,,ib  ,union ,cal5d> ,no4 #aeb  #aad?   
,,congress  #a/ ,session  ,h4 ,r4 #bjfd 
,report ,no4 #aad-bjc  ,,9 ,,! ,,h\se   
,,( ,,repres5tatives  ,april #bh1 #bjae 
,mr4 ,f9*] 7= himself & ,mr4 ,delaney7  
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices     
,july #ad1 #bjae ,report$ ) an am5dm5t1 
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union1 & ord]$ to be   
pr9t$ ,/rike out all aft] ! enact+      
clause & ins]t ! "p pr9t$ 9 italic ,=   
text ( introduc$ bill1 see copy ( bill z
 introduc$ on ,april #bh1 #bjae  ,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 submitt$ a confid5tial regi/ration    
/atem5t or1 9 lieu !re(1 a publicly fil$
 regi/ration /atem5t = review "u ?is    
subsection b ceases to be an em]g+ gr[? 
company !reaft] %all cont9ue to be      
treat$ z an em]g+ m>ket gr[? company = !
 purposes ( ?is subsection ?r\gh ! e>li]
 ( ! date on :i* ! issu] consummates its
 initial public (f]+ pursuant to su*    
regi/rations /atem5t or ! end ( ! #a-ye>
 p]iod beg9n+ on ! date ! company ceases
 to be 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 ,=ms ,s-#a & ,f-#a ,n lat] ?an
 #cj days aft] ! date ( enactm5t ( ?is  
subsection1 ! ,securities & ,ex*ange    
,commission %all revise its g5]al       
in/ructions on ,=ms ,s-#a & ,f-#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 ! omitt$ f9ancial     
in=mation relates to a hi/orical p]iod t
 ! issu] reasonably believes w n be     
requir$ to be includ$ 9 ! ,=m ,s-#a or  
,f-#a at ! "t ( ! contemplat$ (f]+2 &   
7,b7 prior to ! issu] di/ribut+ a       
prelim9>y prospectus to inve/ors1 su*   
regi/ration /atem5t is am5d$ to include 
all f9ancial in=mation requir$ by su*   
regulation ,s-,x at ! date ( su*        
am5dm5t4  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 on ,=m    
,s-#a or ,=m ,f-#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--  7,a7 !
 omitt$ f9ancial in=mation relates to a 
hi/orical p]iod t ! issu] reasonably    
believes w n be requir$ to be includ$ 9 
! ,=m ,s-#a or ,=m ,f-#a at ! "t ( !    
contemplat$ (f]+2 &  7,b7 prior to !    
issu] di/ribut+ a prelim9>y prospectus  
to inve/ors1 su* regi/ration /atem5t is 
am5d$ to include all f9ancial in=mation 
requir$ by su* regulation ,s-,x at !    
date ( su* am5dm5t4  4  ,july #ad1 #bjae
 ,report$ ) an am5dm5t1 committ$ to !   
,committee ( ! ,:ole ,h\se on ! ,/ate ( 
! ,union1 & ord]$ to be pr9t$