Sponsors (2)
The bill improves outcomes for issuers and markets by allowing confidential pre-filing SEC review and modernizing filing rules, but it reduces early public transparency and scrutiny and could raise SEC administrative costs.
Issuing companies and small-business owners can get private SEC staff feedback before public filing, reducing costly registration errors and speeding listings.
Issuing companies (e.g., startups and firms preparing to list) can keep sensitive business information out of public filings during review, lowering competitive and disclosure risks.
Financial institutions and exchanges benefit from clarified and modernized filing timing and historical-year rules, reducing regulatory uncertainty about registration requirements.
Investors may face greater risk that material problems in filings are discovered too late because reduced public scrutiny during confidential review limits early detection.
Investors and the public will have delayed access to registration drafts, reducing transparency until shortly before listings.
Taxpayers may face added administrative costs if the SEC must manage confidential reviews and later public filings, potentially funded by fees or appropriations.
Based on analysis of 4 sections of legislative text.
Permits any issuer to submit draft registration statements to the SEC confidentially and requires public filing no later than 10 days before exchange listing, with FOIA exemptions for the drafts.
Introduced March 10, 2026 by John Peter Ricketts · Last progress March 10, 2026
Allows any issuer to submit draft registration statements to SEC staff on a confidential, nonpublic basis and requires that the initial confidential submission and any amendments be publicly filed with the Commission no later than 10 days before the security is listed on a national securities exchange. The change also reorganizes and corrects certain existing text in the Securities Exchange Act and classifies the confidential pre‑filing material as exempt from public disclosure under FOIA and treated as confidential for other statutory protections.