,,ii  #aah? ,,congress  #a/ ,session    
,s4 #aija  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #h1 #bjbc,mr4    
,k5n$y introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,bank+1 ,h\s+1 & ,urban ,affairs  ,a    
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to issue rules     
requir+ enhanc$ disclosures = blank *eck
 companies dur+ initial public (f]+ &   
pre-m]g] /ages1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,sponsor ,promote & ,comp5sation ,act4  
#b4 ,enhanc$ disclosures = blank *eck   
companies dur+ ,,ipo & pre-m]g] /ages   
7a7 ,def9itions ,9 ?is section-- 7#a7 ! 
t]m blank *eck company has ! mean+ giv5 
! t]m 9 section #g7;b77#c7 ( !          
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;g7b77#c772 &  7#b7 ! t]m ,commission
 means ! ,securities & ,ex*ange         
,commission4  7b7 ,disclosures ,n lat]  
?an #abj days aft] ! date ( enactm5t (  
?is ,act1 ! ,commission %all issue      
rules-- 7#a7 e/abli%+ enhanc$           

disclosures = blank *eck companies dur+ 
an initial public (f]+ or prior to a    
m]g]1 :i* %all require ! disclosure (-- 
7,a7 ! am\nt ( ca% p] %>e expect$ to be 
held by ! blank *eck company imm$iately 
prior to ! m]g] "u v>i\s r$emption      
sc5>ios2  7,b7 any side paym5ts or      
agreem5ts to pay sponsors1 blank *eck   
company inve/ors1 or private inve/ors 9 
public equity = _! p>ticipation 9 !     
m]g]1 includ+ any rights or w>rants to  
be issu$ po/-m]g] & ! dilutive impact ( 
^? rights or w>rants2 &  7,c7 any fees  
or o!r paym5ts to ! sponsor1 und]writ]1 
& any o!r p>ty1 includ+ ! dilutive      
impact ( any w>rant t rema9s out/&+ aft]
 blank *eck company inve/ors r$eem %>es 
pre-m]g]2 &  7#b7 all[+ ! disclosures   
requir$ "u p>agraph 7#a7 to be m        
explicit to inve/ors1 9 p>ticul> retail 
inve/ors4