June 25, 2025
Mr. Garbarino introduced the following bill; which was referred to the Committee on Financial Services
To amend the Securities Exchange Act of 1934 to exclude qualified institutional buyers and institutional accredited investors when calculating holders of a security for purposes of the mandatory registration threshold under such Act, and for other purposes.
Section 1. Short title
This Act may be cited as the Small Business Relief Act
.
Sec. 2. Exclusions from mandatory registration threshold
(a) In general
Section 12(g)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)(1)) is amended—
(1)
in paragraph (A)(i), by inserting after persons
the following: (that are not a qualified institutional buyer or an institutional accredited investor)
; and
(2)
in paragraph (B), by inserting after persons
the following: (that are not a qualified institutional buyer or an institutional accredited investor)
.
(b) Nonapplicability of general exemptive authority
Section 36 of the Securities Exchange Act of 1934 (15 U.S.C. 78mm) shall not apply to the matter inserted by the amendments made by subsection (a).