HR 3301
Elevate act of 2025
Elevate Act of 2025
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Bill overview
The Elevate Act of 2025 changes how certain companies must report financial information to the Securities and Exchange Commission (SEC). It allows emerging growth companies to submit profit and loss statements from only two years instead of three, and it permits companies to share draft registration statements with the SEC for private review before making them public. This aims to reduce the burden on smaller companies while still ensuring transparency for investors.
Key provisions
- Emerging growth companies can submit profit and loss statements from two years instead of three.
- Issuers can file draft registration statements with the SEC for confidential review.
- The SEC is protected from being compelled to disclose information submitted for confidential review.
- Draft registration statements must be publicly filed within 10 days of listing on a national securities exchange.
Who is affected
- Emerging growth companies
- Issuers of securities
- The Securities and Exchange Commission (SEC)
- Investors
Notable changes
- Reduces the reporting requirements for emerging growth companies.
- Introduces a mechanism for confidential review of registration statements.
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119th CONGRESS — 1st Session
H. R. 3301
IN THE HOUSE OF REPRESENTATIVES
A BILL
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.
Section 12(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(b)) is amended—
in paragraph (1)(K), by striking years,
and inserting years (or, in the case of an emerging growth company, not more than the two preceding years),
; and
by adding at the end the following: