To amend the Securities Act of 1933 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities.

This bill changes a rule in securities law to allow research reports about any company planning a public stock offering. Previously, the exception only covered "emerging growth companies"; now it applies to all companies ("issuers") planning to sell securities publicly. This directly affects securities analysts and research firms who publish investment reports. The key change broadens the scope of the exception by removing specific company type restrictions and replacing them with general terms.