Jumpstart Our Business Startups (JOBS) Act Frequently Asked Questions

Confidential Submission Process for Emerging Growth Companies

April 10, 2012

The Jumpstart Our Business Startups Act (the "JOBS Act") was enacted on April 5, 2012. In these Frequently Asked Questions, the Division of Corporation Finance is providing guidance on the implementation and application of the JOBS Act, based on our current understanding of the JOBS Act and in light of our existing rules, regulations and procedures. These FAQs are not rules, regulations or statements of the Commission. Further, the Commission has neither approved nor disapproved these FAQs.

These FAQs address questions relating to the confidential submission of registration statements for review pursuant to new Securities Act Section 6(e). Section 6(e) provides that an emerging growth company may confidentially submit to the Commission a draft registration statement for confidential, non-public review by the Commission staff prior to public filing, provided that the initial confidential submission and all amendments thereto shall be publicly filed not later than 21 days before the date on which the issuer conducts a road show, as such term is defined in Securities Act Rule 433(h)(4).

For information about the procedures for the confidential submissions, please refer to the Division announcement regarding confidential submission of draft registration statements under the JOBS Act.

Full Information: http://www.sec.gov/divisions/corpfin/guidance/cfjumpstartfaq.htm