mon equity securities of the issuer pursuant 
to an effective registration statement under 
the Securities Act of 1933, the 3-year period 
beginning on such date; and 
‘‘(ii) in the case of any other issuer, 
the 1-year period beginning on the date the 
issuer is no longer an emerging growth com-
pany.’’. 
(2) PROXIES.—Section 14(i) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78n(i)) is amended 
by inserting ‘‘, for any issuer other than an emerging 
growth company,’’ after ‘‘including’’. 
(3) 
COMPENSATION
DISCLOSURES.—Section 
953(b)(1) of the Investor Protection and Securities 
Reform Act of 2010 (Public Law 111–203; 124 Stat. 
1904) is amended by inserting ‘‘, other than an 
emerging growth company, as that term is defined in 
section 3(a) of the Securities Exchange Act of 1934,’’ 
after ‘‘require each issuer’’. 
(b) FINANCIAL DISCLOSURES AND ACCOUNTING PRO-
NOUNCEMENTS.— 
(1) SECURITIES ACT OF 1933.—Section 7(a) of 
the Securities Act of 1933 (15 U.S.C. 77g(a)) is 
amended— 
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(A) by striking ‘‘(a) The registration’’ and 
inserting the following: 
‘‘(a) INFORMATION
REQUIRED
IN
REGISTRATION 
STATEMENT.— 
‘‘(1) IN GENERAL.—The registration’’; and 
(B) by adding at the end the following: 
‘‘(2) TREATMENT OF EMERGING GROWTH COMPA-
NIES.—An emerging growth company— 
‘‘(A) need not present more than 2 years of 
audited financial statements in order for the reg-
istration statement of such emerging growth 
company with respect to an initial public offer-
ing of its common equity securities to be effec-
tive, and in any other registration statement to 
be filed with the Commission, an emerging 
growth company need not present selected finan-
cial data in accordance with section 229.301 of 
title 17, Code of Federal Regulations, for any pe-
riod prior to the earliest audited period pre-
sented in connection with its initial public offer-
ing; and 
‘‘(B) may not be required to comply with 
any new or revised financial accounting stand-
ard until such date that a company that is not 
an issuer (as defined under section 2(a) of the 
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Sarbanes-Oxley Act of 2002 (15 U.S.C. 7201(a)) 
is required to comply with such new or revised 
accounting standard, if such standard applies to 
companies that are not issuers.’’. 
(2) SECURITIES EXCHANGE ACT OF 1934.—Sec-
tion 13(a) of the Securities Exchange Act of 1934 (15 
U.S.C. 78m(a)) is amended by adding at the end the 
following: ‘‘In any registration statement, periodic re-
port, or other reports to be filed with the Commission, 
an emerging growth company need not present se-
lected financial data in accordance with section 
229.301 of title 17, Code of Federal Regulations, for 
any period prior to the earliest audited period pre-
sented in connection with its first registration state-
ment that became effective under this Act or the Secu-
rities Act of 1933 and, with respect to any such state-
ment or reports, an emerging growth company may 
not be required to comply with any new or revised fi-
nancial accounting standard until such date that a 
company that is not an issuer (as defined under sec-
tion 2(a) of the Sarbanes-Oxley Act of 2002 (15 
U.S.C. 7201(a))) is required to comply with such new 
or revised accounting standard, if such standard ap-
plies to companies that are not issuers.’’. 
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