On March 3, 2025, the SEC’s Division of Corporation Finance issued new guidance expanding the availability of confidential review of draft registration statements (DRS). Originally, DRS was for foreign private issuers and later extended to emerging growth companies (EGCs) under the JOBS Act in 2012. In 2017, the SEC allowed all companies to use DRS for IPOs and initial listings. The 2025 guidance removes the “initial filing” limitation, allowing both private and public companies to submit DRS for confidential review.
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