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JOBS Act 2? A Kickstart to the Jumpstart?

Posted in JOBS Act News

Momentum seems to be building for additional measures that may address issues that the JOBS Act did not tackle.  As we have written in this blog, there have been a number of bills introduced  in both the House of Representatives and the Senate that address measures designed to promote capital formation, as well as measures to relieve some of the regulatory requirements imposed on smaller public companies.  Quite a number of similar initiatives have been recommended by the SEC’s Investor Advisory Committee and/or the SEC’s Advisory Committee on Smaller Public Companies.  For example, bills have been introduced to prevent the PCAOB from mandating that public companies rotate regularly their independent auditors; to permit companies to choose to modify their tick size; to amend the definition of “accelerated filer”; to address the omission of savings and loans from the provisions of Title V and VI of the JOBS Act; and to mandate SEC rulemaking to implement the Section 3(b)(2) exemption for smaller offerings.  The House Committee on Financial Services recently held hearings to consider some of these proposals, and the materials from the hearing may be accessed here:  http://financialservices.house.gov/calendar/eventsingle.aspx?EventID=341525.