,i  #aac? ,,congress  #a/ ,session  ,h4 
,r4 #cfbc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,novemb] #bb1         
#bjac,mr4 ,f9*] 7= himself & ,mr4       
,delaney7 introduc$ ! foll[+ bill2 :i* 0
 ref]r$ to ! ,committee on ,f9ancial    
,s]vices  ,a ,,bill  ,to am5d c]ta9     
provisions ( ! securities laws relat+ to
 ! treatm5t ( em]g+ gr[? companies4  #a4
 ,%ort title ,?is ,act may be cit$ z !  
,improv+ ,access to ,capital = ,em]g+   
,gr[? ,companies ,act4  #b4 ,fil+       
requirem5t = public fil+ prior to public
 (f]+ ,section #f7;e77#a7 ( !           
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;f7e77#a77 is am5d$ by /rik+ #ba days
 & ins]t+ #ae days4  #c4 ,grace p]iod = 
*ange ( /atus ( em]g+ gr[? companies    
,section #f7;e77#a7 ( ! ,securities ,act
 ( #aicc 7#ae ,u4,s4,c4 #gg;f7e77#a77 is
 fur!r am5d$ by add+ at ! end ! foll[+3 
,an issu] t 0 an em]g+ gr[? company at !
 "t x fil$ a confid5tial regi/ration    
/atem5t = review "u ?is subsection b is 
no long] an em]g+ gr[? company %all     

cont9ue to be treat$ z an em]g+ gr[?    
company = purposes ( ?is subsection     
?r\gh ! e>li] ( ! date on :i* ! issu]   
consummates its initial public (f]+     
pursuant to su* regi/ration /atem5t or !
 end ( ! #a-ye> p]iod beg9n+ on ! date t
 ! company is no long] an em]g+ gr[?    
company44  #d4 ,simplifi$ disclosure    
requirem5ts = em]g+ gr[? companies      
,section #ajb ( ! ,jump/>t ,our ,bus9ess
 ,/>tups ,act 7,public ,law #aab-ajf7 is
 am5d$ by add+ at ! end ! foll[+3  7d7  
,simplifi$ disclosure requirem5ts ,)    
respect to an em]g+ gr[? company 7z su* 
t]m is def9$ "u section #b ( !          
,securities ,act ( #aicc73 7#a7         
,requirem5t to include notice on =m     
,s-#a ,n lat] ?an #cj days aft] ! date (
 enactm5t ( ?is subsection1 !           
,securities & ,ex*ange ,commission %all 
revise its g5]al in/ructions on ,=m     
,s-#a to indicate t a regi/ration       
/atem5t fil$ 7or submitt$ = confid5tial 
review7 by an issu] prior to an initial 
public (f]+ may omit f9ancial in=mation 

= hi/orical p]iods o!rwise requir$ by   
regulation ,s-,x 7#ag ,c4,f4,r4         
#baj4a-ja et seq47 z ( ! "t ( fil+ 7or  
confid5tial submission7 ( su*           
regi/ration /atem5t1 provid$ t-- 7,a7   
prior to ! issu] di/ribut+ a prelim9>y  
prospectus to inve/ors1 su* regi/ration 
/atem5t is am5d$ to include all relevant
 p]iods requir$ at ! date ( su* am5dm5t2
 &  7,b7 ! issu] reasonably believes su*
 f9ancial disclosure w no long] be      
requir$ to be includ$ 9 ! ,=m ,s-#a at !
 "t ( ! contemplat$ (f]+4  7#b7         
,reliance by issu]s ,effective #cj days 
aft] ! date ( enactm5t ( ?is subsection1
 an issu] fil+ a regi/ration /atem5t 7or
 submitt+ ! /atem5t = confid5tial       
review7 utiliz+ ,=m ,s-#a may omit      
f9ancial in=mation = hi/orical p]iods   
o!rwise requir$ by regulation ,s-,x 7#ag
 ,c4,f4,r4 #baj4a-ja et seq47 z ( ! "t (
 fil+ 7or confid5tial submission7 ( su* 
regi/ration /atem5t1 provid$ t prior to 
! public fil+ ( ,=m ,s-#a1 su*          
regi/ration /atem5t is am5d$ to include 

all relevant p]iods requir$ at ! date ( 
su* am5dm5t4  4  #e4 ,fil+ requirem5ts =
 foll[-on (f]+s ,section #f7;e7 ( !     
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;f7e77 is fur!r am5d$ by add+ at !   
end ! foll[+3  7#c7 ,foll[-on (f]+s ,an 
em]g+ gr[? company may1 )9 #a ye> ( !   
company's initial public (f]+1          
confid5tially submit to ! ,commission a 
draft regi/ration /atem5t = any         
securities to be issu$ subsequ5t to its 
initial public (f]+1 = confid5tial      
nonpublic review by ! /aff ( !          
,commission prior to publicly fil+ a    
regi/ration /atem5t1 provid$ t ! initial
 confid5tial submission & all am5dm5ts  
!reto %all be publicly fil$ ) !         
,commission n lat] ?an #b days be=e !   
date on :i* ! em]g+ gr[? company issues 
su* securities4  4