117 S4992 IS: Helping Startups Continue to Grow Act of 2022 U.S. Senate 2022-09-28 text/xml 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.

II117th CONGRESS2d SessionS. 4992IN THE SENATE OF THE UNITED STATESSeptember 28, 2022Mr. 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 AffairsA BILLTo 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.

1.

Short title

This Act may be cited as the Helping Startups Continue to Grow Act of 2022.

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.