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Helping Startups Continue to Grow Act of 2022
To amend the Securities Act of 1933 to extend the maximum period for which a company can be an emerging growth company from 5 years to 10 years.
Summary
This bill extends the period during which a company can maintain emerging growth company status from five years to ten years under both the Securities Act of 1933 and the Securities Exchange Act of 1934. Emerging growth companies receive reduced regulatory requirements and other accommodations to help them grow without the full burden of public company regulations. The Securities and Exchange Commission must issue an interim final rule within 180 days to implement the change, without narrowing the definition of emerging growth company or increasing regulatory obligations for such companies.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Sen. Scott, Tim [R-SC] (R-SC)
1 cosponsor
- Sen. Warner, Mark R. [D-VA] (D-VA)
Actions (3)
- Dec 13, 2022 Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investment. Hearings held. With printed Hearing: S.Hrg. 117-756. · senate
- Sep 28, 2022 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
- Sep 28, 2022 Introduced in Senate
Similar bills (6)
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Full text
IN THE SENATE OF THE UNITED STATES
September 28, 2022
Mr. Scott of South Carolina (for himself and Mr. Warner) 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 Act of 1933 to extend the maximum period for which a company can be an emerging growth company from 5 years to 10 years.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Helping Startups Continue to Grow Act of 2022”.
SEC. 2. DEFINITION OF EMERGING GROWTH COMPANY.
(a) Definitions.—
(1) Securities act of 1933.—Section 2(a)(19)(B) of the Securities Act of 1933 (15 U.S.C. 77b(a)(19)(B)) is amended by striking “fifth” and inserting “tenth”.
(2) Securities exchange act of 1934.—Section 3(a)(80)(B) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(80)(B)) is amended by striking “fifth” and inserting “tenth”.
(b) Rulemaking.—
(1) In general.—Not later than 180 days after the date of enactment of this Act, the Securities Exchange Commission shall issue an interim final rule carrying out the amendment made by subsection (a).
(2) Definitions.—In amending the definition of emerging growth company, as required under paragraph (1), the Securities Exchange Commission shall not make or solicit feedback on alterations to the definition of emerging growth company to narrow the definition or increase their regulatory obligations or restrictions of emerging growth companies. <all>
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