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2020 SESSION
SB 542 Securities Act; equity crowdfunding exemption.
Introduced by: John S. Edwards | all patrons ... notes | add to my profiles
SUMMARY AS PASSED SENATE: (all summaries)
Securities Act; crowdfunding exemption. Repeals the sunset provision on the existing measure that authorizes the State Corporation Commission to adopt an exemption for limited offerings of securities by small and startup companies, known as equity crowdfunding, from the registration provisions of the Securities Act. These crowdfunding provisions, which were enacted in 2015, are currently scheduled to expire on July 1, 2020. The measure also broadens the existing exemption to apply to offerings conducted in accordance with Rule 147A adopted by the U.S. Securities and Exchange Commission (SEC). Because Rule 147A does not require the issuer of the securities to be incorporated or organized in the same state where the offering occurs, the measure creates a carve-out for offerings under Rule 147A from the existing requirement that the issuer be formed, organized, or existing under the laws of the Commonwealth. This bill is identical to HB 1339.
FULL TEXT
- 01/07/20 Senate: Prefiled and ordered printed; offered 01/08/20 20102490D pdf | impact statement
- 02/10/20 Senate: Committee substitute printed 20106798D-S1 pdf | impact statement
- 02/26/20 Senate: Bill text as passed Senate and House (SB542ER) pdf | impact statement
- 03/11/20 Governor: Acts of Assembly Chapter text (CHAP0279) pdf
HISTORY
- 01/07/20 Senate: Prefiled and ordered printed; offered 01/08/20 20102490D
- 01/07/20 Senate: Referred to Committee on Commerce and Labor
- 02/10/20 Senate: Reported from Commerce and Labor with substitute (15-Y 0-N)
- 02/10/20 Senate: Committee substitute printed 20106798D-S1
- 02/11/20 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/11/20 Senate: Read second time
- 02/11/20 Senate: Reading of substitute waived
- 02/11/20 Senate: Committee substitute agreed to 20106798D-S1
- 02/11/20 Senate: Engrossed by Senate - committee substitute SB542S1
- 02/11/20 Senate: Constitutional reading dispensed (40-Y 0-N)
- 02/11/20 Senate: Passed Senate (40-Y 0-N)
- 02/14/20 House: Placed on Calendar
- 02/14/20 House: Read first time
- 02/14/20 House: Referred to Committee on Labor and Commerce
- 02/18/20 House: Reported from Labor and Commerce (21-Y 0-N)
- 02/20/20 House: Read second time
- 02/21/20 House: Read third time
- 02/21/20 House: Passed House BLOCK VOTE (98-Y 0-N)
- 02/21/20 House: VOTE: Block Vote Passage (98-Y 0-N)
- 02/26/20 Senate: Enrolled
- 02/26/20 Senate: Bill text as passed Senate and House (SB542ER)
- 02/27/20 Senate: Signed by President
- 02/27/20 House: Signed by Speaker
- 03/04/20 Senate: Enrolled Bill Communicated to Governor on March 4, 2020
- 03/04/20 Governor: Governor's Action Deadline 11:59 p.m., March 11, 2020
- 03/11/20 Governor: Approved by Governor-Chapter 279 (effective 7/1/20)
- 03/11/20 Governor: Acts of Assembly Chapter text (CHAP0279)