Corp Fin Issues Instructions for JOBS Act Confidential Submissions

The SEC's Division of Corporation Finance has announced procedures for emerging growth companies to confidentially submit registrations under the JOBS Act, which was signed into law earlier today. Specifically, an emerging growth company that has not sold its common equity securities pursuant to an effective registration statement under the Securities Act may submit a confidential draft registration to the SEC for review. The Commission plans to establish an electronic system for handling these requests. But until the system is in place, the division has asked that eligible companies submit draft registrations in text searchable PDF files on CD or DVD. Paper submissions must not be stapled or bound together. Submissions also should include a transmittal letter that confirms the company’s status as an emerging growth company.