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Monthly Archives: November 2012

Extending JOBS Act Exchange Act Registration and Deregistration Thresholds for Banks and Bank Holding Companies to Savings and Loan Holding Companies

Posted in Exchange Act Registration Thresholds

On November 28, 2012, Representatives Steve Womack (R-Ark.) and Jim Himes (D-Conn.) asked SEC Chairman Schapiro to extend to savings and loan holding companies (SLHCs) the benefits of the JOBS Act increase in the Exchange Act shareholder registration threshold from 500 to 2,000 for banks and bank holding companies.  Similarly, the JOBS Act-mandated increase in… Continue Reading

Elisse Walter Designated the New SEC Chairman

Posted in SEC News

The White House announced today that Elisse Walter will serve as SEC Chairman when Chairman Schapiro departs next month.  The concurrent appointment of a successor to Chairman Schapiro from among the Commissioners could bode well for keeping the broad range of initiatives that the SEC has been pursuing on track, including the rulemaking required under… Continue Reading

SEC Chairman Mary Schapiro to Step Down

Posted in SEC News

The SEC announced today that Mary Schapiro will step down from her position as SEC Chairman next month, after nearly four years in office.  Chairman Schapiro has been deeply involved in the agency’s response to capital-raising concerns of issuers and the agency’s response to the JOBS Act, directing the SEC’s staff to look closely at… Continue Reading

Is There an EGC Stigma?

Posted in IPO On-Ramp

On November 14, 2012, The Wall Street Journal published a story highlighting how a number of companies going public have not availed themselves of the looser requirements contemplated by the “IPO on-ramp” provisions in Title I of the JOBS Act.  Title I established a new process and reduced disclosure requirements for IPOs (and subsequent reporting) by… Continue Reading

Recent SEC Staff Comments on JOBS Act Implementation

Posted in Crowdfunding, Emerging Growth Company Status, Exchange Act Registration Thresholds, IPO On-Ramp, Private Placements, Regulation A+

The Staff of the SEC’s Division of Corporation Finance has been discussing the JOBS Act at recent conferences, including the Practising Law Institute’s 44th Annual Securities Regulation Institute in New York and the American Bar Association’s Business Law Section Fall Meeting in Washington, DC.  David Lynn was the moderator of a JOBS Act panel at… Continue Reading

Startups, Accelerated

Posted in IPO On-Ramp

The roadmap in this post, originally featured in the Fall/Winter 2012 issue of MoFo Tech, illustrates the various funding alternatives available to a company from inception to IPO or other liquidity event. This roadmap highlights new opportunities afforded to such companies by the JOBS Act. To read the accompanying articles, visit the MoFo Tech blog.

SEC Government Business Forum on Small Business Capital Formation

Posted in Events

The SEC recently announced the agenda for next week’s forum, which will be held on November 15, 2012.  The morning sessions, which include JOBS Act implementation discussions, will be webcast.  For more information about the forum and to pre-register in order to participate in the afternoon discussions, see http://www.sec.gov/news/press/2012/2012-221.htm.

FINRA Publishes Notice Regarding Research

Posted in Research

As we previously reported, FINRA amended its rules relating to research in order to bring them in line with the changes brought about by the JOBS Act.  The SEC approved the FINRA rule changes, and earlier this week, FINRA published Notice 12-49, available here http://www.finra.org/web/groups/industry/@ip/@reg/@notice/documents/notices/p196166.pdf.