On April 5, 2012, after overwhelming bi-partisan support in Congress but criticism from regulators and investor protection groups, President Obama signed into law the Jumpstart Our Business Startups Act (the JOBS Act). The JOBS Act significantly amends the federal securities laws to:

· reduce regulatory burdens on smaller “emerging growth companies” and the investment banking community that serves them,

· expand access by start-ups and other small companies to private and public sources of financing in the United States, and

· increase the thresholds under which private companies are required to register with the Securities and Exchange Commission (the SEC) and begin filing periodic public reports...