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A Rising Tide May Lift All Boats: SEC Adopts Rule 163B, Permitting All Issuers to “Test the Waters”

  • By
  • David Baxter, Jeffrey Delaney, Stephanie Langan, Gabriella Lombardi
Effective as of December 3, 2019, under new Rule 163B (Rule 163B) adopted by the Securities and Exchange Commission (the SEC), any issuer contemplating a public offering of its securities, and those authorized to act on the issuer’s behalf, including underwriters, will be permitted to engage in oral or written communications with certain potential investors in order to gauge market interest in the offering on a confidential, commitment-free basis.
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