; (2) by redesignating paragraph (2) as paragraph (4); and (3) by striking paragraph (1) and inserting the following: (1) In general Any issuer may, with respect to an initial public offering, initial registration of a security of the issuer under section 12(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b) ), or follow-on offering, confidentially submit to the Commission a draft registration statement, for confidential nonpublic review by the staff of the Commission prior to public filing, provided that the initial confidential submission and all amendments thereto shall be publicly filed with the Commission not later than— (A) in the case of an initial public offering, 10 days before the effective date of such registration statement; (B) in the case of an initial registration of a security of the issuer under such section 12(b), 10 days before listing on an exchange; or (C) in the case of a follow-on offering, 48 hours before the effective date of such registration statement. (2) Follow-on offering defined In this subsection, the term follow-on offering means an offering by an issuer during the 12-month period beginning on the effective date of the initial public offering of the issuer or the initial registration of a security of the issuer under section 12(b) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78l(b) ). (3) 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 submission of draft registration statements described under this subsection 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. .