summary
Introduced
10/02/2017
10/02/2017
In Committee
10/12/2017
10/12/2017
Crossed Over
11/02/2017
11/02/2017
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Encouraging Public Offerings Act of 2017 (Sec. 2) This bill amends the Securities Act of 1933 to allow an issuer of securities to communicate with potential investors to ascertain interest in a contemplated securities offering, either before or after the filing of a registration statement (i.e., "test the waters"). Under current law, only emerging growth companies may engage in such communications. The bill also allows an issuer to submit a confidential draft registration statement to the Securities and Exchange Commission for review prior to public filing or within one year after the initial public offering or registration.
AI Summary
This bill amends the Securities Act of 1933 to expand the ability of issuers, not just emerging growth companies, to "test the waters" by communicating with potential investors to gauge interest in a contemplated securities offering, either before or after filing a registration statement. The bill also allows issuers, not just emerging growth companies, to submit a confidential draft registration statement to the Securities and Exchange Commission (SEC) for review prior to public filing, either before their initial public offering or within one year after their initial public offering or registration of a security under the Securities Exchange Act of 1934. The bill authorizes the SEC to issue regulations to impose additional terms, conditions, or requirements on these activities for issuers other than emerging growth companies, but requires the SEC to issue a report to Congress containing the findings supporting any such rulemaking.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (2)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 11/02/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
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