S. 4992 — Introduced in Senate

II 117th CONGRESS 2d Session S. 4992 IN THE SENATE OF THE UNITED STATES September 28, 2022Mr. Scott of South Carolina (for himself and Mr. Warner) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Securities Act of 1933 to extend the maximum period for which a company can be an emerging growth company from 5 years to 10 years. 1. Short title This Act may be cited as the Helping Startups Continue to Grow Act of 2022. 2. Definition of emerging growth company (a) Definitions (1) Securities Act of 1933 Section 2(a)(19)(B) of the Securities Act of 1933 (15 U.S.C. 77b(a)(19)(B)) is amended by striking fifth and inserting tenth. (2) Securities Exchange Act of 1934 Section 3(a)(80)(B) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(80)(B)) is amended by striking fifth and inserting tenth. (b) Rulemaking (1) In general Not later than 180 days after the date of enactment of this Act, the Securities Exchange Commission shall issue an interim final rule carrying out the amendment made by subsection (a). (2) Definitions In amending the definition of emerging growth company, as required under paragraph (1), the Securities Exchange Commission shall not make or solicit feedback on alterations to the definition of emerging growth company to narrow the definition or increase their regulatory obligations or restrictions of emerging growth companies.