Encouraging Public Offerings Act of 2023

HR 2793, the Encouraging Public Offerings Act of 2023, expands access to confidential review of draft registration statements for all companies seeking to go public, not just "emerging growth companies" as previously restricted. The bill allows any issuer to submit draft registration statements confidentially to the Securities Commission for staff review before public filing, with submissions required to be made publicly 15 days before a roadshow (marketing event) or 15 days before the registration's effective date. It removes the prior limitation on who could use this process and requires the Securities Commission to report to Congress before creating new rules for non-emerging-growth companies. The bill directly affects companies preparing initial public offerings (IPOs) or securities registrations by streamlining their pre-filing review process.