New JOBS Act Facilitates Private and Public Capital Formation

The President is expected to sign into law this week the new Jumpstart Our Business Startups (JOBS) Act, which ushers in a series of reforms to facilitate capital formation by startups and other small or emerging enterprises by easing securities law compliance requirements. The principal reforms range from expanding sales techniques for certain private placements, to simplifying initial public offerings for “emerging growth companies”, to reducing some of the ongoing compliance obligations for emerging growth companies during the early stage of status as a public company.

Although a few provisions of the JOBS Act are self-effectuating from its effective date, the JOBS Act requires substantial rulemaking by the Securities and Exchange Commission (“SEC”) for full implementation of its reforms. Given the substantial SEC rulemaking backlog (much of which relates to required actions under the Dodd-Frank Act), the rulemaking timelines in the JOBS Act will be extremely difficult to meet.

This Legal Alert discusses the key practical implications of the JOBS Act’s principal reforms, assuming implementation by the contemplated SEC rulemaking.

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