,,ib  ,union ,calendar ,no4 #aeb  #aadth
 ,,congress  #ast ,session  ,h4 ,r4     
#bjfd  ,report ,no4 #aad-bjc  ,,in ,,the
 ,,house ,,of ,,representatives  ,april 
#bh1 #bjae ,mr4 ,fincher 7for himself   
and ,mr4 ,delaney7 introduced the       
following bill2 which was referred to   
the ,committee on ,financial ,services  
,july #ad1 #bjae ,reported with an      
amendment1 committed to the ,committee  
of the ,whole ,house on the ,state of   
the ,union1 and ordered to be printed   
,strike out all after the enacting      
clause and insert the part printed in   
italic ,for text of introduced bill1 see
 copy of bill as introduced on ,april   
#bh1 #bjae  ,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 submitted a      
confidential registration statement or1 
in lieu thereof1 a publicly filed       
registration statement for review under 
this subsection but ceases to be an     
emerging growth company thereafter shall
 continue to be treated as an emerging  
market growth company for the purposes  
of this subsection through the earlier  
of the date on which the issuer         
consummates its initial public offering 
pursuant to such registrations statement
 or the end of the #a-year period       
beginning on the date the company ceases
 to be 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 ,forms
 ,s-#a and ,f-#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 ,forms ,s-#a and
 ,f-#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 the omitted financial information  
relates to a historical period that the 
issuer reasonably believes will not be  
required to be included in the ,form    
,s-#a or ,f-#a at the time of the       
contemplated offering2 and  7,b7 prior  
to the issuer distributing a preliminary
 prospectus to investors1 such          
registration statement is amended to    
include all financial information       
required by such regulation ,s-,x at the
 date of such amendment4  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  
on ,form ,s-#a or ,form ,f-#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-- 

7,a7 the omitted financial information  
relates to a historical period that the 
issuer reasonably believes will not be  
required to be included in the ,form    
,s-#a or ,form ,f-#a at the time of the 
contemplated offering2 and  7,b7 prior  
to the issuer distributing a preliminary
 prospectus to investors1 such          
registration statement is amended to    
include all financial information       
required by such regulation ,s-,x at the
 date of such amendment4  4  ,july #ad1 
#bjae ,reported with an amendment1      
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed