Securities Act; equity crowdfunding exemption. (SB542)

Introduced By

Sen. John Edwards (D-Roanoke) with support from co-patron Sen. Jennifer Boysko (D-Herndon)


Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law


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. Read the Bill »


Bill Has Passed


01/07/2020Prefiled and ordered printed; offered 01/08/20 20102490D
01/07/2020Referred to Committee on Commerce and Labor
01/14/2020Impact statement from SCC (SB542)
02/10/2020Reported from Commerce and Labor with substitute (15-Y 0-N) (see vote tally)
02/10/2020Committee substitute printed 20106798D-S1
02/11/2020Read second time
02/11/2020Reading of substitute waived
02/11/2020Committee substitute agreed to 20106798D-S1
02/11/2020Engrossed by Senate - committee substitute SB542S1
02/11/2020Constitutional reading dispensed (40-Y 0-N) (see vote tally)
02/11/2020Passed Senate (40-Y 0-N) (see vote tally)
02/14/2020Placed on Calendar
02/14/2020Read first time
02/14/2020Referred to Committee on Labor and Commerce
02/18/2020Reported from Labor and Commerce (21-Y 0-N) (see vote tally)
02/19/2020Impact statement from SCC (SB542S1)
02/20/2020Read second time
02/21/2020Read third time
02/21/2020Passed House BLOCK VOTE (98-Y 0-N)
02/21/2020VOTE: Block Vote Passage (98-Y 0-N) (see vote tally)
02/26/2020Bill text as passed Senate and House (SB542ER)
02/26/2020Impact statement from SCC (SB542ER)
02/27/2020Signed by President
02/27/2020Signed by Speaker
03/04/2020G Governor's Action Deadline 11:59 p.m., April 6, 2020
03/04/2020Enrolled Bill Communicated to Governor on March 4, 2020
03/04/2020G Governor's Action Deadline 11:59 p.m., March 11, 2020
03/11/2020G Approved by Governor-Chapter 279 (effective 7/1/20)
03/11/2020G Acts of Assembly Chapter text (CHAP0279)