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