HR 3395
Middle Market IPO Cost Act
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Bill overview
This bill directs the Government Accountability Office (GAO) to conduct a comprehensive study of the costs associated with initial public offerings (IPOs) for small- and medium-sized companies. The study will examine various fees, compliance costs, and the impact of these costs on capital formation and access to public securities for investors. The GAO will also analyze trends in IPO pricing and the effects of litigation on public companies.
Key provisions
- Requires the GAO to study the costs of IPOs for small- and medium-sized companies.
- The study must consider direct and indirect costs, including fees for advisors and compliance.
- The GAO should compare IPO costs to alternative financing options.
- The study will analyze the impact of these costs on retail investors.
- The GAO will examine trends in IPO pricing and related practices.
- The study will consider the impact of litigation costs on public companies.
- The GAO must provide a report to Congress with its findings and recommendations.
Who is affected
- Small- and medium-sized companies
- Investors
- Underwriters
- Securities and Exchange Commission
- Financial Industry Regulatory Authority
Notable changes
- This bill mandates a specific study on IPO costs, which was previously not required.
- It directs the GAO to compare IPO costs with alternative financing methods.
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119th CONGRESS — 1st Session
H. R. 3395
IN THE HOUSE OF REPRESENTATIVES
A BILL
To require the Comptroller General of the United States to carry out a study of the costs associated with small- and medium-sized companies to undertake initial public offerings.
This Act may be cited as the Middle Market IPO Cost Act
.
IPOs). In carrying out such study, the Comptroller General shall—
compliance with Federal and State securities laws at the time of the IPO; and
such other IPO-related costs as the Comptroller General may consider;
the number of IPOs;
Not later than the end of the 360-day period beginning on the date of the enactment of this Act, the Comptroller General shall issue a report to the Congress containing all findings and determinations made in carrying out the study required under subsection (a) and any administrative or legislative recommendations the Comptroller General may have.