US HB3381

Expands "testing the waters" communications from emerging growth companies only to all issuers, allowing any company to gauge investor interest through oral or written communications with qualified institutional buyers before filing a registration statement

Permits any issuer to confidentially submit draft registration statements to the SEC for nonpublic review, extending a privilege previously limited to emerging growth companies

Requires confidential submissions to be publicly filed at least 10 days before the effective date for IPOs, 10 days before exchange listing for initial Section 12(b) registrations, or 48 hours before effective date for follow-on offerings

Authorizes the SEC to impose additional terms and conditions through rulemaking for non-emerging growth companies using these provisions, subject to public notice and comment

Mandates the SEC submit a report to Congress listing findings supporting any such rulemaking before promulgating new regulations