,i  #aacth ,,congress  #ast ,session    
,h4 ,r4 #cfbc  ,,in ,,the ,,house ,,of  
,,representatives  ,november #bb1       
#bjac,mr4 ,fincher 7for himself and ,mr4
 ,delaney7 introduced the following     
bill2 which was referred to the         
,committee on ,financial ,services  ,a  
,,bill  ,to amend certain provisions of 
the securities laws relating to the     
treatment of emerging growth companies4 
#a4 ,short title ,this ,act may be cited
 as the ,improving ,access to ,capital  
for ,emerging ,growth ,companies ,act4  
#b4 ,filing requirement for public      
filing prior to public offering ,section
 #f7;e77#a7 of the ,securities ,act of  
#aicc 7#ae ,u4,s4,c4 #gg;f7e77#a77 is   
amended by striking #ba days and        
inserting #ae days4  #c4 ,grace period  
for change of status of emerging growth 
companies ,section #f7;e77#a7 of the    
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;f7e77#a77 is further amended by    
adding at the end the following3 ,an    
issuer that was an emerging growth      

company at the time it filed a          
confidential registration statement for 
review under this subsection but is no  
longer an emerging growth company shall 
continue to be treated as an emerging   
growth company for purposes of this     
subsection through the earlier of the   
date on which the issuer consummates its
 initial public offering pursuant to    
such registration statement or the end  
of the #a-year period beginning on the  
date that the company is no longer an   
emerging growth company44  #d4          
,simplified disclosure requirements for 
emerging growth companies ,section #ajb 
of the ,jumpstart ,our ,business        
,startups ,act 7,public ,law #aab-ajf7  
is amended by adding at the end the     
following3  7d7 ,simplified disclosure  
requirements ,with respect to an        
emerging growth company 7as such term is
 defined under section #b of the        
,securities ,act of #aicc73 7#a7        
,requirement to include notice on form  
,s-#a ,not later than #cj days after the

 date of enactment of this subsection1  
the ,securities and ,exchange           
,commission shall revise its general    
instructions on ,form ,s-#a to indicate 
that a registration statement filed 7or 
submitted for confidential review7 by an
 issuer prior to an initial public      
offering may omit financial information 
for historical periods otherwise        
required by regulation ,s-,x 7#ag       
,c4,f4,r4 #baj4a-ja et seq47 as of the  
time of filing 7or confidential         
submission7 of such registration        
statement1 provided that-- 7,a7 prior to
 the issuer distributing a preliminary  
prospectus to investors1 such           
registration statement is amended to    
include all relevant periods required at
 the date of such amendment2 and  7,b7  
the issuer reasonably believes such     
financial disclosure will no longer be  
required to be included in the ,form    
,s-#a at the time of the contemplated   
offering4  7#b7 ,reliance by issuers    
,effective #cj days after the date of   

enactment of this subsection1 an issuer 
filing a registration statement 7or     
submitting the statement for            
confidential review7 utilizing ,form    
,s-#a may omit financial information for
 historical periods otherwise required  
by regulation ,s-,x 7#ag ,c4,f4,r4      
#baj4a-ja et seq47 as of the time of    
filing 7or confidential submission7 of  
such registration statement1 provided   
that prior to the public filing of ,form
 ,s-#a1 such registration statement is  
amended to include all relevant periods 
required at the date of such amendment4 
4  #e4 ,filing requirements for         
follow-on offerings ,section #f7;e7 of  
the ,securities ,act of #aicc 7#ae      
,u4,s4,c4 #gg;f7e77 is further amended  
by adding at the end the following3     
7#c7 ,follow-on offerings ,an emerging  
growth company may1 within #a year of   
the company's initial public offering1  
confidentially submit to the ,commission
 a draft registration statement for any 
securities to be issued subsequent to   

its initial public offering1 for        
confidential nonpublic review by the    
staff of the ,commission prior to       
publicly filing a registration          
statement1 provided that the initial    
confidential submission and all         
amendments thereto shall be publicly    
filed with the ,commission not later    
than #b days before the date on which   
the emerging growth company issues such 
securities4  4