S. 4034

119 S4034 IS: Encouraging Local Emerging Ventures and Economic Growth Act of 2026
 U.S. Senate
 2026-03-10
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 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  2d Session  S. 4034  IN THE SENATE OF THE UNITED STATES   March 10, 2026   Mr. Ricketts  (for himself and  Ms. Cortez Masto ) introduced the following bill; which was read twice and referred to the  Committee on Banking, Housing, and Urban Affairs    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.
1.
Short title
This Act may be cited as the   Encouraging Local Emerging Ventures and Economic Growth Act of 2026   or the   ELEVATE Act of 2026  .
2.
Registration statements
Section 12(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b) ) is amended—
(1)
in paragraph (1), by redesignating subparagraphs (A) through (L) as clauses (i) through (xii), respectively;
(2)
by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively;
(3)
by inserting  (1)  after  (b) ;
(4)
in the matter preceding subparagraph (A) of paragraph (1), as so redesignated, by striking  shall contain—  and inserting  shall contain the following: ;
(5)
in paragraph (1)(A)(xi), as so redesignated, by striking  years,  and inserting  years (or, in the case of an emerging growth company, not more than the two preceding fiscal years), ;
(6)
in paragraph (1)(C), as so redesignated, by striking  paragraph (1)(I)  and inserting  subparagraph (A)(ix) ; and
(7)
by adding at the end the following:
(2)
(A)
Any issuer may confidentially submit to the Commission a draft registration statement for confidential nonpublic review by the staff of the Commission prior to public filing of that registration statement, provided that the initial confidential submission and all amendments to that confidential submission shall be publicly filed with the Commission not later than 10 days before the applicable security is listed on a national securities exchange.
(B)
Notwithstanding any other provision of this title, the Commission shall not be compelled to disclose any information provided to or obtained by the Commission pursuant to this paragraph.
(C)
For purposes of section 552 of title 5, United States Code, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.
(D)
Information described in or obtained pursuant to this paragraph shall be deemed to constitute confidential information for purposes of section 24.
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