On May 4, 2012, the SEC Division of Corporation Finance issued an update to its confidential submission process for Emerging Growth Companies (EGCs) and certain foreign private issuers (FPIs) under the Jumpstart Our Business Startups Act (the "JOBS Act"). The division announced that it had implemented a secure electronic mail system that allows it to receive confidential submissions under the JOBS Act as well as non-public draft registration statements from FPIs under existing division policy. Beginning on May 14, 2012, the secure electronic mail system would replace the procedures presented in the SEC's April 5, 2012, announcement regarding such confidential submissions.
All issuers submitting draft registration statements confidentially pursuant to the JOBS Act or for non-public review under existing division policy must follow new instructions linked in the announcement. All draft submissions must be in text-searchable PDF format and should include a transmittal letter identifying the company and, for EGCs, confirming EGC status.