{"id":7695,"date":"2025-03-05T16:47:53","date_gmt":"2025-03-05T21:47:53","guid":{"rendered":"https:\/\/seci.wpenginepowered.com\/?p=7695"},"modified":"2025-03-05T16:47:59","modified_gmt":"2025-03-05T21:47:59","slug":"corpfin-expands-confidential-review-process-for-draft-registration-statements","status":"publish","type":"post","link":"https:\/\/seciblog.pli.edu\/index.php\/corpfin-expands-confidential-review-process-for-draft-registration-statements\/","title":{"rendered":"CorpFin Expands Confidential Review Process for Draft Registration Statements"},"content":{"rendered":"<p style=\"font-weight: 400;\">As a step to facilitate capital formation, on March 3, 2025, the SEC announced that the Division of Corporation Finance will expand its confidential review process for draft registration statements.\u00a0 The confidential review process was established as part of the 2012 JOBS Act.\u00a0 CorpFin expanded the process to all issuers in 2017.\u00a0 According to the <a href=\"https:\/\/www.sec.gov\/newsroom\/whats-new\/draft-registration-statement-processing-procedures-expanded\">Announcement<\/a>, this next group of changes includes:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>\u201cExpanding the availability of the nonpublic review process for the initial registration of a class of securities under the Exchange Act to include both Section 12(b) and Section 12(g) registration statements on Forms 10, 20-F, or 40-F.<\/li>\n<li>Permitting issuers to submit draft registration statements regardless of how much time has passed since they became subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act.<\/li>\n<li>Expanding the availability of the nonpublic review process for a de-SPAC transaction in situations where the SPAC is the surviving entity (i.e., SPAC-on-top structure) as long as the target is eligible to submit a draft registration statement.<\/li>\n<li>Permitting issuers to omit the name of the underwriter(s) from their initial draft registration statement submissions, when otherwise required by Items 501 and 508 of Regulation S-K, provided that they include the name of the underwriter(s) in subsequent submissions and public filings.\u201d<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"font-weight: 400;\">In the <a href=\"https:\/\/www.sec.gov\/newsroom\/press-releases\/2025-50\">Press Release<\/a> announcing these changes Cicely LaMothe, Acting Director of CorpFin said:<\/p>\n<p style=\"font-weight: 400; padding-left: 40px;\">\u201cOver the years, staff have observed companies seeking to raise capital are taking advantage of the nonpublic review process when available. Expanding these popular accommodations will provide new and existing companies greater flexibility to explore and plan public offerings.\u201d<\/p>\n<p style=\"font-weight: 400;\">As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>As a step to facilitate capital formation, on March 3, 2025, the SEC announced that the Division of Corporation Finance will expand its confidential review process for draft registration statements.\u00a0 The confidential review process was established as part of the 2012 JOBS Act.\u00a0 CorpFin expanded the process to all issuers in 2017.\u00a0 According to the &hellip; <a href=\"https:\/\/seciblog.pli.edu\/index.php\/corpfin-expands-confidential-review-process-for-draft-registration-statements\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">CorpFin Expands Confidential Review Process for Draft Registration Statements<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[96,256],"tags":[],"coauthors":[154],"class_list":["post-7695","post","type-post","status-publish","format-standard","hentry","category-sec-hot-topic","category-sec-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/7695","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/comments?post=7695"}],"version-history":[{"count":0,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/posts\/7695\/revisions"}],"wp:attachment":[{"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/media?parent=7695"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/categories?post=7695"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/tags?post=7695"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/seciblog.pli.edu\/index.php\/wp-json\/wp\/v2\/coauthors?post=7695"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}