House gets through first wave of amendments to JOBS act

But before roll call votes, the House accepted a handful of amendments by voice vote, including one from Rep. Stephen Fincher (R-Tenn.) making technical to the bill.

A second amendment, from Rep. Mike McIntyre (D-NC), would change the definition of emerging growth company so it adjusts for inflation, and this was also accepted by voice vote. Another from Rep. Sheila Jackson Lee (D-Texas) was also accepted; this would add a requirement that a company not be considered an emerging growth company if it has issued more than $1 billion in non-convertible debt over the prior three years.

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Also accepted was language from House Majority Whip Kevin McCarthy (R-Calif.), to clarify that general advertising only applies to Regulation D rule 506 offerings, and make other changes. The overall bill eases current rules that prevent small companies from soliciting capital through advertising.

Several other Democratic amendments were either defeated in a roll call vote or otherwise rejected, including language from:

Jim Himes (D-Conn.), to lower the gross revenue cap from $1 billion to $750 million for emerging growth companies to remain eligible for the regulatory on-ramp and strike the public float requirement for the on-ramp. Rejected 164-245.

Keith Ellison (D-Minn.), to require emerging growth companies to fully comply with say-on-pay and golden parachute shareholder votes. Rejected 169-244.

Maxine Waters (D-Calif.), to require that if a broker or dealer is underwriting an initial public offering for an emerging growth company and providing research to the public about this IPO, the reports shall be filed with the SEC and subjected to heightened legal liability. Rejected 161-259.

Jackson Lee, to strike language allowing an emerging growth company or its underwriter to communicate with accredited investors. Rejected voice vote.

Jackson Lee, to require emerging growth companies to pay a filing fee when submitting confidential draft registration statements. Withdrawn.

Gerry Connolly (D-Va.), to require the SEC to perform a study of the effects on emerging growth companies when raising capital financial speculation on domestic oil and gas. Rejected 185-236.

Remaining amendments to the bill will be debated and voted on Thursday.

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