News & Analysis as of September 24, 2024

Capital Formation

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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 +

Republicans’ Capital Formation Agenda

Mayer Brown Free Writings + Perspectives on 10/24/2022

At the end of September 2022, Patrick McHenry, the top Republican on the House Financial Services Committee, released the Committee Republicans’ capital formation agenda. The capital formation agenda aims to build on the...more

House OKs JOBS Act 3.0, but Capital Formation Bill on Hold Amid Senate Talks

BakerHostetler on 8/2/2018

Last month the House overwhelmingly approved a package of rifle-shot changes to financial services laws, but competing priorities and election-year politics are complicating its consideration in the Senate....more

The JOBS Act 3.0: Regulatory Reforms Pass House of Representatives

Skadden, Arps, Slate, Meagher & Flom LLP on 7/24/2018

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

Depositary Receipt Trends in 2017

Morrison & Foerster LLP - JOBS Act on 2/7/2018

Citibank’s recently released year-end report on depositary receipts (DR) reported that in 2017, $15.6 billion of DR capital was raised across 65 deals, which was a 126% year-over-year change in total capital raised versus...more

The Short Field Guide to IPOs - November 2017

Morrison & Foerster LLP - JOBS Act on 11/21/2017

THE EMERGING GROWTH COMPANY - The JOBS Act created a new class of issuer: the emerging growth company (EGC). An EGC is defined as an issuer with total annual gross revenue of less than $1.07 billion (originally $1 billion,...more

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

Skadden, Arps, Slate, Meagher & Flom LLP on 11/7/2017

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

"The JOBS Act: Did It Accomplish Its Goals?"

Skadden, Arps, Slate, Meagher & Flom LLP on 7/6/2016

In the wake of the 2008 financial crisis, Congress created the Jumpstart Our Business Startups Act (JOBS Act) to encourage capital formation in order to grow businesses, create jobs and spur economic activity. Congress and...more

Late Stage Financings

Morrison & Foerster LLP - JOBS Act on 4/12/2016

As privately held companies choose to remain private longer and defer their initial public offerings or other liquidity opportunities, these companies are focused on raising capital in private placements made principally to...more

JOBS Act Quick Start – A Brief Overview of the JOBS Act, 2016 Update

Morrison & Foerster LLP - JOBS Act on 2/1/2016

Many market participants were taken by surprise by the enactment of the Jumpstart Our Business Startups (JOBS) Act. The JOBS Act, HR 3606, was passed by the United States House of Representatives on March 8, 2012. On March...more

FAST Act Brings Additional Benefits for Emerging Growth Companies and New Resale Exemption

Goodwin on 12/15/2015

On December 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation Act, or FAST Act. The FAST Act includes several provisions intended to improve capital formation by smaller issuers and...more

“Building a Dynamic Framework for Offering Reform”

Morrison & Foerster LLP - JOBS Act on 10/29/2015

At today’s PLI Securities Regulation Institute conference, SEC Chair White delivered the keynote address. In her speech, Chair White addressed a broad range of topics. She noted the successes of securities offering reform as...more

Integration of Private and Public Offerings 2015

Locke Lord LLP on 9/22/2015

I. INTRODUCTION - A. Outline Coverage - This outline reviews the SEC’s interpretations that relate to the integration of private and public offerings and the challenges they impose for the capital formation...more

IPOs - Attractive Exit Alternative For Financial Sponsors

Dechert LLP on 5/28/2015

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

The SEC on Capital Formation: Graded Incomplete – Commissioner Gallagher

Dorsey & Whitney LLP on 4/8/2015

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...

McCarter & English, LLP on 4/1/2015

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

Dorsey & Whitney LLP on 4/1/2015

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

Back to the Future? (Regional Exchanges and Venture Exchanges)

Morrison & Foerster LLP - JOBS Act on 3/10/2015

Last week, in connection with the meeting of the SEC’s Advisory Committee on Small and Emerging Companies, both Commissioner Aguilar and Commissioner Gallagher expressed interest in, and support for, a more thorough...more

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The Jump-Start Our Business Start-Ups Act › Initial Public Offering (IPO) › Capital Formation

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