Given the haste with which the JOBS Act made its way through Congress, it is not surprising that there are some details that may have been neglected. Rep. McHenry has introduced a bill (H.R. 701), co-sponsored by Representatives Schweikert, Eshoo, Garrett, and Scott, which would direct the Securities and Exchange Commission to implement rules for… Continue Reading
Tag Archives: 3(b)(2)
Section 3(b)(2) Exemption and Capital-Raising by Banks
Posted in Regulation A+Many banks have taken advantage of the provisions of the JOBS Act regarding the holder-of-record threshold to deregister and terminate their registration. Banks may want to consider their capital-raising alternatives going forward. A community or small bank that is no longer subject to Exchange Act filing requirements may consider a Rule 506 offering. A Rule… Continue Reading
Section 3(b)(2) Offerings as IPOs
Posted in Regulation A+We hope that the SEC engages actively with the securities exchanges to facilitate the listing of securities of issuers concurrently with the pricing of their Regulation A+ (a/k/a 3(b)(2)) offerings. The JOBS Act seems to contemplate that some issuers will pursue Regulation A+ offerings, not seek exchange listings and choose to remain non-reporting companies. However,… Continue Reading
Confirmation of the Obvious: GAO Publishes Reg A Report
Posted in Regulation A+The JOBS Act directed the GAO to undertake a study concerning the factors impeding greater use of currently Regulation A. The GAO study examines trends in Regulation A offerings, noting that the number of offerings increased from 1992 through 1997. This increase followed the SEC’s changes to the offering ceiling for Regulation A offerings from… 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