By Cydney Posner
The SEC has posted an update regarding confidential submissions by EGCs of IPO registrations statements under the JOBS Act. ht Corp Fin has now implemented a secure e-mail system for confidential submissions that will allow the staff to securely correspond with companies. (Foreign private issuers may also use the system to submit non-public draft registration statements.) The secure e-mail system will be operative beginning today, May 14, 2012, and the new process will replace the procedures described in the April 5, 2012 Corp Fin announcement. All confidential JOBS Act draft registration statements must be submitted in accordance with these instructions for use of the secure email system. Companies will need to register on the secure e-mail system by creating a secure email account, and the e-mail address provided will be the only one used for correspondence prior to the public filing of the registration statement. All draft submissions must be in text searchable PDF format and should include a transmittal letter identifying the issuer and the type of submission. EGCs should also confirm their status as EGCs in their transmittal letters. The staff will also use this system to send comment letters, and companies must submit their responsive correspondence using this system. The staff will confirm receipt of submissions via secure e-mail.