H.R.5844

            I 

116TH CONGRESS 
2D SESSION H. R. 5844 

To amend the Securities Exchange Act of 1934 to revise the shareholder 
threshold for registration under that Act for issuers that receive support 
through certain Federal universal service support mechanisms, and for 
other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

FEBRUARY 11, 2020 
Mr. RIGGLEMAN introduced the following bill; which was referred to the 

Committee on Financial Services 

A BILL 
To amend the Securities Exchange Act of 1934 to revise 

the shareholder threshold for registration under that Act 
for issuers that receive support through certain Federal 
universal service support mechanisms, and for other pur-
poses. 

Be it enacted by the Senate and House of Representa-1

tives of the United States of America in Congress assembled, 2

SECTION 1. SHORT TITLE. 3

This Act may be cited as the ‘‘Access to Capital Cre-4

ates Economic Strength and Supports Rural America 5

Act’’ or the ‘‘ACCESS Rural America Act’’. 6

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2 

•HR 5844 IH

SEC. 2. SHAREHOLDER THRESHOLD FOR REGISTRATION 1

OF CERTAIN ISSUERS. 2

Section 12(g) of the Securities Exchange Act of 1934 3

(15 U.S.C. 78l(g)) is amended— 4

(1) in paragraph (1)— 5

(A) in subparagraph (A)(ii), by striking 6

‘‘and’’ at the end; 7

(B) in subparagraph (B), by adding ‘‘and’’ 8

at the end; 9

(C) by inserting after subparagraph (B) 10

the following: 11

‘‘(C) in the case of an issuer that, during its 12

previous fiscal year, received support, directly or 13

through an affiliate, through any Federal universal 14

service support mechanism established under section 15

254 of the Communications Act of 1934 (47 U.S.C. 16

254) and filed the report described in paragraph (7) 17

with respect to such fiscal year, not later than 120 18

days after the last day of its first fiscal year ended 19

after the date of enactment of this subparagraph, on 20

which the issuer has total assets exceeding 21

$10,000,000 and a class of equity security (other 22

than an exempted security) held of record by ei-23

ther— 24

‘‘(i) 2,000 persons, or 25

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3 

•HR 5844 IH

‘‘(ii) 1,250 persons who are not accredited 1

investors,’’; and 2

(D) in the flush text following subpara-3

graph (C), as added by subparagraph (C) of 4

this paragraph, by adding at the end the fol-5

lowing: ‘‘The dollar figures in subparagraph (C) 6

shall be indexed for inflation every 5 years by 7

the Commission to reflect the change in the 8

Consumer Price Index for All Urban Con-9

sumers published by the Bureau of Labor Sta-10

tistics, rounded to the nearest $100,000.’’; and 11

(2) by adding at the end the following: 12

‘‘(7) REPORT BY UNIVERSAL SERVICE SUPPORT 13

MECHANISM RECIPIENTS.— 14

‘‘(A) IN GENERAL.—The Commission shall 15

issue regulations to establish a financial summary 16

form that may be filed by an issuer that— 17

‘‘(i) during its previous fiscal year, received 18

support, directly or through an affiliate, 19

through any Federal universal service support 20

mechanism established under section 254 of the 21

Communications Act of 1934 (47 U.S.C. 254); 22

and 23

‘‘(ii) has a class of equity security held of 24

record by 500 or more persons who are not ac-25

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4 

•HR 5844 IH

credited investors, but fewer than 1,250 persons 1

who are not accredited investors. 2

‘‘(B) CONTENTS.—The form described in sub-3

paragraph (A) shall include a summary of the con-4

solidated balance sheet and the consolidated income 5

statement of the issuer and such other information 6

as the Commission determines is necessary and ap-7

propriate in the public interest and for the protec-8

tion of investors.’’. 9

Æ 

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	2020-02-19T05:22:04-0500
	US GPO, Washington, DC 20401
	Superintendent of Documents
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