,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #gjfg  ,,in ,,the ,,house ,,of  
,,representatives  ,june #a1 #bjbj,mr4  
,budd introduced the following bill2    
which was referred to the ,committee on 
,financial ,services  ,a ,,bill  ,to    
amend the ,securities ,act of #aicc to  
expand the ability to use testing the   
waters and confidential draft           
registration submissions1 and for other 
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,encouraging ,public
 ,offerings ,act of #bjbj4  #b4         
,expanding testing the waters and       
confidential submissions ,the           
,securities ,act of #aicc 7#ae ,u4,s4,c4
 #gg;a et seq47 is amended-- 7#a7 in    
section #e7;d7 7#ae ,u4,s4,c4           
#gg;e7d77-- 7,a7 by striking            
,notwithstanding and inserting the      
following3  7#a7 ,in general            
,notwithstanding  2  7,b7 by striking an
 emerging growth company or any person  
authorized to act on behalf of an       
emerging growth company and inserting an

 issuer or any person authorized to act 
on behalf of an issuer2 and  7,c7 by    
adding at the end the following3  7#b7  
,additional requirements  7,a7 ,in      
general ,the ,commission may promulgate 
regulations1 subject to public notice   
and comment1 to impose such other terms1
 conditions1 or requirements on the     
engaging in oral or written             
communications described under paragraph
 7#a7 by an issuer other than an        
emerging growth company as the          
,commission determines appropriate4     
7,b7 ,report to ,congress ,prior to any 
rulemaking described under subparagraph 
7,a71 the ,commission shall submit to   
,congress a report containing a list of 
the findings supporting the basis of the
 rulemaking4  2 and  7#b7 in section    
#f7;e7 7#ae ,u4,s4,c4 #gg;f7e77-- 7,a7  
in the heading1 by striking ,emerging   
growth companies and inserting ,draft   
registration statements2  7,b7 by       
redesignating paragraph 7#b7 as         
paragraph 7#d72 and  7,c7 by striking   

paragraph 7#a7 and inserting the        
following3  7#a7 ,prior to initial      
public offering ,any issuer1 prior to   
its initial public offering date1 may   
confidentially submit to the ,commission
 a draft registration statement1 for    
confidential nonpublic review by the    
staff of the ,commission prior to public
 filing1 provided that the initial      
confidential submission and all         
amendments thereto shall be publicly    
filed with the ,commission not later    
than #ae days before the date on which  
the issuer conducts a road show1 as     
defined in section #bcj4dcc7;h7 of title
 #ag1 ,code of ,federal ,regulations1   
or1 in the absence of a road show1 at   
least #ae days prior to the requested   
effective date of the registration      
statement4  7#b7 ,within #a year after  
initial public offering or exchange     
registration ,any issuer1 within the    
#a-year period following its initial    
public offering or its registration of a
 security under section #ab7;b7 of the  

,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #ghl7b771 may confidentially 
submit to the ,commission a draft       
registration statement1 for confidential
 nonpublic review by the staff of the   
,commission prior to public filing1     
provided that the initial confidential  
submission and all amendments thereto   
shall be publicly filed with the        
,commission not later than #ae days     
before the date on which the issuer     
conducts a road show1 as defined in     
section #bcj4dcc7;h7 of title #ag1 ,code
 of ,federal ,regulations1 or1 in the   
absence of a road show1 at least #ae    
days prior to the requested effective   
date of the registration statement4     
7#c7 ,additional requirements  7,a7 ,in 
general ,the ,commission may promulgate 
regulations1 subject to public notice   
and comment1 to impose such other terms1
 conditions1 or requirements on the     
submission of draft registration        
statements described under this         
subsection by an issuer other than an   

emerging growth company as the          
,commission determines appropriate4     
7,b7 ,report to ,congress ,prior to any 
rulemaking described under subparagraph 
7,a71 the ,commission shall submit to   
,congress a report containing a list of 
the findings supporting the basis of the
 rulemaking4  4