ELEVATE Act of 2025

This bill amends the Securities Exchange Act of 1934 to modify requirements for companies seeking to register securities. It specifically reduces the financial reporting burden for emerging growth companies , allowing them to provide financial statements for only the two preceding years instead of a potentially longer period. Furthermore, the legislation introduces a provision permitting any issuer to confidentially submit a draft registration statement to the Securities and Exchange Commission (SEC) for nonpublic review. This confidential submission, along with any amendments, must be publicly filed at least 10 days before the company lists on a national securities exchange. The bill also ensures that the SEC cannot be compelled to disclose this information, treating it as confidential and exempt from public disclosure under the Freedom of Information Act.