Expands two Securities Act provisions so any issuer — not just "emerging growth companies" — can rely on certain investment communications and can submit draft registration statements to the SEC for confidential, nonpublic staff review. For issuers that are not emerging growth companies, the SEC may create additional rules, but only after it studies the effects and reports findings to Congress.

Sets clear public-filing deadlines for confidential submissions: initial drafts and amendments must be publicly filed 10 days before IPO effectiveness, 10 days before a listing under Section 12(b), or 48 hours before effectiveness for follow-on offerings. The SEC must complete a findings report to Congress before initiating rulemakings that extend these processes beyond emerging growth companies.