On December 4, 2015, President Obama signed the Fixing America’s Surface Transportation Act (“FAST Act”), which includes a number of securities law related provisions that had previously been the subject of individual bills that had received bipartisan support. Below we summarize these provisions.

Amendments to, or Enhancements to, the JOBS Act -

Public Filing Prior to Road Show:

Section 71001 of the FAST Act amends Section 6(e)(1) of the Securities Act of 1933 (the “Securities Act”), reducing the 21-day period to a 15-day period during which an emerging growth company, or EGC, must have publicly filed its IPO registration statement prior to commencing its road show. Many market participants supported this change, noting that given ready access to information, 15 days is a sufficient period during which the public can review and access an IPO issuer’s registration statement.