ELEVATE Act of 2026

This bill, known as the ELEVATE Act of 2026, modifies the Securities Exchange Act of 1934 to adjust registration requirements for emerging growth companies and allow draft filings for confidential review. It requires emerging growth companies to include financial data from no more than two preceding fiscal years instead of the standard three years, reducing the amount of historical financial information they must disclose when going public. Additionally, the bill permits companies to submit draft registration statements to the Securities and Exchange Commission for confidential review before public filing, with the requirement that these drafts be made public no later than 10 days before the security is listed on an exchange. The legislation also establishes legal protections ensuring that information provided during confidential review remains confidential and is not disclosed by the Commission. These changes directly affect companies seeking to list their securities on national exchanges for the first time, particularly smaller or newer businesses classified as emerging growth companies.