US HB3395

Comptroller General must conduct a study on costs for small- and medium-sized companies to undertake initial public offerings (IPOs), in consultation with the SEC and FINRA

Study must examine direct and indirect IPO costs including accountant fees, underwriter fees, outside advisor fees, and federal/state securities law compliance costs

Study must compare IPO costs to alternative financing sources, analyze impact on capital formation, and assess effects on retail investor access to public securities of smaller companies

Study must analyze IPO trends over time including number of IPOs, evolution of underwriting costs, number of active broker-dealers, changes in investment research availability, and litigation impacts

Report with findings, determinations, and legislative recommendations due to Congress within 360 days of enactment