On March 22, 2012, the Senate passed the Jumpstart Our
Business Startups (JOBS) Act by a vote of 73-26. The House of Representatives
passed the JOBS Act on March 8, 2012 by a vote of 390-23. The Senate bypassed
its typical committee process to rush the bill to a floor vote. Legislators in
As we know, the Senate changed the version of the
Jumpstart our Business Startups (JOBS) Act in only one way, they added an
amendment, drafted by Sen. Merkley (but also supported by Sens. Bennet and
Brown), which added more investor protections to the "crowdfunding" section of
The Jumpstart Our Business Startups Act, as amended by
the Senate, was voted on by the House of Representatives yesterday and passed
380 to 41. That makes it a very bi-partisan bill, even though a ll 41 "Nays" were
Democrats . If I remember my Schoolhouse Rocks song
This last week, the Senate passed the " JOBS
Act ," leaving it one step away from final passage by Congress and Signature
by President Obama. The JOBS Act contains a number of provisions which
are aimed at reducing the securities compliance burdens of small companies and
startups. One of...
Private funds will be able to advertise and solicit for
investor, provided all of the investors are " accredited
investors ." The Jumpstart
Our Business Startups Act will dramatically change the way capital raising
for private funds operates.
The drawback is the loss of 35 non-accredited...
On March 27, 2012, the U.S. House of Representatives
passed the Jumpstart Our Business Startups Act (of the JOBS Act as it is more
popularly known). President Obama is expected to sign the Act shortly. The Act
is intended to facilitate capital-raising by reducing regulatory burdens. The
Very recently the SEC published its final report on the
SEC Government-Business Forum on Small Business Capital Formation from the
November 17, 2011 event, which I attended in DC. Participants breathlessly
await this report each year to see what recommendations make the hot list for
In this part II, let's hit some key recommendations from
the SEC Small Business Forum that did not make it into the JOBS Act and
that advocates are still hoping will get some attention:
"finders" in M&A and private offerings to have a simplified
On March 22, 2012 Washington, DC, "Jumpstart Our Business
Startups" (JOBS) Act was passed by the Senate, following its passage on March
8, 2012 by the House of Representatives.
The purpose of the said legislation is to ease the
regulatory burden on small companies for raising capital...
On this edition, Dick Phillips and Alan Berkeley of K&L Gates and Stan Keller of Edwards Wildman discuss the JOBS Act (Jumpstart Our Business Startups Act), which was signed into law April 5 by President Obama. They provide an overview of the legislation and explore some of the controversies of the...
With Democrats like Representative Carolyn Maloney of New
York, who needs the Republicans? When special interests pursue self-interested
legislation - or seek to block legislation that affects their
interests - Maloney waves the jobs and economic growth flag for campaign
contributors rather than...
by Jonathan B. Wilson and Dianne L. Trenholm
On April 5, 2012, President
Obama signed the Jumpstart Our Business Startups Act (the "JOBS
Act"), H.R. 3606, into law calling it "a potential game-changer"
for startup companies. President Obama signed the JOBS Act just...
In order to try to boost the number of companies going
public, the recently enacted JOBS act provides for certain procedural and
reporting advantages for "Emerging Growth Companies," which are defined in the
Act as companies within five years of their IPO and with revenues less than $1
by Karl J. Ege, Martin E. Lybecker, Danielle Benderly, and James T. Carroll
The JOBS Act's stated purpose
is to spur job creation and economic growth by improving access to capital for
emerging growth companies. To do so, the JOBS Act will make some of the most
significant changes to the U...
by Phillip J. Kardis II, Robert K. Smith, and Barry Spatzer
Just as HOV lanes were created
to ease the commuting burden for those who meet certain requirements, the
recently enacted Jumpstart Our Business Startups ("JOBS") Act created
the "IPO On-Ramp" to ease the...
by David Mishel, Nicholas
S. Hodge, Kay Gordon, Yusef Alexandrine, and Remsen M. Kinne IV
The JOBS Act contains number of
provisions that will directly impact private funds, their advisers, and
broker-dealers that participate in private fund offerings which are addressed
in this Emerging Issues Analysis...
J. Kardis II , Robert K. Smith, and Barry Spatzer
On April 5, 2012, the President
signed into law the Jumpstart Our Business Startups (JOBS) Act (H.R. 3606),
which incorporates several initiatives aimed at easing the regulatory burdens
of traditional IPOs and private placements...
"Everyone agrees the title was a work of pure genius,"
says Dick Phillips of K&L Gates in a recent podcast , referring to the Jumpstart Our Business
Startups (JOBS) Act. "It's impossible to vote against in an election year."
When a law is so well named, it's important...
A year ago, President Obama signed the Jumpstart Our
Business Startups (JOBS) Act, a legislative product of rare bipartisan
collaboration that was intended to improve employment and make it easier for
smaller firms to raise private equity. (For an overview of the Act's
provisions, refer here...
The legal world is patiently waiting for the
Securities and Exchange Commission (the "SEC") to enact rules implementing
Title II of the JOBS Act. One of the recent developments in this field is
the issuance by the SEC Staff of frequently asked questions ( FAQs ) regarding the broker-dealer...
Laws don't often get their own parties. But for the
irresistibly named Jumpstart Our Business Startups (JOBS) Act, President Obama held a rare public ceremony in the
White House's Rose Garden in its honor. Even more notably, this party was quite
bipartisan-Republican House Majority Leader...
This post is the fourth in a series examining
the impact of the Jumpstart Our Business Startups Act (or JOBS Act) one year
after its passage and focuses on the provisions related to online angel
In the last
post of this series , I discussed the progress of implementing the...
This post is the seventh and final in a
series examining the impact of the Jumpstart Our Business Startups Act (or JOBS
Act) one year after its passage and focuses on Titles V and VI of the law and
provides some final concluding thoughts.
Titles V and VI of the JOBS Act are closely related in
Social media company Twitter has filed a registration statement with the SEC to go public in an IPO. They told the world about it, of course, in a tweet. What’s interesting is that the company, with over 200 million users, chose to file confidentially for now, not revealing any details about the...
Social media giant Twitter starts trading following its IPO today. One hopes the lessons of the Facebook IPO debacle are learned. In fact Facebook is now trading $14 above its IPO price, after a very disappointing start. Plus Twitter is choosing a day following a record high on the Dow Industrials index...