Davis Polk partner Michael Kaplan discussed new guidance by the SEC that expands the range of securities filings eligible for confidential review with Law360.

“It’s a nice, early sign and indication that the SEC is back in the business of capital formation,” Michael said.

He added that the SEC’s new policy “closes the gap” for companies that have been public for longer than a year but don’t have $700 million in market capitalization needed to qualify as WKSIs, enabling them to better time their stock sales. “Everyone benefits from this ability to launch [an offering] and not be dangling out in the market for too long,” Michael explained. “That’s probably the most significant change.”

“SEC’s Expansion Of Confidential Filings Likely To Spur Deals,” Law360 (March 13, 2025) (subscription required) 

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