S.4690

Encourages public offerings by expanding testing the waters and confidential draft registration submissions.

The Encouraging Public Offerings Act of 2026 amends the Securities Act of 1933 to expand the ability to use testing the waters and confidential draft registration submissions. Issuers can now submit draft registration statements confidentially for review by the Securities and Exchange Commission before public filing. This applies both before an initial public offering and within a year after such an offering or registration under the Securities Exchange Act of 1934. The bill also allows the Commission to impose additional terms and conditions on these submissions.