ELEVATE Act of 2025

HR 3301, the ELEVATE Act of 2025, modifies securities registration rules for companies preparing to go public. It allows companies (including emerging growth companies) to confidentially submit draft registration statements to the SEC for staff review before public filing, with the draft needing to be made public 10 days prior to listing on a national exchange. The bill explicitly protects this confidential review process from public disclosure under the Freedom of Information Act (FOIA), treating the submitted information as confidential. This directly affects companies seeking to list shares on major stock exchanges by providing a pre-filing feedback mechanism. The key change is creating a formal, legally protected channel for confidential SEC staff review of registration documents.