This legislation significantly amends the Securities Act of 1933 by expanding key provisions designed to facilitate public offerings. It extends the ability for all issuers , not just emerging growth companies, to engage in "testing the waters" communications with potential investors before or after filing a registration statement. Additionally, the bill allows any issuer to submit confidential draft registration statements to the Securities and Exchange Commission (SEC) for nonpublic review prior to an initial public offering (IPO). The expanded confidential submission process also applies to issuers within one year after their IPO or exchange registration. For both "testing the waters" and confidential submissions, the SEC is granted authority to promulgate regulations imposing additional terms or conditions on issuers other than emerging growth companies. However, before any such rulemaking, the SEC must submit a report to Congress detailing the findings supporting the basis for these new requirements.