The Securities and Exchange Commission announced a new policy that essentially extends the confidential submission accommodation made available to emerging growth companies (EGCs) to all issuers.  The EGC process will continue unchanged.

Starting on July 10, the Commission will review a draft initial Securities Act registration statement and related revisions on a nonpublic basis subject to the same requirements applicable to EGCs that avail themselves of the confidential submission process.  Similarly, the Commission also will review a draft registration statement of a class of securities under the Exchange Act Section 12(b).  The Commission statement noted in its statement that it will also accept draft registration statements submitted prior to the end of the twelfth month following the effective date of an issuer’s initial Securities Act registration statement or an issuer’s Exchange Act Section 12(b) registration statement for nonpublic review.  A foreign private issuer may choose to rely on the policies applicable to EGCs, to the extent that they qualify, or rely on this new approach.

The full statement is available here.

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