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Under the leadership of its newest chairman, Jay Clayton, the SEC has for the last two years made it clear that it wants more companies to go public already. A new proposal, revealed today, may get it closer to that objective. Specifically, the agency has proposed giving any company that’s exploring a potential IPO a chance to explore its plans privately with potential investors — both institutional and accredited — before making any public pronouncements. It would essentially widen the net to allow every company to “test the waters” before deciding whether or not to move forward with an offering, compared with the companies that are able to test the waters today, which are “emerging growth companies.” Per the SEC’s definition, an emerging growth company is an issuer with total annual gross revenue of less than $1 billion during its most recently completed fiscal year. The public now has 60 days to comment on the proposal, after which the SEC will decide whether or not to move forward. You can pretty much expect that it will.

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