To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes.
HR 2610 amends the Securities Exchange Act to help emerging growth companies (those with under $1 billion in annual revenue) by shortening the required financial history in stock offering documents from three years to two years. It also creates a new process allowing these companies to submit draft registration statements to the SEC for confidential, nonpublic review by staff before making them public. Drafts must be publicly filed 10 days before the requested effective date, and the SEC cannot disclose any information shared under this process, treating it as confidential under federal law. This bill directly affects early-stage companies seeking to go public by reducing disclosure burdens and providing early feedback.
Bill status
passed
3 of 5 stages cleared
Introduction
Apr 2023
Committee Review
Jun 2023
House Passage
Jun 2023
Senate Passage
President
Introduced Apr 13, 2023
Last action Jun 6, 2023
Maddy AI version diff · 1 comparison
What changed between versions
Introduced in House
→
Engrossed in House
·
1 edit
·
Jun 5, 2023
MINOR
The engrossed version of HR 2610 modifies the confidential submission provision for draft registration statements by changing the public filing deadline trigger. Instead of requiring public filing 10 days before the issuer's requested date of effectiveness, it now requires public filing 10 days before listing on a national securities exchange. This shifts the timing obligation from an SEC administrative milestone to an exchange listing event.
REQUIREMENT
The deadline for publicly filing a confidentially submitted draft registration statement changed from 'not later than 10 days before the issuer's requested date of effectiveness of the registration statement' to 'not later than 10 days before listing on a national securities exchange.' This ties the disclosure obligation to the actual stock listing event rather than the SEC effectiveness process, which could result in different timing depending on when a company lists versus when its registration becomes effective.
Floor votes
How they voted
This bill passed the House by voice vote (no roll call recorded).
Full legislative history
Actions timeline
Total actions
13
Key actions
3
Committee
4
Amendments
3
Jun 6, 2023
Committee
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
upper
Jun 5, 2023
Introduced
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2725)
lower
Jun 5, 2023
Lower · Passed
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H2725)
lower
Jun 5, 2023
Introduced
Mrs. Wagner moved to suspend the rules and pass the bill, as amended.
lower
Jun 5, 2023
Lower · Passed
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-89.
lower
Apr 26, 2023
Introduced
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 42 - 0.
lower
Apr 26, 2023
Lower · Passed
Committee Consideration and Mark-up Session Held.
lower
Apr 13, 2023
Committee
Referred to the House Committee on Financial Services.
lower
Apr 13, 2023
Introduced
Introduced in House
lower
1 primary · 0 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Patrick T. McHenry
RRepublican
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