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The SEC Division of Corporation Finance has updated its October 1, 2025 guidance regarding actions in advance of a potential government shutdown, with the revised version dated October 9, 2025. The most significant substantive change relates to update guidance in response to the question of whether registrants can file an amendment to their current registration statement to remove the delaying amendment so the registration statement will go effective in 20 days. The updated guidance now clarifies that the SEC will not recommend enforcement action if a company omits information specified in Rule 430A from a registration statement that goes effective by operation of law during the shutdown, even though Rule 430A technically only applies to registration statements "declared effective" by the Commission or staff. This represents a meaningful policy accommodation for registrants navigating the shutdown period.
The core operational framework remains unchanged, with limited Division staff available only for fee calculations and emergency filing relief through CFEmergency@sec.gov while EDGAR continues to accept filings but cannot declare registration statements effective or qualify Form 1-A offering statements during the shutdown.
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