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(Original Signature of Member)
114TH CONGRESS
2D SESSION
H. R. ll
To amend the Securities Exchange Act of 1934 to allow for the creation
of venture exchanges to promote liquidity of venture securities, and
for other purposes.
A BILL
To amend the Securities Exchange Act of 1934 to allow
for the creation of venture exchanges to promote liquidity
of venture securities, and for other purposes.
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5 Act.
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1
OF
1934.Section
(1) REGISTRATION.
(A) IN
national securities
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rities exchange.
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(B) DETERMINATION
TIME
PERIOD.
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GENERAL.A
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(2) POWERS
venture
exchange
ties;
on the exchange;
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natory;
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security; and
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(3) EXEMPTIONS
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venture ex-
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Federal Regulations);
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AND RESTRICTIONS.A
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Federal Regulations);
mation processor; or
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(A) EARLY-STAGE,
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(i) IN
GENERAL.The
term early-
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issuer; and
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of $1,000,000,000 or less.
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(ii)
TREATMENT
WHEN
MARKET
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GROWTH COMPANY.
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$1,500,000,000.
(B)
VENTURE
SECURITY.The
term
(i)
securities
of
an
early-stage,
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company..
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OF
1933.Section 18(b)(1) of
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of 1934..
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(d) RULE
OF
14 tion or the amendments made by this section shall be con15 strued to impair or limit the construction of the antifraud
16 provisions of the securities laws (as defined in section 3(a)
17 of the Securities Exchange Act of 1934 (15 U.S.C.
18 78c(a))) or the authority of the Securities and Exchange
19 Commission under those provisions.
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FOR
TIERS
OF
EXISTING NA-
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1 to be treated as a venture exchange under subsection (m)
2 of such section shall not take effect before the date that
3 is 180 days after such date of enactment.
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