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: 118-hr-2608
Sponsor: full_name: Rep. McHenry, Patrick T. [R-NC-10]
Introduced: 2023-04-13
Policy area: Finance and Financial Sector
Subjects: Accounting and auditing

Administrative law and regulatory procedures

Business records

Government information and archives

Licensing and registrations

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2023-06-06
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2023-04-13
action_desc: Introduced in House
text: <p>This bill limits the financial information an emerging growth company must submit to the Securities and Exchange Commission. Specifically, an emerging growth company is not required to present a financial statement for any period prior to the earliest audited period of the emerging growth company in connection with its initial public offering, such as a statement for an acquired company.</p>

action_date: 2023-06-05
action_desc: Passed House
text: <p>This bill limits the financial information an emerging growth company must submit to the Securities and Exchange Commission. Specifically, an emerging growth company is not required to present a financial statement for any period prior to the earliest audited period of the emerging growth company in connection with its initial public offering, such as a statement for an acquired company.</p>

tv_txt: IIB 118th CONGRESS 1st Session H. R. 2608 IN THE SENATE OF THE UNITED STATES June 6, 2023 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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.

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 210.8-04 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 210.8-04 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 210.8-04 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 210.8-04 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; .

Passed the House of Representatives June 5, 2023. Cheryl L. Johnson, Clerk.

tv_txt: I 118th CONGRESS 1st Session H. R. 2608 IN THE HOUSE OF REPRESENTATIVES AN ACT 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.

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 210.8-04 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 210.8-04 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 210.8-04 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 210.8-04 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; .

Passed the House of Representatives June 5, 2023. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 65 118th CONGRESS 1st Session H. R. 2608 [Report No. 118–88] IN THE HOUSE OF REPRESENTATIVES April 13, 2023 Mr. McHenry introduced the following bill; which was referred to the Committee on Financial Services June 5, 2023 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic For text of introduced bill, see copy of bill as introduced on April 13, 2023 A BILL 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.

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 210.8-04 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 210.8-04 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 210.8-04 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 210.8-04 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; .

June 5, 2023 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

tv_txt: I 118th CONGRESS 1st Session H. R. 2608 IN THE HOUSE OF REPRESENTATIVES April 13, 2023 Mr. McHenry introduced the following bill; which was referred to the Committee on Financial Services A BILL 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.

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; .