IB 

Union Calendar No. 65 

118TH CONGRESS 

1ST SESSION H. R. 2608 

[Report No. 118–88] 

To amend the Federal securities laws to specify the periods for which financial 

statements are required to be provided by an emerging growth company, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 13, 2023 

Mr. MCHENRY introduced the following bill; which was referred to the 

Committee on Financial Services 

JUNE 5, 2023 

Reported with an amendment, committed to the Committee of the Whole 

House on the State of the Union, and ordered to be printed 

[Strike out all after the enacting clause and insert the part printed in italic] 

[For text of introduced bill, see copy of bill as introduced on April 13, 2023] 


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•HR 2608 RH

A BILL 

To amend the Federal securities laws to specify the periods 

for which financial statements are required to be provided by an emerging growth company, and for other 

purposes. 


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•HR 2608 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. FINANCIAL STATEMENT REPORTING REQUIRE4 MENTS FOR EMERGING GROWTH COMPANIES. 

5 (a) SECURITIES ACT OF 1933.—Section 7(a)(2) of the 

6 Securities Act of 1933 (15 U.S.C. 77g(a)(2)) is amended— 

7 (1) in subparagraph (A), by striking ‘‘and’’ at 

8 the end; 

9 (2) by redesignating subparagraph (B) as sub10 paragraph (C); and 

11 (3) by inserting after subparagraph (A) the fol12 lowing: 

13 ‘‘(B) need not present acquired company fi14 nancial statements or information otherwise re15 quired under section 210.3-05 or section 210.8-04 

16 of title 17, Code of Federal Regulations, or any 

17 successor thereto, for any period prior to the ear18 liest audited period of the emerging growth com19 pany presented in connection with its initial 

20 public offering and, thereafter, in no event shall 

21 an issuer that was an emerging growth company 

22 but is no longer an emerging growth company be 

23 required to present financial statements of the 

24 issuer (or acquired company financial state25 ments or information otherwise required under 


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•HR 2608 RH

1 section 210.3-05 or section 210.8-04 of title 17, 

2 Code of Federal Regulations, or any successor 

3 thereto) for any period prior to the earliest au4 dited period of the emerging growth company 

5 presented in connection with its initial public of6 fering; and’’. 

7 (b) SECURITIES EXCHANGE ACT OF 1934.—Section 

8 12(b)(1)(K) of the Securities Exchange Act of 1934 (15 

9 U.S.C. 78l(b)(1)(K)) is amended by striking ‘‘firm;’’ and 

10 inserting ‘‘firm, provided that the application of an emerg11 ing growth company need not present acquired company 

12 financial statements or information otherwise required 

13 under section 210.3-05 or section 210.8-04 of title 17, Code 

14 of Federal Regulations, or any successor thereto, for any 

15 period prior to the earliest audited period of the emerging 

16 growth company presented in connection with its applica17 tion and, thereafter, in no event shall an issuer that was 

18 an emerging growth company but is no longer an emerging 

19 growth company be required to present financial statements 

20 of the issuer (or acquired company financial statements or 

21 information otherwise required under section 210.3-05 or 

22 section 210.8-04 of title 17, Code of Federal Regulations, 

23 or any successor thereto) for any period prior to the earliest 

24 audited period of the emerging growth company presented 


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•HR 2608 RH

1 in connection with any application under subsection (b) of 

2 this section;’’. 


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Union Calendar No. 65 

118TH CONGRESS 

1ST SESSION H. R. 2608 

[Report No. 118–88] 

A BILL 

To amend the Federal securities laws to specify the 

company, and for other purposes. quired to be provided by an emerging growth periods for which financial statements are reJUNE 5, 2023 

Reported with an amendment, committed to the Comand ordered to be printed mittee of the Whole House on the State of the Union, 


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