U.S. SEC to allow firms to file confidential draft statements before IPO

June 29 (Reuters) - The U.S. Securities and Exchange Commission said on Thursday it would allow all public companies to file confidential draft registration statements prior to initial public offerings, in a move designed to revitalize the IPO market.

The new rule will take effect from July 10, the SEC said. (http://bit.ly/2sWW212)

New SEC Chairman Jay Clayton has said he wants to reverse the steep decline in initial public offerings and give individual investors more access to smaller, successful companies. (Reporting by Arunima Banerjee in Bengaluru; Editing by Sandra Maler)