On April 5, 2012, the President signed into law the Jumpstart Our Business Startups Act (the “JOBS Act”).
The JOBS Act includes provisions that ease the IPO process and subsequent public reporting obligations for emerging growth companies ("EGCs"), loosen restrictions on pre-IPO EGC research, direct the SEC to deregulate publicity restrictions around private offerings and increase the shareholder threshold requiring a private company to begin public reporting.
The JOBS Act is the most significant Congressional relaxation in memory of restrictions surrounding the IPO process, public company reporting and private capital formation. Interpretive questions are expected as implementation of the law continues.
To make analysis of the JOBS Act easier, Davis Polk has prepared the following resources to help institutions and market participants understand the new requirements and stay informed about important dates and upcoming deadlines in the implementation process. We will continue to update this collection as implementation of the JOBS Act progresses.