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U.GOVERNMENT
INFORMATION .
118TH CONGRESS REPORT
1st Session HOUSE OF REPRESENTATIVES 118-90
ENCOURAGING PUBLIC OFFERINGS ACT OF 2023
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. 2793]
[Including cost estimate of the Congressional Budget Office]
The Committee on Financial Services, to whom was referred the
bill (H.R. 2793) to amend the Securities Act of 1933 to expand the
ability to use testing the waters and confidential draft registration
submissions, 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. SHORT TITLE.
This Act may be cited as the Encouraging Public Offerings Act of 2023.
SEC. 2. EXPANDING TESTING THE WATERS AND CONFIDENTIAL SUBMISSIONS.
The Securities Act of 1933 (15 U.S.C. 77a et seq.) is amended-
(1) in section 5(d) (15 U.S.C. 77e(d))-
(A) by striking Notwithstanding and inserting the following:
(1) IN GENERAL.-Notwithstanding;
(B) by striking an emerging growth company or any person authorized
to act on behalf of an emerging growth company and inserting an issuer
or any person authorized to act on behalf of an issuer; and
(C) by adding at the end the following:
(2) ADDITIONAL REQUIREMENTS.-
(A) REGULATIONS.-The Commission may promulgate regulations, sub-
ject to public notice and comment, to impose such other terms, conditions,
or requirements on the engaging in oral or written communications de-
scribed under paragraph (1) by an issuer other than an emerging growth
company as the Commission determines appropriate.
(B) REPORT TO CONGRESS.-Prior to any rulemaking described under
subparagraph (A), the Commission shall submit to Congress a report con-
taining a list of the findings supporting the basis of the rulemaking.; and
(2) in section 6(e) (15 U.S.C. 77f(e))-
39-006](ViewImageLocal?handle=hein.congrecreports/crptxafjt0001&div=1&collection=&method=preview&ext=.png&size=3)