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![handle is hein.congrecreports/crptxafjr0001 and id is 1 raw text is: AUTHENTICATED
U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-88
TO AMEND THE FEDERAL SECURITIES LAWS TO SPECIFY THE PERIODS
FOR WHICH FINANCIAL STATEMENTS ARE REQUIRED TO BE PROVIDED
BY AN EMERGING GROWTH COMPANY, AND FOR OTHER PURPOSES
JUNE 5, 2023.-Committed to the Committee of the Whole House on the State of
the Union and ordered to be printed
Mr. MCHENRY, from the Committee on Financial Services,
submitted the following
R E P O R T
[To accompany H.R. 2608]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2608) to amend the Federal securities laws to specify the
periods for which financial statements are required to be provided
by an emerging growth company, and for other purposes, having
considered the same, reports favorably thereon with an amendment
and recommends that the bill as amended do pass.
The amendment is as follows:
Strike all after the enacting clause and insert the following:
SECTION 1. FINANCIAL STATEMENT REPORTING REQUIREMENTS FOR EMERGING GROWTH
COMPANIES.
(a) SECURITIES ACT OF 1933.-Section 7(a)(2) of the Securities Act of 1933 (15
U.S.C. 77g(a)(2)) is amended-
(1) in subparagraph (A), by striking and at the end;
(2) by redesignating subparagraph (B) as subparagraph (C); and
(3) by inserting after subparagraph (A) the following:
(B) need not present acquired company financial statements or informa-
tion otherwise required under section 210.3-05 or section 210.8-04 of title
17, Code of Federal Regulations, or any successor thereto, for any period
prior to the earliest audited period of the emerging growth company pre-
sented in connection with its initial public offering and, thereafter, in no
event shall an issuer that was an emerging growth company but is no
longer an emerging growth company be required to present financial state-
ments of the issuer (or acquired company financial statements or informa-
tion otherwise required under section 210.3-05 or section 210.8-04 of title
17, Code of Federal Regulations, or any successor thereto) for any period
prior to the earliest audited period of the emerging growth company pre-
sented in connection with its initial public offering; and.
(b) SECURITIES EXCHANGE ACT OF 1934.-Section 12(b)(1)(K) of the Securities Ex-
change Act of 1934 (15 U.S.C. 781(b)(1)(K)) is amended by striking firm; and in-
serting firm, provided that the application of an emerging growth company need
not present acquired company financial statements or information otherwise re-
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