Expanding WKSI Eligibility Act
Sponsored By: Representative Rep. Steil, Bryan [R-WI-1]
Passed House
Summary
Expands eligibility for well-known seasoned issuer (WKSI) status. This bill would let companies qualify as a WKSI if the aggregate market value of their voting and non-voting common equity held by non-affiliates is $400 million or more and they meet the other WKSI requirements without reference to a separate worldwide market-value test.
Show full summary
- Companies: Firms with at least $400 million in non-affiliate common equity could meet the WKSI threshold using the Form S-3 instruction I.B.1 valuation method.
- SEC and transparency: The Securities and Exchange Commission would have to publish, within 90 days after each calendar year, the total number of applications that sought a determination under section 230.405 to meet WKSI criteria and were later withdrawn.
- Implementation: The bill relies on the SEC's existing administrative authority and does not authorize new appropriations to carry out the reporting requirement.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
More companies could use faster SEC filings
If enacted, more public companies could get well-known seasoned issuer (WKSI) status. A company would qualify if the market value of its common stock held by non‑affiliates is $400 million or more. The value would be measured under SEC Form S‑3 rules in place on enactment. The company would still need to meet other WKSI rules, but any separate worldwide market value test would not apply. This could let eligible companies file faster and raise money more easily. It would take effect upon enactment.
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Sponsors & CoSponsors
Sponsor
Rep. Steil, Bryan [R-WI-1]
WI • R
Cosponsors
Rep. Fields, Cleo [D-LA-6]
LA • D
Sponsored 7/21/2025
Rep. Meuser, Daniel [R-PA-9]
PA • R
Sponsored 7/21/2025
Rep. Himes, James A. [D-CT-4]
CT • D
Sponsored 7/25/2025
Roll Call Votes
No roll call votes available for this bill.
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