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Today, the U.S. Senate passed the House version of the Jumpstart Our Business Startups ("JOBS") Act with amendments only to place further limitations on the "crowdfunding" exemption for private companies to raise a limited amount of capital without Securities Act registration. As a result, the amended version of the JOBS Act will go back to the House of Representatives for approval as early as next week.
All other provisions of the original House version of the JOBS Act -- including the IPO on-ramp provisions, the permissibility of general solicitation in connection with Regulation D and Rule 144A offerings and the increase in the threshold for triggering public company reporting -- were all approved by the Senate without amendment. Please see our March 9, 2012 Client Memorandum for a summary of the House bill. |
