SEC Issues Guidance and Implementation of the JOBS Act

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The Jumpstart Our Business Startups Act (JOBS Act), which was enacted on April 5, includes reforms intended to facilitate capital raising by small businesses and “emerging growth companies” (EGCs). Among other things, the JOBS Act allows for confidential submission to the Securities and Exchange Commission (SEC) of draft registration statements by EGCs, raises the threshold for registration under the Securities Exchange Act of 1934 (Exchange Act), and eliminates the ban on general solicitation and advertising for offerings to accredited investors under Regulation D under the Securities Act of 1933 (Securities Act) and offerings to qualified institutional buyers under Rule 144A under the Securities Act. (See the March 30, 2012 Katten Muchin Rosenman LLP Client Advisory here.)

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Published In: Administrative Agency Updates, Business Organization Updates, Communications & Media Updates, Finance & Banking Updates, Securities Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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