What JOBS Act 2012 - Public Law 112-106 Jumpstart Our Business Startups requires
The Jumpstart Our Business Startups Act of 2012 (JOBS Act, Public Law 112-106, enacted 5 April 2012) restructured the US securities-offering regime to lower compliance burdens on small and emerging issuers and to expand access to capital. Title I (Emerging Growth Companies) creates the EGC category defined as an issuer with less than 1 billion USD total annual gross revenues in its most recent fiscal year, with status terminating on the earliest of reaching 1 billion USD in revenues, five years post-IPO, issuing more than 1 billion USD non-convertible debt over three years, or becoming a large accelerated filer; EGCs benefit from reduced disclosure obligations including two years of audited financial statements for IPO, exemption from executive compensation disclosure rules, exemption from Sarbanes-Oxley section 404(b) internal control audits during the EGC window, and confidential submission of draft registration statements. Title II amended Securities Act Rule 506 to permit general solicitation in private offerings provided all purchasers are accredited investors (Rule 506(c)) with verification of accredited status under SEC-determined methods. Title III (CROWDFUND Act) creates an exemption for crowdfunding offerings up to 5 million USD aggregate per twelve-month period (as raised by 2020 amendments) with individual investor limits, mandatory use of registered broker-dealers or funding portals, and one-year transfer restrictions. Title IV (Regulation A+) created a tiered Regulation A framework. Title V raised the Exchange Act Section 12(g) registration threshold. Title VI eased savings-institution issuer requirements. Title VII directed SEC studies.
Pillar: Banking & Global Finance · Authority: United States Congress (Government Publishing Office) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/PLAW-112publ106/html/PLAW-112publ106.htm
SHA-256 integrity: 29e5e9a36b1d3dc07aad6a4d4d9e67edaf5878375937fb6a04e561497daaec4d
Primary Citations — 8 traced to source
- Jumpstart Our Business Startups Act of 2012, Public Law 112-106 https://www.govinfo.gov/content/pkg/PLAW-112publ106/html/PLAW-112publ106.htm
- 17 CFR Part 227 Regulation Crowdfunding https://www.ecfr.gov/current/title-17/chapter-II/part-227
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