ELEVATE Act of 2026

This Act may be cited as the Encouraging Local Emerging Ventures and Economic Growth Act of 2026 or the ELEVATE Act of 2026.
Section 12(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(b)) is amended—
in paragraph (1), by redesignating subparagraphs (A) through (L) as clauses (i) through (xii), respectively;
by redesignating paragraphs (1), (2), and (3) as subparagraphs (A), (B), and (C), respectively;
by inserting (1) after (b);
in the matter preceding subparagraph (A) of paragraph (1), as so redesignated, by striking shall contain— and inserting shall contain the following:;
in paragraph (1)(A)(xi), as so redesignated, by striking years, and inserting years (or, in the case of an emerging growth company, not more than the two preceding fiscal years),;
in paragraph (1)(C), as so redesignated, by striking paragraph (1)(I) and inserting subparagraph (A)(ix); and
by adding at the end the following:
Any issuer may confidentially submit to the Commission a draft registration statement for confidential nonpublic review by the staff of the Commission prior to public filing of that registration statement, provided that the initial confidential submission and all amendments to that confidential submission shall be publicly filed with the Commission not later than 10 days before the applicable security is listed on a national securities exchange.
Notwithstanding any other provision of this title, the Commission shall not be compelled to disclose any information provided to or obtained by the Commission pursuant to this paragraph.
For purposes of section 552 of title 5, United States Code, this paragraph shall be considered a statute described in subsection (b)(3)(B) of such section 552.
Information described in or obtained pursuant to this paragraph shall be deemed to constitute confidential information for purposes of section 24.