This bill reduces the required aggregate market value of voting and non-voting common equity shares for an issuer of securities to qualify as a well-known seasoned issuer. A well-known seasoned issuer is allowed to make expedited public offerings of securities through automatic shelf registrations.
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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. DEFINITION OF WELL-KNOWN SEASONED ISSUER.

    For purposes of the Federal securities laws, and regulations issued 
thereunder, an issuer shall be a ``well-known seasoned issuer'' if--
            (1) the aggregate market value of the voting and non-voting 
        common equity held by non-affiliates of the issuer is 
        $75,000,000 or more (as determined under Form S-3 general 
        instruction I.B.1. as in effect on the date of enactment of 
        this Act); and
            (2) the issuer otherwise satisfies the requirements of the 
        definition of ``well-known seasoned issuer'' contained in 
        section 230.405 of title 17, Code of Federal Regulations (as in 
        effect on the date of enactment of this Act) without reference 
        to any requirement in such definition relating to minimum 
        worldwide market value of outstanding voting and non-voting 
        common equity held by non-affiliates.
                                 <all>
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.
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.
Official Titles - House of Representatives
Official Title as Introduced
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.
Rep. Steil, Bryan