By Keith Higgins (August 28, 2017, 1:30 PM EDT) -- The new chairman of the U.S. Securities and Exchange Commission, Jay Clayton, has expressed a keen policy interest in making it more attractive to become, and to be, a public company. In furtherance of that goal, the Division of Corporation Finance has recently published guidance that allows companies filing initial registrations under both the Securities Act of 1933 and the Securities Exchange Act of 1934 to submit filings confidentially and to omit from the initial filing financial statements that they do not expect to be required at the time the registration statement is publicly filed.[1] The guidance also allows confidential submissions for follow-on registration statements under the Securities Act within one year of the initial public offering. Although these accommodations have been well-received and do not appear to have generated significant uncertainty or concerns, the practical implications of these changes in various contexts will continue to develop. This article explores the background of this new guidance and provides observations on some implications of the new flexibility....