On June 29, 2017, the Division of Corporate Finance of the Securities and Exchange Commission announced that it will permit all companies to submit drafts of certain registration statements to the Division on a confidential basis, expanding a popular privilege that was made available to emerging growth companies under the Jumpstart Our Business Startups Act (known as the JOBS Act) in 2012.

The availability of non-public draft filings will be of particular interest to financial institutions that plan to file or underwrite initial public offerings.  Please see our client alert for a summary of the new policy.