Today, the House voted (271-154) to pass H.R. 37, titled “Promoting Job Creation and Reducing Small Business Burdens Act.” Among other things, the bill includes a number of measures that correct issues arising in the JOBS Act, or that otherwise are intended to promote capital formation. For example, the bill:
Addresses the Exchange Act 12(g) threshold for savings and loan holding companies to align the provisions with those available to bank holding companies;
Clarifies the termination of EGC status;
Requires a study of XBRL requirements;
Provides an exception from adviser registration for advisers to SBICs and VC funds;
Permits issuers to submit a summary page on Form 10-K; and
Mandates time period during which the SEC must complete a Regulation S-K study and report intended to simplify disclosure requirements.