To lower the aggregate market value of voting and non-voting common equity necessary for an issuer to qualify as a well-known seasoned issuer.

I 118TH CONGRESS 1ST SESSION H. R. 2625 To lower the aggregate market value of voting and non-voting common equity necessary for an issuer to qualify as a well-known seasoned issuer. IN THE HOUSE OF REPRESENTATIVES APRIL 13, 2023 Mr. STEIL introduced the following bill; which was referred to the Committee on Financial Services A BILL To lower the aggregate market value of voting and non- voting common equity necessary for an issuer to qualify as a well-known seasoned issuer. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. DEFINITION OF WELL-KNOWN SEASONED 3 ISSUER. 4 For purposes of the Federal securities laws, and reg- 5 ulations issued thereunder, an issuer shall be a ‘‘well- 6 known seasoned issuer’’ if— 7 (1) the aggregate market value of the voting 8 and non-voting common equity held by non-affiliates 9 of the issuer is $75,000,000 or more (as determined 10 VerDate Sep 11 2014 21:08 Apr 17, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2625.IH H2625 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HR 2625 IH under Form S–3 general instruction I.B.1. as in ef- 1 fect on the date of enactment of this Act); and 2 (2) the issuer otherwise satisfies the require- 3 ments of the definition of ‘‘well-known seasoned 4 issuer’’ contained in section 230.405 of title 17, 5 Code of Federal Regulations (as in effect on the 6 date of enactment of this Act) without reference to 7 any requirement in such definition relating to min- 8 imum worldwide market value of outstanding voting 9 and non-voting common equity held by non-affiliates. 10 Æ VerDate Sep 11 2014 21:08 Apr 17, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H2625.IH H2625 pbinns on DSKJLVW7X2PROD with $$_JOB