News & Analysis as of

Initial Public Offering Securities & Exchange Commission The Jump-Start Our Business Start-Ups Act

Corporate Finance Alert: House Passes Bipartisan Legislation Intended to Ease Capital Formation

On November 1, 2017, the House of Representatives passed two bills intended to ease regulatory burdens on capital formation. The bills would amend the Securities Act of 1933 (Securities Act) to extend the “testing the waters”...more

SEC Extends to Non-EGCs Process For Nonpublic Review of Registration Statements

by Hogan Lovells on

On June 29, the SEC announced that its Division of Corporation Finance will allow all companies to submit for nonpublic review draft registration statements relating to initial public offerings and other specified...more

SEC Staff Expands Confidential Review Procedures for Registration Statements under the Securities Act and Exchange Act

by K&L Gates LLP on

On June 29, 2017, the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC Staff”) issued an announcement (the “Announcement”) expanding its confidential review process in several areas,...more

SEC Allows All Companies to Submit Confidential Initial Registration Statements

On June 29, 2017, the SEC announced that starting on July 10, 2017 all companies can take advantage of confidential SEC review of certain registration statements submitted in connection with an IPO. Confidential SEC review...more

SEC Expands Popular JOBS Act Benefit to All Companies Filing Registration Statements

by Ballard Spahr LLP on

Starting July 10, 2017, all companies filing certain registration statements may take advantage of a popular benefit currently allowed only to Emerging Growth Companies (EGCs) under the Jumpstart Our Business Startups (JOBS)...more

SEC Extends Key JOBS Act Benefit for All IPOs and Recently Public Companies

by Fenwick & West LLP on

On June 29, 2017 the U.S. Securities and Exchange Commission announced that it would permit all companies registering for an initial public offering to take advantage of the confidential review process that was previously...more

Blog: What’s Up With The Declining Number Of IPOs?

by Cooley LLP on

At a meeting on Thursday of the SEC’s Investor Advisory Committee, a panel discussed the declining number of IPOs, a topic that seems to be top of mind for many in the securities arena. Of course, there’s a reason for that;...more

SEC changes filing cover pages, raises thresholds for EGCs and crowdfunding

by DLA Piper on

The SEC has adopted a number of technical amendments to the Jumpstart Our Business Startups Act (the JOBS Act) to conform its existing rules and regulations to the requirements of the JOBS Act and implement statutory...more

News Round Up - April 2017

by Morrison & Foerster LLP on

Momentum Builds in the U.S. IPO Market - Renaissance Capital reported a strong start to the year in its U.S. IPO Market 1Q 2017 Quarterly Review. The first quarter of 2017 saw 25 IPOs, which raised $9.9 billion, a jump...more

What is the RAISE Act and How Useful will it be to Sellers of Private Company Shares?

With the enactment of the Jumpstart Our Business Startups (JOBS) Act of 2012, private companies have the ability to defer an IPO and SEC reporting, and remain private longer than at any time in the past. One result, however,...more

A Lofty Concept: Disclosure Effectiveness

by Morrison & Foerster LLP on

Even before the JOBS Act had been proposed, policymakers focused on the downturn in the number of initial public offerings (IPOs) speculated that the burdensome disclosure requirements applicable to public companies were...more

President Signs FAST Act (Updated December 10, 2015)

by Cooley LLP on

The President has signed the FAST Act into law. As previously discussed, this transportation bill contains several measures that modify the JOBS Act or otherwise relate to capital raising for emerging growth companies,...more

Changes to the JOBS Act and SEC Disclosure Requirements

by Shearman & Sterling LLP on

Last Friday, President Obama signed into law the Highway Transportation Bill, otherwise known as the FAST Act. Among its many provisions, the Act includes changes to the JOBS Act, changes to SEC disclosure requirements and a...more

Blog: President Signs FAST Act

by Cooley LLP on

The President has signed the FAST Act into law. As previously discussed, this transportation bill contains several measures that modify the JOBS Act or otherwise relate to capital raising for emerging growth companies,...more

Crowdfunding Regulations

by Pepper Hamilton LLP on

On October 30, 2015, the Securities and Exchange Commission (SEC) adopted final crowdfunding rules. More than two years after the publication of the proposed crowdfunding rules, the SEC approved regulations that permit...more

Investing in the Next “Big Thing” Just Got Easier – SEC Promulgates New Crowdfunding Rules

On October 30, 2015, the United States Securities and Exchange Commission (“SEC”) moved forward in implementing Title III of the JOBS Act and adopted new rules permitting companies to offer and sell securities to all...more

SEC Adopts Rules to Permit Crowdfunding: Proposes Amendments to Existing Rules to Facilitate Intrastate and Regional Securities...

On October 30, the Securities and Exchange Commission adopted final rules under Title III of the JOBS Act (“Regulation Crowdfunding”) to permit a company to offer and sell securities through crowdfunding transactions that...more

They've Arrived: Long-Awaited Federal Crowdfunding Rules Adopted by SEC

by Baker Donelson on

On October 30, 2015, the U.S. Securities and Exchange Commission (SEC) voted three to one to adopt equity crowdfunding rules pursuant to Title III of the Jumpstart Our Business Startup Act of 2012 (JOBS Act)....more

What's Market? Update: Securities

by Goulston & Storrs PC on

Amendments to Regulation A adopted by the SEC to comply with a mandate in the JOBS Act took effect on June 19, 2015. Regulation A as amended (often referred to as “Regulation A+”) expands the maximum aggregate amount that...more

Friend of the Court and Friend of the Little Guy? State Securities Regulators Tell D.C. Circuit in Amicus Brief that SEC’s...

On September 2, 2015, the North American Securities Administrators Association (NASAA) filed an amicus brief siding with Montana and Massachusetts in a bid to overturn the SEC’s new capital-raising rule, titled Regulation A...more

IPOs - Attractive Exit Alternative For Financial Sponsors

by Dechert LLP on

The strong U.S. initial public offering (IPO) market, coupled with favorable regulatory changes and market acceptance of innovative transaction structures, has increased the attractiveness of the IPO as an exit alternative to...more

SEC Amendments to Regulation A Create New Exemptions for Offerings up to $50 Million

by Proskauer Rose LLP on

On March 25, 2015, pursuant to a JOBS Act mandate, the SEC adopted amendments to Regulation A, exempting offerings now of up to $50 million and eliminating some of the impediments to use of the exemption....more

The SEC on Capital Formation: Graded Incomplete – Commissioner Gallagher

by Dorsey & Whitney LLP on

Last year the IPO market was overheating – a record number of initial offerings were conducted. Nevertheless, SEC Commissioner Daniel Gallagher gives the SEC a grade of “incomplete” in the area of capital formation in recent...more

In Long-Awaited SEC Action – Access to Capital for Entrepreneurial Startups Facilitated by New Rules - Venture Capital and...

by McCarter & English, LLP on

On March 25, 2015, in a long-awaited action by the SEC, the regulatory agency finally made a bold move intended to facilitate access to capital for entrepreneurial, high tech startups and other smaller companies. Pursuant to...more

SEC Issues Regulation A+ Rules; Increases Access to Capital Markets for Smaller Issuers

by Dorsey & Whitney LLP on

On March 25th, the Securities and Exchange Commission (the “SEC”) adopted new rules to amend Regulation A under the Securities Act of 1933, as amended (the “Securities Act”). The new rules, referred to as “Regulation A+,”...more

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