In April 2012, President Obama signed the Jumpstart Our Business Startups Act (the JOBS Act) into law. The Act focuses upon stimulating economic growth by making it easier for smaller businesses to raise capital. Among the measures included in the JOBS Act are a number of provisions creating new opportunities for broker-dealers. Such measures include:

• Facilitating initial public offerings by emerging growth companies (less than $1 billion of annual gross revenues);

• Increasing the ceiling for exempt public offerings under Regulation A to $50 million;