The SEC announced that its Division of Corporation Finance is further facilitating capital formation by enhancing the accommodations available to companies for nonpublic review of draft registration statements. 

In 2012, the JOBS Act permitted certain companies to confidentially submit for staff review a draft registration statement for an initial public offering. In 2017, the staff expanded these accommodations to all companies conducting certain securities offerings, including initial public offerings and follow-on offerings within one year of their initial public offering. With today’s announcement, the accommodations for companies submitting draft registration statements for nonpublic review will be further enhanced. 

The enhanced accommodations will expand the types of forms eligible to be submitted as draft registration statements for nonpublic review and permit reporting companies to submit draft registration statements for nonpublic review regardless of how much time has passed since their initial public offering. In addition, companies will have added flexibility to start the review process earlier by omitting certain underwriter disclosures from their initial submissions. 

Companies may submit questions about their eligibility to use the enhanced accommodations to [email protected].