownership hedge fund shall include equity security respect owns derivative instrument includes opportunity profit share profit derived increase value equity security addition hedge fund file quarterly report sec million assets management beneficial owner class security sec shall reports received act publicly available website


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

Investor Clarity and Bank Parity Act

(Sec. 2) This bill amends the Bank Holding Company Act of 1956 to permit a hedge fund or private equity fund to share the same name, or a variation of the same name, as a banking entity that is an investment advisor to the hedge fund or private equity fund, if:

 the investment advisor is not an insured depository institution, a company that controls an insured depository institution, or a company treated as a bank holding company for purposes of the International Banking Act of 1978 relating to nonbanking activities of foreign banks; the investment advisor does not share the same name, or a variation of it, as an insured depository institution, a company that controls an insured depository institution, or a company treated as a bank holding company for the specified purposes of the International Banking Act of 1978; and the name does not contain the word "bank."

measure amended introduced summary expanded action occurred measure investor clarity bank parity act sec bill amends bank_holding_company_act permit hedge fund private equity fund share variation banking entity investment advisor hedge fund private equity fund investment advisor insured depository institution company controls insured depository institution company treated bank holding company purposes international banking act relating nonbanking activities foreign banks investment advisor share variation insured depository institution company controls insured depository institution company treated bank holding company specified purposes international banking act contain word bank


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

Fostering Innovation Act of 2015

(Sec. 2) This bill amends the Sarbanes-Oxley Act of 2002 with respect to the requirement that each registered public accounting firm that prepares or issues an audit report for an issuer of securities (other than an emerging growth company) shall attest to, and report on, the internal control assessment made by the issuer's management.

This requirement shall not apply with respect to any audit report prepared for an issuer that:

 ceased to be an emerging growth company on the last day of its fiscal year following the fifth anniversary of its first sale of common equity securities, had average annual gross revenues of less than $50 million as of its most recently completed fiscal year, and is not a large accelerated filer. This temporary exemption for low-revenue issuers shall expire upon the earliest of:

 the last day of the issuer's fiscal year following the tenth anniversary of its first sale of common equity securities pursuant to an effective registration statement under the Securities Act of 1933, the last day of the issuer's fiscal year during which the issuer's average annual gross revenues exceed $50 million, or the date upon which the issuer becomes a large accelerated filer.

measure amended introduced summary expanded action occurred measure fostering innovation_act sec bill amends sarbanes-oxley_act respect requirement registered public accounting firm prepares issues audit report issuer securities emerging growth company shall attest report internal control assessment issuer management requirement shall apply respect audit report prepared issuer ceased emerging growth company day fiscal year following fifth anniversary sale common equity securities average annual gross revenues million recently completed fiscal year large accelerated filer temporary exemption low revenue issuers shall expire earliest day issuer fiscal year following tenth anniversary sale common equity securities pursuant effective registration statement securities act day issuer fiscal year issuer average annual gross revenues exceed million date issuer large accelerated filer


Summary:
Expanding Proven Financing for American Employers Act

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to permit the manager of a qualified collateralized loan obligation, or one or more of the majority-owned affiliates of the manager (or its knowledgeable employees and other employees), to meet the risk retention requirement for a qualified collateralized loan obligation by the purchase and holding (without transferring the credit risk) of the value of at least 5% of the equity distributed among each of the higher tranches of the issuance with at least 3.5% retained as equity of the collateralized loan obligation.

The bill prescribes characteristics of a qualified collateralized loan obligation with respect to:

 asset quality protections that have at least 100% of the obligation's assets composed of senior secured loans and cash equivalents, asset portfolio protections, structural protections, alignment of manager and investor interests, regulatory oversight requirements, and transparency and disclosure requirements. Further criteria for the asset quality protections for a qualified collaterilized loan obligation require that the obligation:

 have 100% of its loan assets issued by companies; have no assets that are asset-backed securities or derivatives (except for an acquired loan participation, any interest related to or in a letter of credit, or a derivative transaction to hedge interest rate or currency rate mismatches); not purchase assets in default, margin stock, or equity convertible securities; acquire only loans held or acquired by three or more investors or lenders unaffiliated with the manager; hold only loans to borrowers whose financial statements are subject to an annual audit from an independent, accredited accounting firm; and have no more than 60% of its assets composed of covenant lite loans, except that each asset shall require disclosure of unaudited quarterly financial statements and of audited annual financial statements. A "covenant lite loan" (or "cov-lite," commonly a loan agreement that does not contain the usual protective covenants for the benefit of the lending party) shall mean in this bill, at the time a collateralized loan obligation enters into a commitment to acquire it, a loan for which the underlying instruments neither:

 require the obligor to comply with any maintenance covenant; nor contain a cross-default provision to a financing facility of the obligor that requires the obligor to comply with a maintenance covenant (including one that may apply only upon the funding of such other loan or financing facility). If any such loan is pari passu (treated equally and without preference) with another loan of the obligor that would not be a covenant lite loan, such loan shall be deemed not to be a covenant lite loan.

expanding proven financing american employers act sec bill amends securities_exchange_act permit manager qualified collateralized loan obligation majority owned affiliates manager knowledgeable employees employees meet risk retention requirement qualified collateralized loan obligation purchase holding transferring credit risk value equity distributed higher issuance retained equity collateralized loan obligation bill prescribes characteristics qualified collateralized loan obligation respect asset quality protections obligation assets composed senior secured loans cash equivalents asset portfolio protections structural protections alignment manager investor interests regulatory oversight requirements transparency disclosure requirements criteria asset quality protections qualified loan obligation require obligation loan assets issued companies assets asset backed securities derivatives acquired loan participation interest related letter credit derivative transaction hedge interest rate currency rate mismatches purchase assets default margin stock equity convertible securities acquire loans held acquired investors lenders unaffiliated manager hold loans borrowers financial statements subject annual audit independent accredited accounting firm assets composed covenant loans asset shall require disclosure quarterly financial statements audited annual financial statements covenant loan commonly loan agreement contain usual protective covenants benefit lending party shall mean bill time collateralized loan obligation enters commitment acquire loan underlying instruments require obligor comply maintenance covenant contain cross default provision financing facility obligor requires obligor comply maintenance covenant including apply funding loan financing facility loan treated equally preference loan obligor covenant loan loan shall deemed covenant loan


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

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

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

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

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

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


Summary:
Incorporation Transparency and Law Enforcement Assistance Act

This bill directs the Department of the Treasury to: (1) issue regulations requiring corporations and limited liability companies formed in a state that does not have a formation system providing for the disclosure, updating, and verification of beneficial ownership information to file with Treasury information about their beneficial ownership as required by this bill; and (2) provide such information pursuant to a civil or criminal subpoena or summons from a federal or state agency or a congressional committee or a written request by a federal agency on behalf of another country or by the Financial Crimes Enforcement Network.

It sets forth requirements for state formation systems regarding beneficial ownership information, including: (1) the identification of beneficial owners by name, residential or business address, and identifying number from a passport or driver's license; and (2) the updating of lists of beneficial owners not later than 60 days after any change in information. It requires retention of such information for five years after a corporation or limited liability company terminates.

The bill authorizes a state that maintains a formal licensing system for formation agents to permit an applicant to form a corporation or limited liability company, or a corporation or company formed under the laws of the state, to provide such information to such an agent residing in that state instead of to that state directly, under certain conditions. It prescribes penalties for: (1) providing false or fraudulent beneficial ownership information; (2) willfully failing to provide complete or updated information; (3) disclosing the existence of a subpoena, summons, or other request for beneficial ownership information, with exceptions; and (4) a formation agent failing to obtain or maintain credible, legible, and updated beneficial ownership information.

 Treasury must publish a proposed and final rule to require persons engaged in the business of forming corporations to establish anti-money laundering programs.

 The Government Accountability Office must study and report to Congress on: (1) state requirements for the disclosure of beneficial ownership information; (2) whether the lack of such information has impeded investigations into entities suspected of terrorism, money laundering, and other criminal activities; (3) whether the failure to require beneficial ownership information for partnerships and trusts formed or registered in the United States has elicited international criticism and what steps the United States has taken or is planning to take in response; and (4) the effectiveness of incorporation practices implemented under this bill in aiding law enforcement.

incorporation transparency law enforcement assistance_act bill directs department_of_the_treasury issue regulations requiring corporations limited liability companies formed state formation system providing disclosure updating verification beneficial ownership information file treasury information beneficial ownership required bill provide information pursuant civil criminal subpoena summons federal state agency congressional committee written request federal agency behalf country financial_crimes_enforcement_network sets forth requirements state formation systems beneficial ownership information including identification beneficial owners residential business address identifying number passport driver license updating lists beneficial owners later days change information requires retention information years corporation limited liability company terminates bill authorizes state maintains formal licensing system formation agents permit applicant form corporation limited liability company corporation company formed laws state provide information agent residing state instead state directly certain conditions prescribes penalties providing false fraudulent beneficial ownership information willfully failing provide complete updated information disclosing existence subpoena summons request beneficial ownership information exceptions formation agent failing obtain maintain credible legible updated beneficial ownership information treasury publish proposed final rule require persons engaged business forming corporations establish anti money laundering programs government_accountability_office study report congress state requirements disclosure beneficial ownership information lack information impeded investigations entities suspected terrorism money laundering criminal activities failure require beneficial ownership information partnerships trusts formed registered united_states international steps united_states taken planning response effectiveness incorporation practices implemented bill aiding law enforcement


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

Helping Angels Lead Our Startups Act or the HALOS Act

 (Sec. 3) This bill 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), the sponsor does not receive compensation for the event which would require registration as a broker or dealer or as an investment advisor, 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). This bill may only be construed as requiring the SEC to amend Regulation D with respect to presentations and communications, and not with respect to purchases or sales.

measure amended introduced expanded summary house reported version repeated helping lead startups act act sec bill 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 sponsor receive compensation event require registration broker dealer investment advisor specific information securities offering communicated issuer process offering planning offer securities including type securities offered bill construed requiring sec amend regulation respect presentations communications respect purchases sales


Summary:
Corporate Rate Equality and Trade Empowerment Jobs Act of 2016 or the Create Jobs Act

This bill amends the Internal Revenue Code to lower the rate of tax on the taxable income of corporations to the greater of: (1) 10%, or (2) the rate that is 5% below the average corporate income tax rate for Organization for Economic Co-operation and Development countries other than the United States. The bill also sets forth a procedure for a congressional joint resolution approving an increase in the corporate tax rate.

corporate rate equality trade empowerment jobs_act create jobs_act bill amends_the_internal_revenue_code lower rate tax taxable income corporations greater rate average corporate income tax rate organization economic operation development countries united_states bill sets forth procedure congressional joint resolution approving increase corporate tax rate


Summary:
Main Street Growth Act

(Sec. 2) This bill amends the Securities Exchange Act of 1934 to permit a national securities exchange, for itself or for one of its listing tiers, to elect treatment as a venture exchange by notifying the Securities and Exchange Commission (SEC) of such an election either at the time it applies for registration or after registering as a national securities exchange.

Unless the SEC denies the registration application within six months after its receipt, the application and election shall be deemed to have received SEC approval. Similarly, after a national securities exchange registers, its election to be treated as a venture exchange shall be deemed approved unless the SEC denies approval within six months after receiving notice of the election.

The bill subjects a venture exchange to certain restrictions, including that it may: (1) only constitute, maintain, or provide a market place or facilities for bringing together purchasers and sellers of venture securities, and (2) not extend unlisted trading privileges to any venture security.

Venture securities are securities of:

 an early-stage, growth company exempt from registration under the Securities Act of 1933; and an emerging growth company. The bill exempts a venture exchange from compliance with: (1) specified National Market System and Alternative Trading System rules, (2) the requirement to submit data to a securities information processor, or (3) mandatory use of decimal pricing.

With respect to trading on a venture exchange, the bill also exempts from registration under the Securities Exchange Act of 1934 certain securities exempted from registration under the Securities Act of 1933 if the issuer is in compliance with all disclosure obligations and regulations under the latter Act.

The bill defines an issuer with a market capitalization of $1 million or less, and which has not made an initial public offering of any securities, as an "early-stage growth company."

An early-stage, growth company whose securities are traded on a venture exchange shall not cease to be an early-stage, growth company by reason of a market capitalization exceeding the $1 million threshold until the end of 24 consecutive months during which that market capitalization exceeds $2 million (indexed for inflation). If an issuer would cease to be an early-stage, growth company for exceeding the market capitalization threshold, a venture exchange may, upon the issuer's request, exempt the issuer from such capitalization requirements for the 24-month period referred to, and extend that exemption for an additional year as well. The Securities Act of 1933 is amended to exempt venture securities from state and local government regulation.

The bill expresses the sense of Congress that the SEC should:

 make use of its general exemptive authority regarding certain elements of this bill; and create an Office of Venture Exchanges, if appropriate, within the SEC Division of Trading and Markets.

main street growth act sec bill amends securities_exchange_act permit national securities exchange listing tiers elect treatment venture exchange notifying securities_and_exchange_commission sec election time applies registration registering national securities exchange sec denies registration application months receipt application election shall deemed received sec approval similarly national securities exchange registers election treated venture exchange shall deemed approved sec denies approval months receiving notice election bill subjects venture exchange certain restrictions including constitute maintain provide market place facilities bringing purchasers sellers venture securities extend trading privileges venture security venture securities securities early stage growth company exempt registration securities act emerging growth company bill exempts venture exchange compliance specified national market system alternative trading system rules requirement submit data securities information processor mandatory use pricing respect trading venture exchange bill exempts registration securities_exchange_act certain securities exempted registration securities act issuer compliance disclosure obligations regulations act bill defines issuer market capitalization million initial public offering securities early stage growth company early stage growth company securities traded venture exchange shall cease early stage growth company reason market capitalization exceeding million threshold end consecutive months market capitalization exceeds million indexed inflation issuer cease early stage growth company exceeding market capitalization threshold venture exchange issuer request exempt issuer capitalization requirements month period referred extend exemption additional year securities act amended exempt venture securities state local government regulation bill expresses sense congress sec use general authority certain elements bill create office venture exchanges appropriate sec division trading markets


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

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

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

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


Summary: This bill amends the Internal Revenue Code, with respect to the taxation of S corporations, to exclude from the 100 shareholder limitation for such corporations individuals who acquired shares in an S corporation through: (1) a small issues public offering, or (2) one or more crowdfunding offerings.

bill amends_the_internal_revenue_code respect taxation corporations exclude shareholder limitation corporations individuals acquired shares corporation small issues public offering offerings


Summary:
Micro Offering Safe Harbor Act

This bill amends the Securities Act of 1933 to exempt from specified prohibitions against the sale or delivery after sale of unregistered securities, among other things, transactions involving the sale of securities by an issuer of micro-offerings that meet all of the following criteria:

 each purchaser has a substantive pre-existing relationship with either an officer or director of the issuer, or with a shareholder holding 10% or more of the issuer's shares; during the 12-month period preceding the transaction there are no more than 35 purchasers of such micro-offerings sold in reliance on this exemption; and the aggregate amount of all securities sold by the issuer (including any amount sold in reliance upon the exemption) during the 12-month period preceding the transaction does not exceed $500,000. The exemption provided under this bill is not available for a transaction involving a sale of securities if any of specified persons connected with their issuance would have triggered disqualification as a "bad actor" pursuant to regulations under the Act.

The bill also exempts such micro-offerings from state regulation of securities offerings.

micro offering safe harbor act bill amends securities act exempt specified prohibitions sale delivery sale unregistered securities things transactions involving sale securities issuer micro offerings meet following criteria purchaser substantive pre existing relationship officer director issuer shareholder holding issuer shares month period preceding transaction purchasers micro offerings sold reliance exemption aggregate securities sold issuer including sold reliance exemption month period preceding transaction exceed exemption provided bill available transaction involving sale securities specified persons connected issuance triggered disqualification bad actor pursuant regulations act bill exempts micro offerings state regulation securities offerings


Summary:
Private Placement Improvement Act of 2016

 This bill directs the Securities and Exchange Commission (SEC) to revise the filing requirements of Regulation D (which provides exemptions from securities registration requirements) 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 15 days after the date of first sale of such securities, a single notice of sales containing the information required by Form D (used to file a notice of an exempt offering of securities under Regulation D) for each new offering of securities.

 The SEC shall not: (1) require the issuer to file any notice of sales containing the information required by Form D except for this single notice; (2) condition the availability of the Rule 506 exemption upon the filing of a Form D or similar report; or (3) require 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.

 The SEC shall 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.

 The SEC shall not extend to private funds the requirements governing investment company sales literature.

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


Summary:
Supporting America's Innovators Act of 2016

This bill amends the Investment Company Act of 1940 to exempt from its coverage any issuer whose outstanding securities with respect to a qualifying venture capital fund (other than short-term paper) are beneficially owned by not more than 250 persons.

The bill defines "qualifying venture capital fund" as one with no more than $10 million (annually adjusted for inflation) in invested capital.

supporting america innovators act bill amends investment company act exempt coverage issuer outstanding securities respect qualifying venture capital_fund short term paper beneficially owned persons bill defines qualifying venture capital_fund million annually adjusted inflation invested capital


Summary:
Fix Crowdfunding Act

(Sec. 2) This bill amends the Securities Act of 1933 to allow a crowdfunding issuer to sell shares through a crowdfunding vehicle.

(Crowdfunding is a method of capital formation in which groups of people pool money, typically composed of small individual contributions, and often via Internet platforms, either to invest in a company or to support an effort by others to accomplish a specific goal.)

A "crowdfunding vehicle" is a company that:

 has purposes limited to acquiring, holding, and disposing securities issued by a single company in one or more transactions and made pursuant to crowdfunding exemption transaction requirements; issues only one class of securities; receives no compensation for such acquisition, holding, or disposition of securities; is a co-issuer with the company whose securities it holds; and meets specified requirements related to disclosure obligations and the use of investment advisers. (Sec. 3) The bill amends the Securities Exchange Act of 1934 to revise the conditions upon which the Securities and Exchange Commission (SEC) shall exempt securities issued in crowdfunding transactions from SEC registration requirements.

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

fix act sec bill amends securities act allow issuer sell shares vehicle method capital formation groups people pool money typically composed small individual contributions internet platforms invest company support effort accomplish specific goal vehicle company purposes limited acquiring holding disposing securities issued single company transactions pursuant exemption transaction requirements issues class securities receives compensation acquisition holding disposition securities issuer company securities holds meets specified requirements related disclosure obligations use investment advisers sec bill amends securities_exchange_act revise conditions securities_and_exchange_commission sec shall exempt securities issued transactions sec registration requirements current law holders shares count shareholder threshold issuer required register securities sec provided issuer current annual reporting obligations retains services registered transfer agent million assets bill maintains exemption removes replaces conditions applies specifically holders shares shall count shareholder threshold issuer public million annual revenues million


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

Fair Access to Investment Research Act of 2016

(Sec. 2) This bill directs the Securities and Exchange Commission (SEC) to revise a specified regulation to create a safe harbor for certain publications or distributions of research reports by brokers or dealers distributing securities.

The revised regulation shall declare that a published or distributed investment fund research report shall not be deemed to constitute an offer for sale or an offer to sell a security that is the subject of the offering pursuant to an effective registration statement, even if the broker or dealer is participating or will participate in the registered offering of the covered investment fund's securities.

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

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

Until the SEC has adopted such safe harbor revisions, and the Financial Industry Regulatory Authority (FINRA) has revised a related rule, a covered investment fund shall be deemed to be a security listed on a national securities exchange that is not subject to a certain filing requirement of the Investment Company Act of 1940.

measure amended introduced summary expanded action occurred measure fair access investment research_act sec bill directs securities_and_exchange_commission sec revise specified regulation create safe harbor certain publications distributions research reports brokers dealers distributing securities revised regulation shall declare published distributed investment fund research report shall deemed constitute offer sale offer sell security subject offering pursuant effective registration statement broker dealer participating participate registered offering covered investment fund securities covered investment fund research report shall deemed satisfy regulation requirements self regulatory organization sec shall impose specified conditions requirements implementing safe harbor sec adopted safe harbor revisions financial_industry_regulatory_authority finra revised related rule covered investment fund shall deemed security listed national securities exchange subject certain filing requirement investment company act