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The Jump-Start Our Business Start-Ups Act › Initial Public Offering (IPO) › Accredited Investors

The Jump-Start Our Business Start-Ups Act is a United States federal law enacted in 2012 to increase start-up companies' access to capital by easing certain restrictions on seeking and soliciting private... more +
The Jump-Start Our Business Start-Ups Act is a United States federal law enacted in 2012 to increase start-up companies' access to capital by easing certain restrictions on seeking and soliciting private investment. less -
McCarter & English, LLP

SEC Updates Definition Of “Accredited Investor”

McCarter & English, LLP on

The term “accredited investor,” as defined under Rule 501 of Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), had not changed significantly since it was originally adopted in 1982. In June 2019,...more

Mayer Brown Free Writings + Perspectives

Testing the Waters for All – New Rule 163B Expands TTW to All Issuers: First Analysis

Mayer Brown Free Writings + Perspectives on

In this Lexis Practice Advisor Practice Note, we discuss new Rule 163B adopted by the US Securities and Exchange Commission (SEC). On September 26, 2019, the SEC extended the ability to test the waters to all issuers by...more

Pillsbury Winthrop Shaw Pittman LLP

A Rising Tide May Lift All Boats: SEC Adopts Rule 163B, Permitting All Issuers to “Test the Waters”

Pillsbury Winthrop Shaw Pittman LLP on

The rule is an expansion of a popular modernization reform previously only available to emerging growth companies. All issuers considering a registered securities offering will now be able to engage in “testing-the-waters”...more

Dechert LLP

SEC Adopts Rule Allowing All Issuers to "Test the Waters"

Dechert LLP on

The Securities and Exchange Commission (SEC) on September 26, 2019 voted to adopt a new rule that extends the "test-the-waters" accommodation under the Securities Act of 1933 (Securities Act) to all issuers.1 The new Rule...more

Eversheds Sutherland (US) LLP

Everybody “Test-the-Waters” - SEC Expands Communications Rule to All Issuers

Eversheds Sutherland (US) LLP on

On September 26, 2019, the Securities and Exchange Commission (SEC) announced that it has expanded the “testing-the-waters” exemption to all issuers. The new rule and related amendments under the Securities Act of 1933, as...more

Fenwick & West LLP

“Testing-the-Waters” for All

Fenwick & West LLP on

On September 26, 2019, the U.S. Securities and Exchange Commission (SEC) voted to adopt new Rule 163B under the Securities Act of 1933, as amended (Securities Act), to expand the “testing-the-waters” (TTW) accommodation —...more

Sheppard Mullin Richter & Hampton LLP

Gauging Interest: SEC Votes to Approve Proposal to Expand “Test-the-Waters” Rules

Sheppard Mullin Richter & Hampton LLP on

The Securities and Exchange Commission (“SEC”) announced on September 26, 2019 that it voted to adopt the application of “testing-the-waters” rules to all issuers who engage in raising capital in the public markets. This...more

Wilson Sonsini Goodrich & Rosati

SEC Extends "Test the Waters" to All Issuers

Wilson Sonsini Goodrich & Rosati on

On September 26, 2019, the U.S. Securities and Exchange Commission (SEC) announced that it had voted to adopt new Rule 163B, extending the "test the waters" accommodations previously available only to emerging growth...more

Dorsey & Whitney LLP

SEC Adopts New Rule to Allow All Issuers to “Test-the-Waters”

Dorsey & Whitney LLP on

In connection with its efforts to modernize the regulatory framework, the SEC announced a new rule that provides all issuers with the flexibility provided by the JOBS Act to use “test-the-waters” communications with...more

Eversheds Sutherland (US) LLP

SEC proposes to expand “testing-the-waters” provisions to all issuers

Eversheds Sutherland (US) LLP on

On February 19, 2019, the Securities and Exchange Commission (SEC) announced a proposal to expand the “testing-the-waters” exemption to all issuers. Currently the exemption is limited to emerging growth companies (EGCs)....more

White & Case LLP

Hoping to Encourage Increased Participation in the Public Markets, SEC Proposes New Rule Allowing all Issuers to Test the Waters

White & Case LLP on

The SEC is proposing to extend the testing-the-waters ("TTW") accommodation to all issuers, including investment company issuers.1 Citing the dominance of the IPO market by emerging growth companies ("EGCs")2 and evidence...more

Stinson - Corporate & Securities Law Blog

SEC Proposes to Expand “Test-the-Waters” Communications to all Issuers

Stinson - Corporate & Securities Law Blog on

The SEC has proposed new rules that would permit all issuers to solicit investor views about potential offerings to be taken into account at an earlier stage in the process than is the case today....more

Mayer Brown Free Writings + Perspectives

SEC Proposes to Expand “Test-the-Waters” Modernization Reform to All Issuers

Mayer Brown Free Writings + Perspectives on

The Securities and Exchange Commission took the long-awaited step of proposing rules for comment that would extend the ability to test the waters beyond emerging growth companies, or EGCs. ...more

Kramer Levin Naftalis & Frankel LLP

SEC Proposes to Expand "Test the Waters" to All Issuers

Kramer Levin Naftalis & Frankel LLP on

Background On Feb. 19, 2019, the Securities and Exchange Commission (the SEC) voted to propose a rule and related rule amendments under the Securities Act of 1933, as amended (the Securities Act)...more

Skadden, Arps, Slate, Meagher & Flom LLP

The JOBS Act 3.0: Regulatory Reforms Pass House of Representatives

Skadden, Arps, Slate, Meagher & Flom LLP on

On July 17, 2018, the House of Representatives passed the JOBS and Investor Confidence Act (JOBS Act 3.0), a package of reforms consisting of 32 pieces of legislation principally designed to spur entrepreneurship by...more

Skadden, Arps, Slate, Meagher & Flom LLP

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

Skadden, Arps, Slate, Meagher & Flom LLP on

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

Skadden, Arps, Slate, Meagher & Flom LLP

Financial CHOICE Act Aims to Open Capital Markets and Reduce Regulatory Burdens

Skadden, Arps, Slate, Meagher & Flom LLP on

On June 8, 2017, the House of Representatives passed, by a 233-186 party-line vote (with all Democrats and one Republican voting against), the Financial CHOICE Act of 2017, a bill principally designed to reverse many features...more

Morrison & Foerster LLP - JOBS Act

The CATO Institute Assesses the Effectiveness of the JOBS Act

Morrison & Foerster LLP - JOBS Act on

On May 3, 2016, the CATO Institute published a policy paper titled, “A Walk Through the JOBS Act of 2012: Deregulation in the Wake of Financial Crisis,” which assesses the JOBS Act and offers certain policy recommendations. ...more

Stoel Rives LLP

In Case You Missed It - Interesting Items for Corporate Counsel

Stoel Rives LLP on

The Director of the SEC’s Division of Corporation Finance, Keith Higgins, recently gave the keynote address, here, at the 2014 Angel Capital Association Summit. He focused on the following three items on the SEC rulemaking...more

Butler Snow LLP

The JOBS Act: Emerging Growth Companies and the IPO On-Ramp

Butler Snow LLP on

On April 5, 2012, President Obama signed into law the Jumpstart Our Business Startups Act (the “Act”), a wide-ranging legislative response to the private sector which repeatedly voiced concerns regarding the existence of...more

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