H.R. 2064 — what changed
Improving Access to Capital for Emerging Growth Companies Act
From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.
Sec. 4 Simplified disclosure requirements for emerging growth companies
Section 102 of the Jumpstart Our Business Startups Act (Public Law 112–106) is amended by adding at the end the following:
“(d) Simplified disclosure requirements—With respect to an emerging growth company (as such term is defined under section 2 of the Securities Act of 1933):
changed
“(1) Requirement to include notice on form S–1—Not Forms S–1 and F-1—Not later than 30 days after the date of enactment of this subsection, the Securities and Exchange Commission shall revise its general instructions on Form Forms S–1 and F-1 to indicate that a registration statement filed (or submitted for confidential review) by an issuer prior to an initial public offering may omit financial information for historical periods otherwise required by regulation S–X (17 C.F.R. 210.1–01 et seq.) as of the time of filing (or confidential submission) of such registration statement, provided that—
changed “(A) the omitted financial information relates to a historical period that the issuer reasonably believes will not be required to be included in the Form S–1 or F-1 at the time of the contemplated offering; and
“(B) prior to the issuer distributing a preliminary prospectus to investors, such registration statement is amended to include all financial information required by such regulation S–X at the date of such amendment.
changed “(2) Reliance by issuers—Effective 30 days after the date of enactment of this subsection, an issuer filing a registration statement (or submitting the statement for confidential review) on Form S–1 or Form F-1 may omit financial information for historical periods otherwise required by regulation S–X (17 C.F.R. 210.1–01 et seq.) as of the time of filing (or confidential submission) of such registration statement, provided that—
changed “(A) the omitted financial information relates to a historical period that the issuer reasonably believes will not be required to be included in the Form S–1 or Form F-1 at the time of the contemplated offering; and
“(B) prior to the issuer distributing a preliminary prospectus to investors, such registration statement is amended to include all financial information required by such regulation S–X at the date of such amendment.”