Summary

Removes a SEC financial-statement requirement for smaller public issuers by allowing an emerging growth company (EGC) to omit acquired-company or other specified historical financial statements that predate the issuer's earliest audited period when filing an IPO or exchange registration; that omission remains allowed even after the issuer no longer qualifies as an EGC. The change amends two securities statutes to limit the historical-period financial information required in registration statements and later filings under those provisions.

• Allows emerging growth companies to omit acquired-company and certain historical financial statements that predate the issuer's earliest audited period in IPO or exchange filings.
• The exemption applies at initial registration and continues to apply after the issuer stops qualifying as an emerging growth company.
• Amends two federal securities statute provisions that direct historical financial disclosure in registration and exchange filings.
• Reduces audit, accounting, and disclosure burdens for affected companies, underwriters, and auditors.
• Does not create new funding or new enforcement authorities for agencies.
• May reduce transparency about older acquired entities or predecessor operations for some investors.
• Implementation and oversight continue to be exercised by the SEC under existing rules and review processes.
• This is a targeted, technical change limited to historical-period financial disclosure requirements tied to specific statutory citations.