IB 
Union Calendar No. 152 
114TH CONGRESS 
1ST SESSION H. R. 2064 
[Report No. 114–203] 
To amend certain provisions of the securities laws relating to the treatment 
of emerging growth companies. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 28, 2015 
Mr. FINCHER (for himself and Mr. DELANEY) introduced the following bill; 
which was referred to the Committee on Financial Services 
JULY 14, 2015 
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 28, 2015] 
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A BILL 
To amend certain provisions of the securities laws relating 
to the treatment of emerging growth companies. 
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Be it enacted by the Senate and House of Representa-
tives 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 EMERG-
ING 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 fol-
lowing: ‘‘An issuer that was an emerging growth company 
at the time it submitted a confidential registration state-
ment or, in lieu thereof, a publicly filed registration state-
ment 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 pur-
poses 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.’’. 
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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 in-
structions on Forms S–1 and F-1 to indicate that a 
registration statement filed (or submitted for con-
fidential review) by an issuer prior to an initial pub-
lic offering may omit financial information for his-
torical periods otherwise required by regulation S–X 
(17 C.F.R. 210.1–01 et seq.) as of the time of filing 
(or confidential submission) of such registration state-
ment, provided that— 
‘‘(A) the omitted financial information re-
lates to a historical period that the issuer reason-
ably believes will not be required to be included 
in the Form S–1 or F-1 at the time of the con-
templated offering; and 
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‘‘(B) prior to the issuer distributing a pre-
liminary prospectus to investors, such registra-
tion statement is amended to include all finan-
cial 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 histor-
ical periods otherwise required by regulation S–X (17 
C.F.R. 210.1–01 et seq.) as of the time of filing (or 
confidential submission) of such registration state-
ment, provided that— 
‘‘(A) the omitted financial information re-
lates to a historical period that the issuer reason-
ably 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 pre-
liminary prospectus to investors, such registra-
tion statement is amended to include all finan-
cial information required by such regulation S– 
X at the date of such amendment.’’. 
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Union Calendar No. 152 
114TH CONGRESS 
1ST SESSION 
H. R. 2064 
[Report No. 114–203] 
A BILL 
To amend certain provisions of the securities laws 
relating to the treatment of emerging growth 
companies. 
JULY 14, 2015 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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