Training Guide

Gun Jumping


Training Guide

Gun Jumping

Securities Offerings
Remote or in person

What’s Covered

  • Scope and application of gun-jumping rules during pre-filing, waiting, and post-effective periods of an IPO 
  • Safe harbors
  • Effects of violations

Before the Session

Prepare the Attendees

Send the attendees an invitation for the session. Include this link, which has the videos and exercise they’ll need to prepare.

Prepare Yourself

Watch the videos and read the exercise so you’re familiar with the Hotshot material.

  • still frame from Communications During an Offering


    Gun Jumping

    An overview of the gun-jumping rules and safe harbors relating to communications during a registered offering. Includes a discussion on permitted communications during the pre-filing, waiting and post-effective periods.

  • Icon of a document


    Gun Jumping


During the Session

Part 1: Knowledge Check
Ask attendees these questions to ensure they understand the topic:
  • What kinds of offerings are subject to the SEC’s gun-jumping rules?
  • In an IPO, what types of communications are barred during the pre-filing period?
  • What are the main safe harbors for communications during the pre-filing period?
  • What affect did the JOBS Act have on the rules for emerging growth companies?
  • When does the waiting period begin, and how do the gun-jumping rules change at that point?
  • How do the rules apply once the SEC declares a registration statement effective?
  • What are the potential effects of violations of the gun-jumping rules?
Part 2: Group Exercise
Lead a group discussion based on the exercise. To encourage collaboration, divide the attendees into groups to discuss the exercise, then have a representative from each group summarize their views to the larger group. Call on people to share their thoughts and ask others to respond.
Tip for remote sessions: use your web conferencing system’s breakout room feature to divide people into groups.
Part 3: War Stories and Firm Specifics
Share your own experiences and guidance, including:
  • Anecdotes and war stories (e.g., about a near-disaster or a tough negotiation)
  • General practice tips (dos and don’ts)
  • Firm-specific guidance and practices

After the Session

To continue their learning, attendees can check out related courses in Hotshot’s Securities Offerings topic.

About Hotshot

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