JOBS Act | JD Supra

SEC Provides Updated Guidance Reducing Burden for Rule 506(c) Verification Requirement

Paul Hastings LLP on 3/26/2025

On March 12, 2025, the Staff of the SEC Division of Corporation Finance (the Staff) provided guidance in response to a letter requesting interpretive guidance (the No-Action Letter) to clarify the verification requirement of...more

Less Red Tape, More Capital? SEC Clarifies 506(c) Verification Rules

DarrowEverett LLP on 3/17/2025

On March 12, 2025, the Securities and Exchange Commission (“SEC”) issued a significant no-action letter clarifying the use of high minimum investment amounts as a method for verifying accredited investor status under Rule...more

SEC Broadens Guidance on Accredited Investor Verification

Troutman Pepper Locke on 3/13/2025

The Securities and Exchange Commission (SEC) has issued a no-action letter providing new interpretive guidance on the verification of accredited investor status in offerings conducted under Rule 506(c) of Regulation D, which...more

SEC’s Expanded Confidential Review Process Provides Issuers Greater Flexibility To Explore and Plan Public Offerings

Lowenstein Sandler LLP on 3/13/2025

On March 3, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance announced significant enhancements to the accommodations available for issuers confidentially submitting draft registration...more

SEC Staff Expands Draft Registration Statement Accommodations

Goodwin on 3/12/2025

On March 3, 2025, the staff of the U.S. Securities and Exchange Commission’s (the “SEC”) Division of Corporation Finance (the “SEC staff”) announced that, effective immediately, it is enhancing the accommodations available to...more

SEC Announces Expansion of Availability of Confidential Submissions for Issuers

Dechert LLP on 3/7/2025

The SEC announced the expansion of the availability of confidential submission of draft registration statements for various new registrations, including initial registration of securities on Form 10; initial registration of...more

SEC Announces Measures to Facilitate Capital Formation

Akin Gump Strauss Hauer & Feld LLP on 3/6/2025

In March 2025, the U.S. Securities and Exchange Commission (SEC) announced that it is expanding the accommodations available for issuers that submit draft registration statements for nonpublic review. The SEC’s Division of...more

House Financial Services Committee Solicits Public Feedback on Legislative Proposals to Facilitate Capital Formation

Mayer Brown Free Writings + Perspectives on 3/5/2025

Earlier this month, the US House of Representative’s Financial Services Committee (the “Committee”) held a hearing entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor...more

Financial Statement Requirements in US Securities Offerings: What You Need to Know - 2025 Edition

Latham & Watkins LLP on 1/15/2025

The most frequently asked question at all-hands meetings for a securities offering is “What financial statements will be needed?” The question seems simple enough. But the answer is rarely straightforward. This User’s...more

The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - 2024 Edition

Latham & Watkins LLP on 9/11/2024

Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more

Crowdfunding Report Shows Increasing Reliance on Regulation CF Deals & Disparities in Participation by Women & Minorities

Mayer Brown Free Writings + Perspectives on 5/14/2024

Introduced under Title III of the JOBS Act, Regulation Crowdfunding (“Regulation CF”) was promulgated to allow startups and emerging companies to raise capital from a wider pool of investors through equity crowdfunding...more

The Latham FPI Guide: Accessing the US Capital Markets From Outside the United States - 2023 Edition

Latham & Watkins LLP on 9/12/2023

Fabry-Pérot Interferometer, SA is a highly successful non-US company known to the world as FPI. FPI is considering doing a debt or equity offering in the United States. What are the key legal issues it, and its underwriters...more

SEC Cracks Down on Regulation A Issuers

Buchalter on 5/24/2023

Regulation A “Plus” is an exemption from registration under the Securities Act of 1933 that permits certain eligible issuers to conduct public offerings of up to $75 million in a 12-month period to accredited and unaccredited...more

2023 IPO Report

WilmerHale on 4/7/2023

US Market Review and Outlook - Stubbornly high inflation, rising interest rates and the lingering effects of the COVID-19 pandemic, combined with geopolitical tensions and concerns about the global economic outlook,...more

NASAA Urges Congress To Codify M&A Broker Relief

Allen Matkins on 12/5/2022

Last week, the North American Securities Administrators Association sent a letter to U.S. Senate and House committee leaders expressing concern that the appropriations process will "may be used to advance provisions in the...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

SEC Adjusts Definition of Emerging Growth Companies

Kelley Drye & Warren LLP on 9/30/2022

On September 9, 2022, the Securities and Exchange Commission (the “SEC”) adopted a number of inflation-related adjustments under the Jumpstart Our Business Startups Act (the “JOBS Act”), including an adjustment to the revenue...more

SEC Adopts JOBS Act Inflation Adjustments

Mayer Brown Free Writings + Perspectives on 9/12/2022

On September 9, 2022, the Securities and Exchange Commission announced amendments to its rules in order to implement inflation adjustments mandated by the JOBS Act. The SEC’s amendments increase the annual gross revenue...more

Daily Financial Regulation Update -- Saturday, September 10, 2022

Paul Hastings LLP on 9/12/2022

September 9, 2022- The U.S. Department of the Treasury's Office of Foreign Assets Control is designating Iran's Ministry of Intelligence and Security and its Minister of Intelligence for engaging in cyber-enabled...more

SEC adopts inflation adjustments mandated by the JOBS Act

Cooley LLP on 9/9/2022

Today, the SEC 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 certain thresholds and...more

Time to Evaluate Your Filer Status for Next Year

Mintz - Securities & Capital Markets... on 7/27/2022

For many U.S. public companies, June 30 is the end of their second fiscal quarter, which means it is time to prepare their Quarterly Reports on Form 10-Q. This also means it is time for these companies to evaluate their...more

The Jobs Act Did Not Raise IPO Underpricing

Mayer Brown Free Writings + Perspectives on 7/26/2022

In their study and accompanying paper, “The Jobs Act Did Not Raise IPO Underpricing” Omri Even-Tov, Panos N. Patatoukas and Young S. Yoon, review the effects of the JOBS Act on emerging growth company (EGCs) IPOs. The JOBS...more

Jumpstarting the Next JOBS Act - JOBS Act 4.0

Goodwin on 5/24/2022

The Jumpstart Our Business Startups (JOBS) Act was signed into law by President Barack Obama on April 5, 2012 and aimed to improve access to public capital markets for emerging growth companies. While largely considered a...more

Four Lessons from Two FINRA Enforcement Actions against Crowdfunding Portals

Goodwin on 5/12/2022

On May 4, 2022, FINRA announced that it had fined two FINRA-registered funding portals a combined $1.75 million for failing to comply with securities laws and rules designed to protect crowdfunding investors. Funding portals...more

SEC Expects Crowdfunding Portals to be 'Gatekeepers,' Not Ignore Red Flags

Fox Rothschild LLP on 2/8/2022

The U.S. Securities and Exchange Commission is serious about regulating not only startups looking to raise money through crowdfunding portals, but the platforms themselves. Case in point: In September 2021, the SEC...more

The Jump-Start Our Business Start-Ups Act

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