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2015 SESSION
HB 1623 Securities Act; crowdfunding exemption.
Introduced by: Glenn R. Davis | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Securities Act; crowdfunding exemption. Creates an exemption from the securities, broker-dealer, and agent registration requirements of the Securities Act for any security issued by a Virginia entity if (i) the offering is conducted in accordance with the federal exemption for intrastate offerings in § 3(a)(11) of the Securities Act of 1933 and Securities Exchange Commission Rule 147; (ii) the offer and sale are made only to Virginia residents; (iii) the aggregate price of the securities offered under the exemption does not exceed $2 million or such other amount as the State Corporation Commission (SCC) establishes by rule or order; (iv) the maximum amount that may be invested by a purchaser who is not an accredited investor is $10,000 or such other amount as the SCC establishes by rule or order; (v) compensation is not paid to employees, agents, or other persons for the solicitation or based on the sale of such securities, who are not registered as a broker-dealer or agent except as permitted by the SCC; (vi) neither the issuer nor any related person is subject to disqualification; and (vii) the security is sold in an offering conducted in compliance with conditions established by rule or order of the SCC. The SCC may assess a filing fee not to exceed $500.
FULL TEXT
HISTORY
- 01/08/15 House: Prefiled and ordered printed; offered 01/14/15 15102241D
- 01/08/15 House: Referred to Committee on Commerce and Labor
- 01/20/15 House: Assigned C & L sub: Subcommittee #2
- 01/22/15 House: Subcommittee recommends laying on the table by voice vote
- 02/10/15 House: Left in Commerce and Labor