Corp Fin to Implement EDGAR Procedure for JOBS Act Submissions

The SEC’s Division of Corporation Finance has announced that it will implement an EDGAR-based system for receiving confidential draft registrations from emerging growth companies (EGCs) under JOBS Act Section 106. The EDGAR system also will receive submissions from certain foreign private issuers. Currently, both EGCs and foreign private issuers can make submissions via a secure email system. Some aspects of the new EDGAR procedure will be detailed in the next EDGAR update (Release 12.1) as early as July 2, 2012. However, Corp Fin has instructed companies to continue using the secure email system until further notice. Once the EDGAR procedure is operational, Corp Fin will issue instructions explaining how eligible companies may make submissions via EDGAR.