,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #ecf  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #be1 #bjai,mr4
 ,tillis 7= himself & ,mr4 ,van ,holl57 
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs  ,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 ( #bjai4  
#b4 ,exp&+ te/+ ! wat]s & confid5tial   
submissions ,! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;a et seq47 is am5d$--
  7#a7 9 section #e7;d7 7#ae ,u4,s4,c4  
#gg;e7d77-- 7,a7 by /rik+ ,not)/&+ &    
ins]t+ ! foll[+3  7#a7 ,9 g5]al ,not)/&+
  2  7,b7 by /rik+ an em]g+ gr[? company
 or any p]son au?oriz$ 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,c7 by add+ at ! 
end ! foll[+3  7#b7 ,additional         

requirem5ts  7,a7 ,9 g5]al ,!           
,commission may promulgate regulations1 
subject to public notice & comm5t1 to   
impose su* o!r t]ms1 conditions1 or     
requirem5ts on ! engag+ 9 oral or writt5
 communications describ$ "u p>agraph    
7#a7 by an issu] o!r ?an an em]g+ gr[?  
company z ! ,commission det]m9es        
appropriate4  7,b7 ,report to ,congress 
,prior to any rulemak+ describ$ "u      
subp>agraph 7,a71 ! ,commission %all    
submit to ,congress a report conta9+ a  
li/ ( ! f9d+s support+ ! basis ( !      
rulemak+4  2 &  7#b7 9 section #f7;e7   
7#ae ,u4,s4,c4 #gg;f7e77-- 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#d72 &  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 %[1 z def9$ 9 section   
#bcj4dcc7;h7 ( title #ag1 ,code ( ,f$]al
 ,regulations1 or1 9 ! abs5ce ( a road  
%[1 at lea/ #ae days prior to ! reque/$ 
effective date ( ! regi/ration /atem5t4 
7#b7 ,)9 #a ye> aft] initial public (f]+
 or ex*ange regi/ration ,any issu]1 )9 !
 #a-ye> p]iod foll[+ its initial public 
(f]+ or its regi/ration ( a security "u 
section #ab7;b7 ( ! ,securities ,ex*ange
 ,act ( #aicd 7#ae ,u4,s4,c4 #ghl7b771  
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 %[1 z def9$ 9 section   

#bcj4dcc7;h7 ( title #ag1 ,code ( ,f$]al
 ,regulations1 or1 9 ! abs5ce ( a road  
%[1 at lea/ #ae days prior to ! reque/$ 
effective date ( ! regi/ration /atem5t4 
7#c7 ,additional requirem5ts  7,a7 ,9   
g5]al ,! ,commission may promulgate     
regulations1 subject to public notice & 
comm5t1 to impose su* o!r t]ms1         
conditions1 or requirem5ts on !         
submission ( draft regi/ration /atem5ts 
describ$ "u ?is subsection by an issu]  
o!r ?an an em]g+ gr[? company z !       
,commission det]m9es appropriate4  7,b7 
,report to ,congress ,prior to any      
rulemak+ describ$ "u subp>agraph 7,a71 !
 ,commission %all submit to ,congress a 
report conta9+ a li/ ( ! f9d+s support+ 
! basis ( ! rulemak+4  4