On March 3, 2025, the staff of the Division of Corporation Finance of the SEC significantly expanded its existing accommodations for confidential review of draft registration statements. The guidance expands (i) existing accommodations in the Jumpstart Our Business Startups Act, enacted in April 2012, that permit domestic emerging growth companies to confidentially submit draft registration statements for Staff review in an initial public offering and (ii) similar accommodations made available to foreign private issuers in May 2012, and then, in 2017, to all companies conducting certain securities offerings, including IPOs and follow-on offerings within twelve months of an IPO.