,i  #aae? ,,congress  #a/ ,session  ,h4 
,r4 #cijc  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,octob] #b1 #bjag,mr4 
,budd 7= himself & ,mr4 ,meeks7         
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to am5d ! ,securities ,act (   
#aicc to exp& ! ability to use te/+ !   
wat]s & confid5tial draft regi/ration   
submissions1 & = o!r purposes4  #a4     
,%ort title ,?is ,act may be cit$ z !   
,enc\rag+ ,public ,(f]+s ,act ( #bjag4  
#b4 ,exp&+ te/+ ! wat]s & confid5tial   
submissions ,! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;a et seq47 is am5d$--
  7#a7 9 section #e7;d71 by /rik+ an    
em]g+ gr[? company or any p]son au?oriz$
 to act on behalf ( an em]g+ gr[?       
company & ins]t+ an issu] or any p]son  
au?oriz$ to act on behalf ( an issu]2 & 
7#b7 9 section #f7;e7--  7,a7 9 ! head+1
 by /rik+ ,em]g+ gr[? companies & ins]t+
 ,draft regi/ration /atem5ts2  7,b7 by  
r$esignat+ p>agraph 7#b7 z p>agraph     
7#c72 &  7,c7 by /rik+ p>agraph 7#a7 &  

ins]t+ ! foll[+3  7#a7 ,prior to initial
 public (f]+ ,any issu]1 prior to its   
initial public (f]+ date1 may           
confid5tially submit to ! ,commission a 
draft regi/ration /atem5t1 = confid5tial
 nonpublic review by ! /aff ( !         
,commission prior to public fil+1       
provid$ t ! initial confid5tial         
submission & all am5dm5ts !reto %all be 
publicly fil$ ) ! ,commission n lat] ?an
 #ae days be=e ! date on :i* ! issu]    
conducts a road %[ 7z def9$ "u section  
#bcj4dcc7;h77#d7 ( title #ag1 ,code (   
,f$]al ,regulations7 or1 9 ! abs5ce ( a 
road %[1 at lea/ #ae days prior to !    
reque/$ effective date ( ! regi/ration  
/atem5t4  7#b7 ,)9 "o ye> aft] initial  
public (f]+ or ex*ange regi/ration ,any 
issu]1 )9 ! "o-ye> p]iod foll[+ its     
initial public (f]+ or its regi/ration (
 a security "u section #ab7;b7 ( !      
,securities ,ex*ange ,act ( #aicd1 may  
confid5tially submit to ! ,commission a 
draft regi/ration /atem5t1 = confid5tial
 nonpublic review by ! /aff ( !         

,commission prior to public fil+1       
provid$ t ! initial confid5tial         
submission & all am5dm5ts !reto %all be 
publicly fil$ ) ! ,commission n lat] ?an
 #ae days be=e ! date on :i* ! issu]    
conducts a road %[ 7z def9$ "u section  
#bcj4dcc7;h77#d7 ( title #ag1 ,code (   
,f$]al ,regulations7 or1 9 ! abs5ce ( a 
road %[1 at lea/ #ae days prior to !    
reque/$ effective date ( ! regi/ration  
/atem5t4  4