Improving Access to Capital for Emerging Growth Companies Act

Bill: 114-hr-2064
Sponsor: Rep. Fincher, Stephen Lee [R-TN-8]
Introduced: 2015-04-28 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Business investment and capital
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2015-04-28
text: 

Improving Access To Capital For Emerging Growth Companies Act

 
Amends the Securities Act of 1933 to reduce from 21 to 15 the number of days before a &quot;road show&quot; that an emerging growth company (EGC), before its initial public offering (IPO) date, may publicly file a draft registration statement for confidential nonpublic review by the SEC.
 
(A financial &quot;road show&quot; is an offer [other than a statutory prospectus or a portion of one] that contains a presentation regarding an offering by one or more members of the issuer's management and includes discussion of one or more of the issuer, such management, and the securities being offered. Typically, a road show is a series of meetings across different cities, often before an IPO, in which top executives from a company have the opportunity to talk with current or potential investors.)
 
Prescribes a grace period during which an issuer that was an EGC at the time it filed a confidential registration statement (or, in lieu of that, a publicly filed registration statement) for SEC review, but ceases to be an EGC, shall continue to be treated as an emerging market growth company for one year or, if earlier, until consummation of its IPO. 
 
 Amends the Jumpstart Our Business Startups Act to direct the SEC to prescribe conditions under which a registration statement filed (or submitted for confidential review) by an issuer before its IPO may omit financial disclosure information for historical periods otherwise required.

action_date: 2015-07-14
text: 

Improving Access To Capital For Emerging Growth Companies Act

 
(Sec. 2) Amends the Securities Act of 1933 to reduce from 21 to 15 the number of days before a &quot;road show&quot; that an emerging growth company (EGC), before its initial public offering (IPO) date, may publicly file a draft registration statement for confidential nonpublic review by the SEC.
 
(A financial &quot;road show&quot; is an offer [other than a statutory prospectus or a portion of one] that contains a presentation regarding an offering by one or more members of the issuer's management and includes discussion of one or more of the issuer, such management, and the securities being offered. Typically, a road show is a series of meetings across different cities, often before an IPO, in which top executives from a company have the opportunity to talk with current or potential investors.)
 
(Sec. 3) Prescribes a grace period during which an issuer that was an EGC at the time it filed a confidential registration statement (or, in lieu of that, a publicly filed registration statement) for SEC review, but ceases to be an EGC, shall continue to be treated as an emerging market growth company for one year or, if earlier, until consummation of its IPO. 
 
 (Sec. 4) Amends the Jumpstart Our Business Startups Act to direct the SEC to prescribe conditions under which a registration statement filed (or submitted for confidential review) by an issuer before its IPO may omit financial disclosure information for historical periods otherwise required.


Legislative actions:
action_date: 2015-07-15
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2015-07-14
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2015-07-14
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5147-5148)
action_date: 2015-07-14
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H5147-5148)
action_date: 2015-07-14
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 2064.
action_date: 2015-07-14
text: Considered under suspension of the rules. (consideration: CR H5147-5149)
action_date: 2015-07-14
text: Mr. Hurt (VA) moved to suspend the rules and pass the bill, as amended.
action_date: 2015-07-14
text: Placed on the Union Calendar, Calendar No. 152.
action_date: 2015-07-14
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-203.
action_date: 2015-07-14
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 114-203.
action_date: 2015-05-20
text: Ordered to be Reported (Amended) by the Yeas and Nays: 57 - 0.
action_date: 2015-05-20
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-04-29
text: Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Referral.
action_date: 2015-04-28
text: Referred to the House Committee on Financial Services.
action_date: 2015-04-28
text: Introduced in House
action_date: 2015-04-28
text: Introduced in House