Title: To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill revises requirements related to registration statements submitted to the Securities and Exchange Commission (SEC). First, the bill requires an emerging growth company to submit profit and loss statements from the previous 2 years, rather than the previous 3 years as under current law. In addition, the bill allows an issuer of securities to submit a draft registration statement to the SEC for confidential review prior to a public filing.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 9413 Introduced in House (IH)]

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117th CONGRESS
  2d Session
                                H. R. 9413

    To amend the Securities Exchange Act of 1934 to specify certain 
   registration statement contents for emerging growth companies, to 
     permit issuers to file draft registration statements with the 
  Securities and Exchange Commission for confidential review, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            December 2, 2022

 Mr. McHenry introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
    To amend the Securities Exchange Act of 1934 to specify certain 
   registration statement contents for emerging growth companies, to 
     permit issuers to file draft registration statements with the 
  Securities and Exchange Commission for confidential review, 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. REGISTRATION STATEMENTS.

    Section 12(b) of the Securities Exchange Act of 1934 (15 U.S.C. 
78l(b)) is amended--
            (1) in paragraph (1)(K), by striking ``years,'' and 
        inserting ``years (or, in the case of an emerging growth 
        company, not more than the two preceding years),''; and
            (2) by adding at the end the following:
``Any issuer may confidentially submit to the Commission a draft 
registration statement for confidential nonpublic review by the staff 
of the Commission prior to public filing, provided that the initial 
confidential submission and all amendments thereto shall be publicly 
filed with the Commission not later than 10 days before the issuer's 
requested date of effectiveness of the registration statement. 
Notwithstanding any other provision of this title, the Commission shall 
not be compelled to disclose any information provided to or obtained by 
the Commission pursuant to this subsection. For purposes of section 552 
of title 5, this subsection shall be considered a statute described in 
subsection (b)(3)(B) of such section 552. Information described in or 
obtained pursuant to this subsection shall be deemed to constitute 
confidential information for purposes of section 24.''.
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