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HR 5913 117th Congress House Finance and Financial Sector Corporate finance and management Financial services and investments Licensing and registrations Securities

Protecting Investors from Excessive SPACs Fees Act of 2021

Introduced: November 9, 2021 Introduced by: Sherman, Brad Democratic · California See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 16, 2021
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 29 - 23.
Nov 16, 2021
Committee Consideration and Mark-up Session Held.
Nov 9, 2021
Referred to the House Committee on Financial Services.
Nov 9, 2021
Introduced in House
 Plain-English summary Congressional Research Service

Protecting Investors from Excessive SPACs Fees Act of 2021

This bill limits the transaction or recommendation by registered investment advisers to specified investors of securities belonging to certain special purpose acquisition companies and brokers. Special purpose acquisition companies raise capital through initial public offerings with the intent to acquire other companies.

Specifically, these securities may not be recommended to a person who is not an accredited investor unless the related economic compensation is 5% or less or the company makes necessary disclosures to the Securities and Exchange Commission for the protection of investors. An accredited investor must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.

What's happening now November 16, 2021

Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 29 - 23.

 Committees of jurisdiction 1