To the Point - SEC staff substantially expands scope of confidential review program for draft registration statements

6 Jul 2017 PDF
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Publications To the Point

Overview

The SEC staff in the Division of Corporation Finance said it will accept draft initial registration statement submissions from all companies and Securities Act registration statement submissions in the first year after a company goes public for review on a non-public basis. The SEC staff also said that companies may now omit financial information that they reasonably believe will not be required at the time the registration statement is publicly filed. These expansions of the confidential review program are the first actions by the SEC staff to ease regulatory requirements under Chairman Jay Clayton, who has said that facilitating capital formation is a priority.

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