118th CONGRESS
2d Session
S. 3242
AN ACT
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.
Short title
This Act may be cited as the Access to Capital Creates Economic Strength and Supports Rural America Act
or the ACCESS Rural America Act
.
Exemption from certain registration requirements
Section 12(g)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)(2)) is amended by adding at the end the following:
any security where—
the issuer of the security, during its previous fiscal year—
received support through the Federal universal service support mechanism for rural, insular, and high cost areas established under section 254 of the Communications Act of 1934 (47 U.S.C. 254); and
with respect to such fiscal year, not later than 120 days after the last day of such fiscal year, filed with the Commission a financial summary form that—
the issuer also delivered to each holder of record; and
included—
a summary of the consolidated balance sheet and consolidated income statement of the issuer; and
such other financially material information as the Commission determines is necessary and appropriate in the public interest and for the protection of investors;
as of the last day of the previous fiscal year of the issuer of the security, the security is held of record by—
more than 500 persons that are not accredited investors; and
fewer than 2,000 persons; and
the issuer of the security has total assets of not more than $10,000,000, which the Commission shall index for inflation every 5 years to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, rounded to the nearest $100,000.
.
Passed the Senate December 4, 2024.
Secretary