Encouraging Public Offerings Act of 2017

Bill: 115-hr-3903
Sponsor: full_name: Rep. Budd, Ted [R-NC-13]
Introduced: 2017-10-02
Policy area: Finance and Financial Sector
Subjects: Financial services and investments

Government information and archives

Securities
Latest action: action_date: 2017-11-02
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-10-02
action_desc: Introduced in House
text: <p><b>Encouraging Public Offerings Act of 2017 </b></p> <p>This bill amends the Securities Act of 1933 to allow an issuer of securities to communicate with potential investors to ascertain interest in a contemplated securities offering, either before or after the filing of a registration statement (i.e., "test the waters"). Under current law, only emerging growth companies may engage in such communications. </p> <p>The bill also allows&nbsp;an issuer to submit a confidential draft registration statement to the Securities and Exchange Commission for review prior to public filing or within one year after the&nbsp;initial public offering or registration. </p>

action_date: 2017-10-31
action_desc: Reported to House with amendment(s)
text: <p><b>Encouraging Public Offerings Act of 2017 </b></p> <p>This bill amends the Securities Act of 1933 to allow an issuer of securities to communicate with potential investors to ascertain interest in a contemplated securities offering, either before or after the filing of a registration statement (i.e., "test the waters"). Under current law, only emerging growth companies may engage in such communications. </p> <p>The bill also allows&nbsp;an issuer to submit a confidential draft registration statement to the Securities and Exchange Commission for review prior to public filing or within one year after the&nbsp;initial public offering or registration. </p>

action_date: 2017-11-01
action_desc: Passed House amended
text: <p><b>Encouraging Public Offerings Act of 2017 </b></p> <p>(Sec. 2) This bill amends the Securities Act of 1933 to allow an issuer of securities to communicate with potential investors to ascertain interest in a contemplated securities offering, either before or after the filing of a registration statement (i.e., "test the waters"). Under current law, only emerging growth companies may engage in such communications. </p> <p>The bill also allows&nbsp;an issuer to submit a confidential draft registration statement to the Securities and Exchange Commission for review prior to public filing or within one year after the&nbsp;initial public offering or registration. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3903 IN THE HOUSE OF REPRESENTATIVES October 2, 2017 Mr. Budd (for himself and Mr. Meeks ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Securities Act of 1933 to expand the ability to use testing the waters and confidential draft registration submissions, and for other purposes.

1. Short title This Act may be cited as the Encouraging Public Offerings Act of 2017 . 2. Expanding testing the waters and confidential submissions The Securities Act of 1933 ( 15 U.S.C. 77a et seq.) is amended— (1) in section 5(d), by striking an emerging growth company or any person authorized to act on behalf of an emerging growth company and inserting an issuer or any person authorized to act on behalf of an issuer ; and (2) in section 6(e)— (A) in the heading, by striking Emerging growth companies and inserting Draft registration statements ; (B) by redesignating paragraph (2) as paragraph (3); and (C) by striking paragraph (1) and inserting the following: (1) Prior to initial public offering Any issuer, prior to its initial public offering date, 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 15 days before the date on which the issuer conducts a road show (as defined under section 230.433(h)(4) of title 17, Code of Federal Regulations) or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement. (2) Within one year after initial public offering or exchange registration Any issuer, within the one-year period following its initial public offering or its registration of a security under section 12(b) of the Securities Exchange Act of 1934, 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 15 days before the date on which the issuer conducts a road show (as defined under section 230.433(h)(4) of title 17, Code of Federal Regulations) or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement. .

tv_txt: IB Union Calendar No. 274 115th CONGRESS 1st Session H. R. 3903 [Report No. 115–374] IN THE HOUSE OF REPRESENTATIVES October 2, 2017 Mr. Budd (for himself and Mr. Meeks ) introduced the following bill; which was referred to the Committee on Financial Services October 31, 2017 Reported with amendments, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed A BILL To amend the Securities Act of 1933 to expand the ability to use testing the waters and confidential draft registration submissions, and for other purposes.

1. Short title This Act may be cited as the Encouraging Public Offerings Act of 2017 . 2. Expanding testing the waters and confidential submissions The Securities Act of 1933 ( 15 U.S.C. 77a et seq.) is amended— (1) in section 5(d), by striking an emerging growth company or any person authorized to act on behalf of an emerging growth company and inserting an issuer or any person authorized to act on behalf of an issuer ; and (1) in section 5(d)— (A) by striking Notwithstanding and inserting the following: (1) In general Notwithstanding ; (B) by striking an emerging growth company or any person authorized to act on behalf of an emerging growth company and inserting an issuer or any person authorized to act on behalf of an issuer ; and (C) by adding at the end the following: (2) Additional requirements (A) In general The Commission may issue regulations, subject to public notice and comment, to impose such other terms, conditions, or requirements on the engaging in oral or written communications described under paragraph (1) by an issuer other than an emerging growth company as the Commission determines appropriate. (B) Report to Congress Prior to any rulemaking described under subparagraph (A), the Commission shall issue a report to the Congress containing a list of the findings supporting the basis of such rulemaking. ; and (2) in section 6(e)— (A) in the heading, by striking Emerging growth companies and inserting Draft registration statements ; (B) by redesignating paragraph (2) as paragraph (3) paragraph (4) ; and (C) by striking paragraph (1) and inserting the following: (1) Prior to initial public offering Any issuer, prior to its initial public offering date, 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 15 days before the date on which the issuer conducts a road show (as defined under section 230.433(h)(4) of title 17, Code of Federal Regulations) or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement. (2) Within one year after initial public offering or exchange registration Any issuer, within the one-year period following its initial public offering or its registration of a security under section 12(b) of the Securities Exchange Act of 1934, 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 15 days before the date on which the issuer conducts a road show (as defined under section 230.433(h)(4) of title 17, Code of Federal Regulations) or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement. (3) Additional requirements (A) In general The Commission may issue regulations, subject to public notice and comment, to impose such other terms, conditions, or requirements on the submission of draft registration statements described under this subsection by an issuer other than an emerging growth company as the Commission determines appropriate. (B) Report to Congress Prior to any rulemaking described under subparagraph (A), the Commission shall issue a report to the Congress containing a list of the findings supporting the basis of such rulemaking. .

October 31, 2017 Reported with amendments, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: IB 115th CONGRESS 1st Session H. R. 3903 IN THE HOUSE OF REPRESENTATIVES AN ACT To amend the Securities Act of 1933 to expand the ability to use testing the waters and confidential draft registration submissions, and for other purposes.

1. Short title This Act may be cited as the Encouraging Public Offerings Act of 2017 . 2. Expanding testing the waters and confidential submissions The Securities Act of 1933 ( 15 U.S.C. 77a et seq.) is amended— (1) in section 5(d)— (A) by striking Notwithstanding and inserting the following: (1) In general Notwithstanding ; (B) by striking an emerging growth company or any person authorized to act on behalf of an emerging growth company and inserting an issuer or any person authorized to act on behalf of an issuer ; and (C) by adding at the end the following: (2) Additional requirements (A) In general The Commission may issue regulations, subject to public notice and comment, to impose such other terms, conditions, or requirements on the engaging in oral or written communications described under paragraph (1) by an issuer other than an emerging growth company as the Commission determines appropriate. (B) Report to Congress Prior to any rulemaking described under subparagraph (A), the Commission shall issue a report to the Congress containing a list of the findings supporting the basis of such rulemaking. ; and (2) in section 6(e)— (A) in the heading, by striking Emerging growth companies and inserting Draft registration statements ; (B) by redesignating paragraph (2) as paragraph (4); and (C) by striking paragraph (1) and inserting the following: (1) Prior to initial public offering Any issuer, prior to its initial public offering date, 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 15 days before the date on which the issuer conducts a road show (as defined under section 230.433(h)(4) of title 17, Code of Federal Regulations) or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement. (2) Within 1 year after initial public offering or exchange registration Any issuer, within the 1-year period following its initial public offering or its registration of a security under section 12(b) of the Securities Exchange Act of 1934, 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 15 days before the date on which the issuer conducts a road show (as defined under section 230.433(h)(4) of title 17, Code of Federal Regulations) or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement. (3) Additional requirements (A) In general The Commission may issue regulations, subject to public notice and comment, to impose such other terms, conditions, or requirements on the submission of draft registration statements described under this subsection by an issuer other than an emerging growth company as the Commission determines appropriate. (B) Report to Congress Prior to any rulemaking described under subparagraph (A), the Commission shall issue a report to the Congress containing a list of the findings supporting the basis of such rulemaking. .

Passed the House of Representatives November 1, 2017. Karen L. Haas, Clerk.

tv_txt: IIB 115th CONGRESS 1st Session H. R. 3903 IN THE SENATE OF THE UNITED STATES November 2, 2017 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To amend the Securities Act of 1933 to expand the ability to use testing the waters and confidential draft registration submissions, and for other purposes.

1. Short title This Act may be cited as the Encouraging Public Offerings Act of 2017 . 2. Expanding testing the waters and confidential submissions The Securities Act of 1933 ( 15 U.S.C. 77a et seq.) is amended— (1) in section 5(d)— (A) by striking Notwithstanding and inserting the following: (1) In general Notwithstanding ; (B) by striking an emerging growth company or any person authorized to act on behalf of an emerging growth company and inserting an issuer or any person authorized to act on behalf of an issuer ; and (C) by adding at the end the following: (2) Additional requirements (A) In general The Commission may issue regulations, subject to public notice and comment, to impose such other terms, conditions, or requirements on the engaging in oral or written communications described under paragraph (1) by an issuer other than an emerging growth company as the Commission determines appropriate. (B) Report to Congress Prior to any rulemaking described under subparagraph (A), the Commission shall issue a report to the Congress containing a list of the findings supporting the basis of such rulemaking. ; and (2) in section 6(e)— (A) in the heading, by striking Emerging growth companies and inserting Draft registration statements ; (B) by redesignating paragraph (2) as paragraph (4); and (C) by striking paragraph (1) and inserting the following: (1) Prior to initial public offering Any issuer, prior to its initial public offering date, 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 15 days before the date on which the issuer conducts a road show (as defined under section 230.433(h)(4) of title 17, Code of Federal Regulations) or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement. (2) Within 1 year after initial public offering or exchange registration Any issuer, within the 1-year period following its initial public offering or its registration of a security under section 12(b) of the Securities Exchange Act of 1934, 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 15 days before the date on which the issuer conducts a road show (as defined under section 230.433(h)(4) of title 17, Code of Federal Regulations) or, in the absence of a road show, at least 15 days prior to the requested effective date of the registration statement. (3) Additional requirements (A) In general The Commission may issue regulations, subject to public notice and comment, to impose such other terms, conditions, or requirements on the submission of draft registration statements described under this subsection by an issuer other than an emerging growth company as the Commission determines appropriate. (B) Report to Congress Prior to any rulemaking described under subparagraph (A), the Commission shall issue a report to the Congress containing a list of the findings supporting the basis of such rulemaking. .

Passed the House of Representatives November 1, 2017. Karen L. Haas, Clerk