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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2064 Referred in Senate (RFS)]

114th CONGRESS
  1st Session
                                H. R. 2064

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 15, 2015

Received; read twice and referred to the Committee on Banking, Housing, 
                           and Urban Affairs

_______________________________________________________________________

                                 AN ACT

 
  To amend certain provisions of the securities laws relating to the 
                treatment of emerging growth companies.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Improving Access to Capital for 
Emerging Growth Companies Act''.

SEC. 2. FILING REQUIREMENT FOR PUBLIC FILING PRIOR TO PUBLIC OFFERING.

    Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1)) 
is amended by striking ``21 days'' and inserting ``15 days''.

SEC. 3. GRACE PERIOD FOR CHANGE OF STATUS OF EMERGING GROWTH COMPANIES.

    Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1)) 
is further amended by adding at the end the following: ``An issuer that 
was an emerging growth company at the time it submitted a confidential 
registration statement or, in lieu thereof, a publicly filed 
registration statement for review under this subsection but ceases to 
be an emerging growth company thereafter shall continue to be treated 
as an emerging market growth company for the purposes of this 
subsection through the earlier of the date on which the issuer 
consummates its initial public offering pursuant to such registrations 
statement or the end of the 1-year period beginning on the date the 
company ceases to be an emerging growth company.''.

SEC. 4. SIMPLIFIED DISCLOSURE REQUIREMENTS FOR EMERGING GROWTH 
              COMPANIES.

    Section 102 of the Jumpstart Our Business Startups Act (Public Law 
112-106) is amended by adding at the end the following:
    ``(d) Simplified Disclosure Requirements.--With respect to an 
emerging growth company (as such term is defined under section 2 of the 
Securities Act of 1933):
            ``(1) Requirement to include notice on forms s-1 and f-1.--
        Not later than 30 days after the date of enactment of this 
        subsection, the Securities and Exchange Commission shall revise 
        its general instructions on Forms S-1 and F-1 to indicate that 
        a registration statement filed (or submitted for confidential 
        review) by an issuer prior to an initial public offering may 
        omit financial information for historical periods otherwise 
        required by regulation S-X (17 CFR 210.1-01 et seq.) as of the 
        time of filing (or confidential submission) of such 
        registration statement, provided that--
                    ``(A) the omitted financial information relates to 
                a historical period that the issuer reasonably believes 
                will not be required to be included in the Form S-1 or 
                F-1 at the time of the contemplated offering; and
                    ``(B) prior to the issuer distributing a 
                preliminary prospectus to investors, such registration 
                statement is amended to include all financial 
                information required by such regulation S-X at the date 
                of such amendment.
            ``(2) Reliance by issuers.--Effective 30 days after the 
        date of enactment of this subsection, an issuer filing a 
        registration statement (or submitting the statement for 
        confidential review) on Form S-1 or Form F-1 may omit financial 
        information for historical periods otherwise required by 
        regulation S-X (17 CFR 210.1-01 et seq.) as of the time of 
        filing (or confidential submission) of such registration 
        statement, provided that--
                    ``(A) the omitted financial information relates to 
                a historical period that the issuer reasonably believes 
                will not be required to be included in the Form S-1 or 
                Form F-1 at the time of the contemplated offering; and
                    ``(B) prior to the issuer distributing a 
                preliminary prospectus to investors, such registration 
                statement is amended to include all financial 
                information required by such regulation S-X at the date 
                of such amendment.''.

            Passed the House of Representatives July 14, 2015.

            Attest:

                                                 KAREN L. HAAS,

                                                                 Clerk.
```