Greenlighting Growth Act
Sponsored By: Senator Sen. Kennedy, John [R-LA]
Introduced
Summary
Eases financial reporting for Emerging Growth Companies (EGCs). This bill would let EGCs and entities that used to be EGCs avoid presenting acquired-company or pre‑audit-period financial statements in IPO or application filings when those periods come before the earliest audited period the company shows.
Show full summary
- Emerging Growth Companies: An EGC would not need to include acquired company financial statements or the information required by 17 C.F.R. §210.3-05 and §210.8-04 for any period before the earliest audited period presented in its initial public offering.
- Former EGCs: Companies that cease being EGCs would keep the same exemption for periods before their earliest audited EGC period when filing under the Securities Exchange Act or making related applications.
- Regulatory alignment: The bill keeps the phrase "or any successor regulation" so the exemption applies even if the cited CFR provisions change.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Less IPO disclosure for emerging growth companies
If enacted, this bill would let an emerging growth company (EGC) omit acquired-company financial statements or related information for any period before the EGC's earliest audited year shown in its initial public offering. It would also allow a former EGC to omit those older issuer or acquired-company financials when filing certain Exchange Act listing applications. The relief applies to statements otherwise required under 17 C.F.R. §§210.3-05 and 210.8-04 (or any successor rules). If passed, this would reduce IPO and listing disclosure and compliance burdens for affected issuers.
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Sponsors & CoSponsors
Sponsor
Sen. Kennedy, John [R-LA]
LA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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