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ARTICLE · 06 MARCH 2025

The SEC Staff Enhances Draft Registration Statement Accommodations

The SEC has announced that the Division of Corporation Finance issued updated guidance that enhances the accommodations available to companies for nonpublic review of draft registration statements.

United StatesCorporate/Commercial Law

The SEC has announced that the Division of Corporation Finance issued updated guidance that enhances the accommodations available to companies for nonpublic review of draft registration statements. The updated guidance specifies the following changes to the Staff's approach for reviewing nonpublic draft registration statements:

The Division is expanding the accommodations available for issuers that submit draft registration statements for nonpublic review. We first expanded the voluntary draft registration statement submission accommodations beyond Emerging Growth Companies to include all issuers in 2017. Based on our experience, we believe that further expansion of these accommodations can facilitate capital formation, without diminishing investor protection.

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