ELEVATE Act of 2025

Bill: 119-hr-3301
Sponsor: full_name: Rep. Nunn, Zachary [R-IA-3]
Introduced: 2025-05-08
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Business records

Government information and archives

Licensing and registrations

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2025-06-24
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2025-05-08
action_desc: Introduced in House
text: <p>This bill provides statutory authority for certain requirements related to registration statements submitted to the Securities and Exchange Commission (SEC).</p><p>First, the bill allows under statute an emerging growth company to submit profit and loss statements from the previous two years, rather than the previous three years as is required of other reporting companies. In addition, the bill allows under statute any issuer of securities to submit a draft registration statement to the SEC for confidential review prior to a public filing.</p>

tv_txt: IIB 119th CONGRESS 1st Session H. R. 3301 IN THE SENATE OF THE UNITED STATES June 24, 2025 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT 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.

1. Short title This Act may be cited as the Encouraging Local Emerging Ventures and Economic Growth Act of 2025 or the ELEVATE Act of 2025 . 2. 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 listing on a national securities exchange. 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. .

Passed the House of Representatives June 23, 2025. Kevin F. McCumber, Clerk.

tv_txt: IB 119th CONGRESS 1st Session H. R. 3301 IN THE HOUSE OF REPRESENTATIVES AN ACT 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.

1. Short title This Act may be cited as the Encouraging Local Emerging Ventures and Economic Growth Act of 2025 or the ELEVATE Act of 2025 . 2. 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 listing on a national securities exchange. 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. .

Passed the House of Representatives June 23, 2025. Kevin F. McCumber, Clerk.

tv_txt: IB Union Calendar No. 91 119th CONGRESS 1st Session H. R. 3301 [Report No. 119–121] IN THE HOUSE OF REPRESENTATIVES May 8, 2025 Mr. Nunn of Iowa (for himself and Ms. Bynum ) introduced the following bill; which was referred to the Committee on Financial Services June 3, 2025 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 May 8, 2025 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.

1. Short title This Act may be cited as the Encouraging Local Emerging Ventures and Economic Growth Act of 2025 or the ELEVATE Act of 2025 . 2. 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 listing on a national securities exchange. 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. .

June 3, 2025 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 119th CONGRESS 1st Session H. R. 3301 IN THE HOUSE OF REPRESENTATIVES May 8, 2025 Mr. Nunn of Iowa (for himself and Ms. Bynum ) 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.

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 listing on a national securities exchange. 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. .