SEC Staff Issues Additional Guidance on the JOBS Act

June 28, 2012

On April 5, 2012, the Jumpstart Our Business Startups Act (the “JOBS Act” or the “Act”) was signed into law. Among its objectives, the JOBS Act provides certain small-scale businesses known as “emerging growth companies” (“EGCs”) with an “on-ramp” to the initial public offering (“IPO”) process by easing compliance with certain requirements of the federal securities laws, reducing public disclosure requirements and establishing a confidential submission process for draft registration statements. As defined in the Act, EGCs are companies with less than $1 billion in “total annual gross revenues” and an IPO registration statement effective after December 8, 2011 (the “effective date”).

CGR Memo - SEC Staff Issues Additional Guidance on the JOBS Act