,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #idab  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #b1 #bjbb,mr4
 ,mc,henry introduc$ ! foll[+ bill2 :i* 
0 ref]r$ to ! ,committee on ,f9ancial   
,s]vices  ,a ,,bill  ,to am5d !         
,securities ,act ( #aicc to p]mit issu]s
 to submit draft regi/ration /atem5ts to
 ! ,securities & ,ex*ange ,commission = 
confid5tial review = bo? initial public 
(f]s & foll[-on (f]s1 to set deadl9es = 
:5 su* /atem5ts %all be made public1 & =
 o!r purposes4  #a4 ,confid5tial review 
( draft regi/ration /atem5ts & deadl9e =
 fil+ public regi/ration /atem5ts  7a7  
,securities ,act ( #aicc ,section #f7;e7
 ( ! ,securities ,act ( #aicc 7#ae      
,u4,s4,c4 #gg;f7e77 is am5d$-- 7#a7 9 ! 
head+ ( ! subsection1 by /rik+ ,em]g+   
,gr[? ,companies & ins]t+ ,confid5tial  
review ( draft regi/ration /atem5ts2    
7#b7 by am5d+ p>agraph 7#a7 to read z   
foll[s3  7#a7 ,9 g5]al ,any issu] may1 )
 respect to an initial public (f]+ or   
foll[-on (f]+1 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--  7,a7 9 ! case 
( an initial public (f]+1 #aj days be=e 
! effective date ( su* regi/ration      
/atem5t2 or  7,b7 9 ! case ( a foll[-on 
(f]+1 #dh h\rs be=e ! effective date (  
su* regi/ration /atem5t4  2 &  7#c7 by  
add+ at ! end ! foll[+3  7#c7 ,foll[-on 
(f]+ def9$ ,9 ?is subsection1 ! t]m     
foll[-on (f]+ means an (f]+ by an issu] 
dur+ ! #ab-mon? p]iod beg9n+ on !       
effective date ( ! initial public (f]+ (
 ! issu] or ! initial li/+ date ( !     
issu] on a national securities ex*ange4 
4  7b7 ,securities ,ex*ange ,act ( #aicd
 ,section #ab ( ! ,securities ,ex*ange  
,act ( #aicd 7#ae ,u4,s4,c4 #ghl7 is    
am5d$ by add+ at ! end ! foll[+3  7m7   
,confid5tial review ( draft regi/ration 
/atem5ts  7#a7 ,9 g5]al ,any issu] may1 

) respect to a regi/ration requir$ "u   
?is section1 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
 #aj days be=e ! effective date ( su*   
regi/ration /atem5t4  7#b7              
,confid5tiality ,not)/&+ any o!r        
provision ( ?is title1 ! ,commission    
%all n be compell$ to disclose any      
in=mation provid$ to or obta9$ by !     
,commission pursuant to ?is subsection4 
,= purposes ( section #eeb ( title #e1  
,unit$ ,/ates ,code1 ?is subsection %all
 be consid]$ a /atute describ$ 9        
subsection 7b77#c77;,b7 ( su* section   
#eeb4 ,in=mation describ$ 9 or obta9$   
pursuant to ?is subsection %all be deem$
 to con/itute confid5tial in=mation =   
purposes ( section #bd7;b77#b7 ( !      
,securities ,ex*ange ,act ( #aicd4  4