Rewrites three phrases in the definition provision of the Securities Act to broaden who and what the text covers. It replaces the narrow term “an emerging growth company” with the broader term “an issuer,” replaces “the common equity” with the broader word “any,” and updates a cross‑reference from “such emerging growth company” to “such issuer,” changing the statutory language of 15 U.S.C. 77b(a)(3).

The change enlarges the reach of the affected provision from only emerging growth companies and their common equity to potentially all issuers and any classes of securities, which could extend whatever treatment or rule is tied to that wording to a wider set of companies and securities and may require regulatory guidance or judicial interpretation.