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.
Sponsors
Legislative Progress
Passed HouseReceived; read twice and referred to the Committee on Banking, …
Passed House (inferred from eh version)
Additional sponsors: Mr. Fields, Mr. Meuser, and Mr. Himes
Reported with an amendment, committed to the Committee of the …
Mr. Steil introduced the following bill; which was referred to …
Summary
What This Bill Does
Reduces the aggregate market value threshold for companies to qualify as well-known seasoned issuers (WKSIs) from the current level to $400 million. WKSIs enjoy streamlined securities registration and can access capital markets more quickly.
Who Benefits and How
Mid-sized public companies with $400M+ market value gain WKSI status, enabling faster and cheaper access to capital markets. Investment banks benefit from increased deal flow with newly eligible issuers.
Who Bears the Burden and How
SEC must track and publish annual data on WKSI applications. Investors in newly eligible WKSIs may face slightly reduced disclosure protections compared to non-WKSI offerings.
Key Provisions
- Sets $400 million market value threshold for WKSI eligibility
- SEC must publish annual statistics on WKSI applications
- Companies must still meet other WKSI requirements beyond market value
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Lowers market value threshold for well-known seasoned issuer status
Policy Domains
Legislative Strategy
"Expand capital market access for mid-sized public companies"
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "sec"
- → Securities and Exchange Commission
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology