Expanding testing the waters

Section 5(d) of the Securities Act of 1933 (15 U.S.C. 77e(d)) is amended— (1) by striking Notwithstanding and inserting the following: (1) In general Notwithstanding; (2) by striking an emerging growth company or any person authorized to act on behalf of an emerging growth company and inserting an issuer or any person authorized to act on behalf of an issuer; and (3) by adding at the end the following: (2) Additional requirements (A) In general The Commission may promulgate regulations, subject to public notice and comment, to impose such other terms, conditions, or requirements on the engaging in oral or written communications described under paragraph (1) by an issuer other than an emerging growth company as the Commission determines appropriate. (B) Report to Congress Prior to any rulemaking described under subparagraph (A), the Commission shall submit to Congress a report containing a list of the findings supporting the basis of the rulemaking..