AY01l910
S.L.C.
112TH
CONGRESS
Is'r
SESSION
s.
ToincreaseAmericanjobcreationandeconomicgrowthbyimprovingaccesstothepubliccapital
iuarkets
foremerginggrowthcompanies.
INTHESENATEOFTHEUNITEDsrrArrES
Mr.
SCHlJMRR
(forhimself,Mr.
TOOMEY,
MI'.
WARNER,
andMr.CR.,\l'O)in-troducedthcfollowingbill;whichwasreadtwiceandreferredtotheCom-mitteeon
--------------
__
-
ABILL
ToincreaseAmericanjobcreationand
eeonormc
growthbyimprovingaccesstothepubliccapitalmarketsforemerg-ing'growthcompanies.
1Be
1:t
enacted
by
theSenate
and
HON,se
ofRepresenia-2livesoftheUnitedStatesof'AmericainCongressassembled,
3
SECTION
1.
SHORTTITLE.
4ThisActmaybecitedasthe"ReopeningAmerican5CapitalMarkets
to
EmergingGrowthCompaniesActof'
62011".
AYOl1910S.L.C.
2
1
SEC.2.DEFINITIONS.
2(a)
Sr~CUnITIESACTOF
1933.-Seetion2(a)ofthe3SecuritiesActof1933(15U.S.C.
77h(a))
isamendedby4addingattheendthefollowing:5"(19)The
term
'emerginggrowthcompany'6meansanissuerthathadtotalannualgrossreve-7nuesoflessthan$1,000,000,000duringitsmostre-8centlycompletedfiscalyear..
An
issuerthatisan9emergingg-rowthcompanyasofthefirst
day
ofthat10fiscalyearshallcontinuetobedeemedanemerging11growthcompanyuntiltheearliestof-1.2"(A)thelastclayofthefiscalyearofthe13issuerduringwhichithadtotalannualgross14revenuesof$1,000,000,000ormore;1.5
"(B)
thelastdayofthefiscalyearofthe16issuerfollowingthefifthanniversaryofthedate17ofthefirstsaleofcommonequitysecuritiesof1.8theissuerpursuanttoaneffectiveregistration19statementunderthistitle;and20"(C)thedateonwhichsuchissueris21deemedtobea'largeacceleratedfiler',asde-22finedinsection240.12b-2oftitle17ofthe23CodeofFederalRegulations,oranysuccessor24thereto.".
AYOIID10
S.hC.
3
1(b)
SECURITIES
EXCHANGE
ACTOF
1934.-Seetion23(a)oftheSeeuritiesExchangeActof1934(15U.S.c.
3
78e(a))isamended-
4(1)
byredesignating
paragraph(77),
asadded5bysection941(a)oftheInvestorProtectionandSe-6curitiesReformActof2010(PublicLaw111-203,7124Stat.1890),asparagraph(79);and8(2)byaddingatthe
endthe
following:
9
"(80)Theterm'emerginggrowthcompany'10meansanissuerthathadtotalannual
gTOSS
reve-
11
nuesof'lessthan$1,000,000,000duringitsmostre-12centlycompletedfiscalyear.Anissuerthatisan13emerginggrowthcompanyasofthefirstdayofthat14fiscalyearshallcontinuetohedeemedanemerging15growthcompanyuntiltheearliestof-
16
"(A)thelastdayofthefiscal
year
ofthe17issuerduringwhichithadtotalannual
gTOSS
18revenuesof$1,000,000,000ormore,
19
"(B)the
lastdayofthefiscalyearofthe20issuerfollowingthefifthanniversaryofthedate21
of
thefirstsale
of
commonequitysecuritiesof22theissuerpursuanttoaneffectiveregistration23statementundertheSecuritiesActof19a3j24and
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