Jobs Act Program 1: Title I
Duration: 79 minutes
The Jumpstart Our Business Startups Act, known as the JOBS Act, arose out of concern over the slowing pace of initial public offerings in the United States, especially small-company IPOs. Although opinions varied about the causes of this decline – overregulation, the development of alternatives to going public, complex market changes – Congress was able to pass a bill in 2012 attempting to address some of these concerns. Anna Pinedo, a partner in the New York office of Morrison Foerster, LLP, who focuses on securities and derivatives, and David Lynn, a partner in Morrison Foerster’s Washington, D.C., office as well as co-chair of the firm’s corporate finance practice and a former chief counsel of the SEC’s Division of Corporation Finance, are the presenters for this first of two courses discussing the legislation.
Lynn and Pinedo begin by introducing some of the factors that led to the passage of the JOBS Act, and they tell what each of the seven titles of the Act covers. For the rest of the presentation, they focus on Title I, which focuses on what they call the “IPO on-ramp” – the process of transition from a private to a public company. They explain what constitutes an emerging growth company that can benefit from the advantages offered by Title I and outline what those benefits are, including confidential review process, ability to test the waters with potential investors before the IPO, and relaxed disclosure and auditing standards. They also talk about what has actually changed since the implementation of Title I, and further changes that some commentators believe are needed.
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