SEC Proposes New Rule to Allow Pre-Filing Offerings by Underwriters, Potentially Paving the Way for More Pre-Marketed Transactions
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Yesterday, the SEC issued a proposal that would amend Rule 163 of the Securities Act to allow underwriters or dealers, acting on behalf of well-known seasoned issuers (WKSIs), to offer securities before a registration statement has been filed, subject to certain conditions. This proposal is consistent with statements by SEC staff members at the last two annual PLI Securities Regulation conferences, and is a welcome extension of existing rules that will help WKSIs that are anxious to gauge investor interest in their securities without the need to publicly disclose an intent to offer securities.

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