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.
Bill: H.R.9411 | Sponsor: Rep. McHenry, Patrick T. (R-NC)
Policy area: Finance and Financial Sector

Summary:
This bill limits the financial information an emerging growth company must submit to the Securities and Exchange Commission.

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.

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

SECTION 1. FINANCIAL STATEMENT REPORTING REQUIREMENTS FOR EMERGING 
              GROWTH COMPANIES.

    (a) Securities Act of 1933.--Section 7(a)(2) of the Securities Act 
of 1933 (15 U.S.C. 77g(a)(2)) is amended--
            (1) in subparagraph (A), by striking ``and'' at the end;
            (2) by redesignating subparagraph (B) as subparagraph (C); 
        and
            (3) by inserting after subparagraph (A) the following:
                    ``(B) need not present acquired company financial 
                statements or information otherwise required under 
                section 210.3 05 or section 210.11 01 of title 17, Code 
                of Federal Regulations, or any successor thereto, for 
                any period prior to the earliest audited period of the 
                emerging growth company presented in connection with 
                its initial public offering and, thereafter, in no 
                event shall an issuer that was an emerging growth 
                company but is no longer an emerging growth company be 
                required to present financial statements of the issuer 
                (or acquired company financial statements or 
                information otherwise required under section 210.3 05 
                or section 210.11 01 of title 17, Code of Federal 
                Regulations, or any successor thereto) for any period 
                prior to the earliest audited period of the emerging 
                growth company presented in connection with its initial 
                public offering; and''.
    (b) Securities Exchange Act of 1934.--Section 12(b)(1)(K) of the 
Securities Exchange Act of 1934 (15 U.S.C. 78l(b)(1)(K)) is amended by 
striking ``firm;'' and inserting ``firm, provided that the application 
of an emerging growth company need not present acquired company 
financial statements or information otherwise required under section 
210.3 05 or section 210.11 01 of title 17, Code of Federal Regulations, 
or any successor thereto, for any period prior to the earliest audited 
period of the emerging growth company presented in connection with its 
application and, thereafter, in no event shall an issuer that was an 
emerging growth company but is no longer an emerging growth company be 
required to present financial statements of the issuer (or acquired 
company financial statements or information otherwise required under 
section 210.3 05 or section 210.11 01 of title 17, Code of Federal 
Regulations, or any successor thereto) for any period prior to the 
earliest audited period of the emerging growth company presented in 
connection with any application under subsection (b) of this 
section;''.
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