Top Summary
This bill amends the Securities Act of 1933 to change the heading of Section 6(e) from "Emerging Growth Companies" to "Confidential review of draft registration statements," allowing issuers to confidentially submit draft registration statements for nonpublic review by the SEC staff before public filing, with specific timelines for public filing depending on the type of offering. It also grants the SEC authority to impose additional requirements on such submissions, with a requirement to report to Congress before implementing new rules.
Original Bill Text:
SEC. 3.Confidential review of draft registration statements.
Section 6(e) of the Securities Act of 1933 (15 U.S.C. 77f(e)) is amended—
(1) in the heading, by striking “Emerging Growth Companies” and inserting “Confidential review of draft registration statements”;
(2) by redesignating paragraph (2) as paragraph (3); and
(3) by striking paragraph (1) and inserting the following:
“(1) IN GENERAL.—Any issuer may, with respect to an initial public offering, initial registration of a security of the issuer under section 12(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(b)), or follow-on offering, 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—
“(A) in the case of an initial public offering, 10 days before the effective date of such registration statement;
“(B) in the case of an initial registration of a security of the issuer under such section 12(b), 10 days before listing on an exchange; or
“(C) in the case of any offering after an initial public offering or an initial registration under such section 12(b), 48 hours before the effective date of such registration statement.
“(2) ADDITIONAL REQUIREMENTS.—
“(A) IN GENERAL.—The Commission may promulgate 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 submit to Congress a report containing a list of the findings supporting the basis of the rulemaking.”.
Passed the House of Representatives June 23, 2025.
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