Chairman Issa’s recent letter to SEC Chairman Schapiro raises interesting questions regarding the initial public offering process. A number of the communications-related issues may well be addressed if the SEC and FINRA were to provide additional guidance regarding the research rules. But, the truth of the matter is that even if banks were to receive… Continue Reading
Monthly Archives: June 2012
The Suspense is Over – No JOBS Act Rules Next Week
Posted in Rule 506 RulemakingIf you were holding off on plans for an Independence Day barbeque in anxious anticipation of the SEC rules lifting the ban on general solicitation and general advertising in Rule 506 offerings under Title II of the JOBS Act, you can go ahead and buy the hot dogs and charcoal. As I noted in the… Continue Reading
Banks Save Their Pennies
Posted in Exchange Act Registration ThresholdsPrior to enactment of the JOBS Act, Section 12(g) of the Exchange Act required issuers to register a class of equity securities with the SEC if, on the last day of the issuer’s fiscal year, such class of securities was held of record by 500 or more record holders and the company had total assets… Continue Reading
Reggae and Reg A
Posted in Regulation A+We’re reggae fans, and fans of Reg A. Chances are you may be more familiar with the offbeat rhythms of reggae, than with Regulation A. Regulation A was intended to allow smaller businesses, including banks and bank-holding companies, access to the capital markets without subjecting them to the high costs associated with registered public offerings. … Continue Reading
Whither the Title II Rulemaking?
Posted in Rule 506 RulemakingTitle II of the JOBS Act directs the SEC to revise Rule 506 of Regulation D to provide that the prohibitions against general solicitation or general advertising in Rule 502(c) do not apply to offers and sales of securities made pursuant to Rule 506, provided that all purchasers of the securities are accredited investors. The… Continue Reading
Welcome to the MoFo Jumpstarter Blog!
Posted in WelcomeWelcome to the MoFo Jumpstarter blog, where we will cover the implementation of the Jumpstart Our Business Startups (JOBS) Act. It was signed into law by President Obama on April 5, 2012. In over two months since enactment of the JOBS Act, we have observed a whole new process for conducting initial public offerings by… Continue Reading