,,ib ,union ,calendar ,no4 #hf #aaith   
,,congress  #ast ,session  ,h4 ,r4 #ccha
 ,report ,no4 #aai-aaf ,,in ,,the       
,,house ,,of ,,representatives  ,may    
#ad1 #bjbe,mrs4 ,wagner 7for herself1   
,mr4 ,meeks1 and ,mr4 ,sessions7        
introduced the following bill2 which was
 referred to the ,committee on          
,financial ,services  ,june #c1         
#bjbe,reported with an amendment1       
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed,strike
 out all after the enacting clause and  
insert the part printed in italic,for   
text of introduced bill1 see copy of    
bill as introduced on ,may #ad1 #bjbe   
,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 #bjbe4  #b4  
,expanding testing the waters ,section  

#e7;d7 of the ,securities ,act of #aicc 
7#ae ,u4,s4,c4 #gg;e7d77 is amended--   
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  4  #c4 ,confidential      
review of draft registration statements 
,section #f7;e7 of the ,securities ,act 
of #aicc 7#ae ,u4,s4,c4 #gg;f7e77 is    
amended-- 7#a7 in the heading1 by       
striking ,emerging ,growth ,companies   
and inserting ,confidential review of   
draft registration statements2  7#b7 by 
redesignating paragraph 7#b7 as         
paragraph 7#c72 and  7#c7 by striking   
paragraph 7#a7 and inserting the        
following3  7#a7 ,in general ,any issuer
 may1 with respect to an initial public 
offering1 initial registration of a     
security of the issuer under section    
#ab7;b7 of the ,securities ,exchange    
,act of #aicd 7#ae ,u4,s4,c4 #ghl7b771  
or follow-on offering1 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-- 7,a7 in the
 case of an initial public offering1 #aj
 days before the effective date of such 
registration statement2  7,b7 in the    
case of an initial registration of a    
security of the issuer under such       
section #ab7;b71 #aj days before listing
 on an exchange2 or  7,c7 in the case of
 any offering after an initial public   
offering or an initial registration     
under such section #ab7;b71 #dh hours   
before the effective date of such       
registration statement4  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     
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  ,june #c1              
#bjbe,reported with an amendment1       
committed to the ,committee of the      
,whole ,house on the ,state of the      
,union1 and ordered to be printed