Promoting Opportunities for Non-Traditional Capital Formation Act in plain language
1: Short title
This section would give the Act the short title "Promoting Opportunities for Non-Traditional Capital Formation Act."
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1. Short title This Act may be cited as the Promoting Opportunities for Non-Traditional Capital Formation Act .
2: Promoting capital raising options for traditionally underrepresented small businesses
This section would add two new duties to the list of duties of the Advocate for Small Business Capital Formation under the Securities Exchange Act of 1934 (15 U.S.C. 78d(j)(4)), and would make conforming punctuation changes to the existing list so the new duties can be added at the end. First, the Advocate would be required to provide educational resources and to host or participate in events for small businesses and small business investors, including to raise awareness of capital raising options for underrepresented small businesses (including women-owned and minority-owned small businesses), businesses located in rural areas, and small businesses affected by hurricanes or other natural disasters. Second, the Advocate would be required to meet at least annually with representatives of State securities commissions to discuss opportunities for collaboration and coordination on efforts to assist small businesses and small business investors.
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2. Promoting capital raising options for traditionally underrepresented small businesses Section 4(j)(4) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78d(j)(4) ) is amended— (1) in subparagraph (G), by striking and at the end; (2) in subparagraph (H), by striking the period at the end and inserting a semicolon; and (3) by adding at the end the following: (I) provide educational resources and host or participate in events for small businesses and small business investors, including to raise awareness of capital raising options for— (i) underrepresented small businesses, including women-owned and minority-owned small businesses; (ii) businesses located in rural areas; and (iii) small businesses affected by hurricanes or other natural disasters; and (J) at least annually, meet with representatives of State securities commissions to discuss opportunities for collaboration and coordination with respect to efforts to assist small businesses and small business investors. .