What does Preamble of Encouraging Public Offerings Act of 2026 do?

This bill proposes to amend the Securities Act of 1933. The amendment aims to expand the use of 'testing the waters' and 'confidential draft registration submissions'.

What does SHORT TITLE. of Encouraging Public Offerings Act of 2026 do?

This bill is formally titled the Encouraging Public Offerings Act of 2026.

What does EXPANDING TESTING THE WATERS AND CONFIDENTIAL SUBMISSIONS. of Encouraging Public Offerings Act of 2026 do?

This section amends the Securities Act of 1933. It modifies section 5(d) to broaden the scope of oral or written communications from emerging growth companies to all issuers, and grants the Commission authority to impose additional requirements on these communications. The Commission can promulgate regulations regarding these communications, subject to public notice and comment, and must submit a report to Congress justifying any rulemaking. Section 6(e) is amended, changing the heading to 'Draft Registration Statements'. Issuers can now confidentially submit draft registration statements to the Commission for review prior to an initial public offering or within one year of an initial public offering or exchange registration. These confidential submissions must be publicly filed at least 15 days before a road show or the requested effective date. The Commission can also promulgate regulations and submit a report to Congress regarding requirements for draft registration statements submitted by issuers other than emerging growth companies.

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Encouraging Public Offerings Act of 2026

Last updated: 6/4/2026 · Introduced: 6/4/2026

Author: Ted Budd (R-NC)

TL;DR (AI)

This bill expands the ability of all companies, not just emerging growth companies, to communicate with potential investors through 'testing the waters' activities.
It allows companies to confidentially submit draft registration statements to the Securities and Exchange Commission (SEC) for review before an initial public offering or within a year of it.
The SEC is authorized to create regulations and report to Congress regarding these communications and draft registration statements.

119th Congressin committeeOfficial page

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Other Sections

Includes provisions on preamble, short title., and 1 more.

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