On 3 March 2025, the Division of Corporation Finance of the Securities and Exchange Commission (the SEC) announced that it is expanding the scope of availability for companies to submit draft registration statements for nonpublic review. The SEC initially created the option in 2012 as part of the Jumpstart Our Business Startups Act to enable emerging growth companies to submit draft registration statements for staff review on a confidential basis for initial public offerings. In 2017, the SEC expanded eligibility to include all issuers and follow-on offerings taking place within 12 months of an initial public offering.
Source: SEC Expands Nonpublic Review Process for Draft Registration Statements