The staff of the Division of Corporation Finance (Staff) of the US Securities and Exchange Commission announced that, beginning July 10, 2017, it will allow all companies to submit registration statements for initial public offerings (IPOs) to the Staff for review on a confidential basis. The Staff will also allow nonpublic treatment of follow-on draft registration statements submitted within one year of an IPO. This Legal Update discusses requirements of the confidential review process and practical considerations for companies that might take advantage of it.