The Securities and Exchange Commission proposed a new rule to promote new investments in publicly registered companies. Under the proposed rule, issuers could communicate orally or in writing with investors in new registered securities offerings that are or believed to be qualified institutional buyers or institutional accredited investors before or after the filing of a registration statement related to such offerings. This new rule is an expansion of the “test-the-waters” exemption to applicable securities laws given to emerging growth companies under the 2012 Jumpstart Our Business Startups (“JOBS”) Act. The SEC will accept comments for 60 days after the proposed rule is published in the Federal Register. (Click here for background regarding the JOBS Act.)