Sec. 303. Encouraging public offerings
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/bill/119/hr/3383/eh/section-303·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 5(d) of the Securities Act of 1933 ( 15 U.S.C. 77e(d) ) is amended— by striking Notwithstanding and inserting the following: Notwithstanding ; 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 by adding at the end the following: The Commission may promulgate 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. 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. . Section 6(e) of the Securities Act of 1933 ( 15 U.S.C. 77f(e) ) is amended— in the heading, by striking and inserting Emerging Growth Companies ; Confidential review of draft registration statements by redesignating paragraph
(2)as paragraph (3); and by striking paragraph
(1)and inserting the following: 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— in the case of an initial public offering, 10 days before the effective date of such registration statement; 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 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. 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. 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. .
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