Page:United States Statutes at Large Volume 94 Part 2.djvu/1016

 94 STAT. 2294

PUBLIC LAW 96-477—OCT. 21, 1980 EFFECTIVE DATE

15 USC 80c note.

Small Business

SEC. 507. Except as otherwise specified, the amendments made by this title shall become effective January 1 of the year following the date of enactment of this Act. TITLE VI—SMALL BUSINESS ISSUERS' SIMPLIFICATION

Issuers' Simplification

C H O P T TTTT V

Act of 1980.

SHORT TITLE

15 USC 77a note.

SEC. 601. This title may be cited as the "Small Business Issuers' Simplification Act of 1980'^'. TRANSACTIONS INVOLVING ACCREDITED INVESTORS

15 USC 77c.

SEC. 602. Section 4 of the Securities Act of 1933 (15 U.S.C. 77d) is amended by adding at the end thereof the following new paragraph: "(6) transactions involving offers or sales by an issuer solely to one or more accredited investors, if the aggregate offering price of an issue of securities offered in reliance on this paragraph does not exceed the amount allowed under section SOD) of this title, if there is no advertising or public solicitation in connection with the transaction by the issuer or anyone acting on the issuer's behalf, and if the issuer files such notice with the Commission as the Commission shall prescribe.". DEFINITIONS

15 USC 80a-5i. Ante, p. 2275.

29 USC 1001 ^°^^29 USC 1002.

SEC. 603. Section 2 of the Securities Act (15 U.S.C. 77b) is amended by adding at the end thereof the following new paragraphs: '(15) The term 'accredited investor' shall mean— "(i) a bank as defined in section 3(a)(2) of the Act whether acting in its individual or fiduciary capacity; an insurance company as defined in section 2(13) of the Act; an investment company registered under the Investment Company Act of 1940 or a business development company as defined in section 2(a)(48) of that Act; a Small Business Investment Company licensed by the Small Business Administration; or an employee benefit plan, including an individual retirement account, which is subject to the provisions of the Employee Retirement Income Security Act of 1974, if the investment decision is made by a plan fiduciary, as defined in section 3(21) of such Act, which is either a bank, insurance company, or registered investment adviser; or "(ii) any person who, on the basis of such factors as financial sophistication, net worth, knowledge, and experience in financial matters, or amount of assets under management qualifies as an accredited investor under rules and regulations which the Commission shall prescribe.". TITLE VII—EMPLOYEE BENEFIT PLAN EXEMPTIONS SEC. 701. Section 3(a)(2) of the Securities Act of 1933 (15 U.S.C. 77c(a)(2)) is amended by striking out "or any interest or participation in a single" and all that follows through "section 401(c)(1) of such Code." and inserting in lieu thereof the following: "or any interest or participation in a single trust fund, or in a collective trust fund maintained by a bank, or any security arising out of a contract issued by an insurance company, which interest, participation, or security is

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