Tag Archives: emerging growth companies

SEC adopts JOBS Act inflation adjustments and other technical changes

by Cydney Posner

The SEC has adopted a number of inflation-related adjustments under the JOBS Act, including an adjustment to the revenue cap in the definition of “emerging growth company,” as well as adjustments to the dollar amounts in Reg Crowdfunding. A number of technical amendments were also adopted to conform various rules and forms to self-executing changes effected when the JOBS Act was signed into law.  The various amendments will become effective upon publication in the Federal Register. Continue reading

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House passes bill for five-year extension of JOBS Act exemption from auditor attestation requirement

by Cydney Posner

On Monday, the House passed the Fostering Innovation Act of 2015, notwithstanding this  letter to Paul Ryan and Nancy Pelosi from the SEC’s Investor Advocate urging a vote against it.  The bill, which presumably now moves to the Senate for consideration, amends Section 404(b) of SOX  (internal controls), “to provide a temporary exemption for low-revenue issuers from certain auditor attestation requirements.”  Continue reading

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SEC adopts rules to implement two provisions of the FAST Act

by Cydney Posner

The SEC has approved interim final rules  implementing two provisions of the Fixing America’s Surface Transportation (FAST) Act.  As you may recall, the FAST Act was signed into law in early December and contained several measures that modified the JOBS Act or otherwise related to capital raising for emerging growth companies, disclosure modernization, the development of secondary markets and the registration process for smaller companies.   (See this PubCo post.) Continue reading

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Corp Fin “announcement” provides some guidance on changes resulting from the FAST Act (repaired)

by Cydney Posner

On December 10, 2015, Corp Fin issued an announcement  highlighting changes in the securities laws resulting from the FAST Act.  As previously discussed in this PubCo post, this transportation bill contains several measures that modify the JOBS Act or otherwise relate to capital raising for emerging growth companies, disclosure modernization, the development of secondary markets and the registration process for smaller companies.  The referenced PubCo post has been updated to reflect SEC guidance, primarily regarding timing, set forth in that announcement.

 

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President signs FAST Act (updated December 10, 2015)

by Cydney Posner

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, disclosure modernization, the development of secondary markets and the registration process for smaller companies.  On December 10, 2015, Corp Fin issued an announcement describing those measures and providing additional guidance.  This post has been updated (in italics) to reflect Corp Fin guidance set forth in that announcement.

Below are short summaries of the some of the key relevant provisions of the Act: Continue reading

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Senate passes FAST Act

by Cydney Posner

The Hill is reporting that the “Senate approved a five-year, $305 billion highway bill [the FAST Act] Thursday, sending it to President Obama with just one day to spare before the scheduled expiration of the nation’s road and transit spending.  The measure passed by a 83-16 tally, hours after sailing through the House on a lopsided 359-65 vote.”

As discussed here and  here, this transportation bill contains several measures that modify the JOBS Act or otherwise relate to capital raising for emerging growth companies, disclosure modernization, the development of secondary markets and the registration process for smaller companies.

 

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FAST Act passes House

by Cydney Posner

Reuters reports: “In a show of Congressional bipartisanship, the House of Representatives voted 359 to 65 to send the $305 billion legislation [the FAST Act] to the Senate. It is widely expected to be approved and forwarded to the White House for President Barack Obama’s signature before a temporary funding measure expires on Friday. All 65 ‘no’ votes came from Republicans, including lawmakers opposed to the EXIM bank measure.”

As discussed here and  here, this transportation bill contains several measures that modify the JOBS Act or otherwise relate to capital raising for emerging growth companies, disclosure modernization, the development of secondary markets and the registration process for smaller companies.

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