I
118THCONGRESS
1
STSESSION 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
APRIL13, 2023
Mr. S
TEILintroduced 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
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•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
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