On May 11, 2012, the SEC's Division of Corporation Finance (Division) issued instructions for submitting draft registration statements confidentially under the JOBS Act or for non-public review under the Division's policy for certain foreign private issuers. The Division implemented a secure e-mail system to allow it to receive draft registration statements and to securely correspond with companies about their draft registration statements. On May 14, 2012, the secure e-mail system replaced the procedures previously described in its April 5 announcement (see Legal Update, SEC Division of Corporation Finance Issues Guidance on Confidential Registration Statement Submission under JOBS Act).

Issuers must follow these new instructions on how to use the secure e-mail system. All submissions must:

For more on the JOBS Act, see Practice Notes, JOBS Act: On-ramp to the Capital Markets for Emerging Growth Companies Summary and Road Map to the Jumpstart Our Business Startups (JOBS) Act of 2012.