The SEC began accepting and processing draft registration statements for confidential non-public review submitted by EGCs pursuant to Section 106 of the JOBS Act on April 5. In May, the SEC implemented the same confidential non-public review process for initial public offerings by certain FPIs. As a result, since May 14, both types of submissions have been delivered to the SEC via a secure email system, with a number of issuers taking advantage of the confidential or non-public review opportunities.
The division intends to replace this secure email system with an EDGAR-based system for confidential and non-public submission of draft registration statements. On July 2, 2012, some of the necessary modifications were put into place with the release of EDGAR (Release 12.1). However, the division is still working to implement the EDGAR-based system. Companies should continue to use the secure email system currently in place until further notice.