[Congressional Record Volume 164, Number 40 (Wednesday, March 7, 2018)]
[Senate]
[Page S1471]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

  SA 2092. Mr. TILLIS submitted an amendment intended to be proposed by 
him to the bill S. 2155, to promote economic growth, provide tailored 
regulatory relief, and enhance consumer protections, and for other 
purposes; which was ordered to lie on the table; as follows:

       At the appropriate place, insert the following:

     SEC. ___. TEMPORARY EXEMPTION FOR LOW-REVENUE ISSUERS.

       Section 404 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 
     7262) is amended by adding at the end the following:
       ``(d) Temporary Exemption for Low-Revenue Issuers.--
       ``(1) Definitions.--In this subsection--
       ``(A) the term `average annual gross revenues' means the 
     total gross revenues of an issuer over its most recently 
     completed 3 fiscal years divided by 3;
       ``(B) the term `emerging growth company' has the meaning 
     given the term in section 3 of the Securities Exchange Act of 
     1934 (15 U.S.C. 78c); and
       ``(C) the term `large accelerated filer' has the meaning 
     given the term in section 240.12b-2 of title 17, Code of 
     Federal Regulations (or any successor regulation).
       ``(2) Low-revenue exemption.--Subsection (b) shall not 
     apply with respect to an audit report prepared for an issuer 
     that--
       ``(A) ceased to be an emerging growth company on the last 
     day of the fiscal year of the issuer following the 5-year 
     period beginning on the date of the first sale of common 
     equity securities of the issuer pursuant to an effective 
     registration statement under the Securities Act of 1933 (15 
     U.S.C. 77a et seq.);
       ``(B) had average annual gross revenues of less than 
     $50,000,000 as of its most recently completed fiscal year; 
     and
       ``(C) is not a large accelerated filer.
       ``(3) Expiration of temporary exemption.--An issuer ceases 
     to be eligible for the exemption described under paragraph 
     (1) on the earlier of--
       ``(A) the last day of the fiscal year of the issuer 
     following the 10-year period beginning on the date of the 
     first sale of common equity securities of the issuer pursuant 
     to an effective registration statement under the Securities 
     Act of 1933 (15 U.S.C. 77a et seq.);
       ``(B) the last day of the fiscal year of the issuer during 
     which the average annual gross revenues of the issuer exceed 
     $50,000,000; or
       ``(C) the date on which the issuer becomes a large 
     accelerated filer.''.
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