S. 4034 — ELEVATE Act of 2026

This section restructures the information requirements in applications to register securities on national securities exchanges and (1) permits emerging growth companies to limit specified disclosures to not more than the two preceding fiscal years (from three years); (2) authorizes any issuer to confidentially submit a draft registration statement to the SEC for nonpublic staff review prior to public filing, provided the submission and amendments are publicly filed no later than 10 days before the security is listed on an exchange; and (3) exempts such confidential information from disclosure requirements, including under FOIA (5 U.S.C. 552(b)(3)(B)) and SEC investigative confidentiality rules (sec. 24).