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SEC Adopts JOBS Act and FAST Act Amendments

The Securities and Exchange Commission (“SEC”) has approved final rule amendments that implement provisions of the Jumpstart Our Business Startups Act (“JOBS Act”) and the Fixing America’s Surface Transportation Act (“FAST Act”). In particular, the final rules concern the registration, termination of registration, and suspension of reporting under Section 12(g) of the Securities Exchange Act of 1934. The final rules also establish a non-exclusive safe harbor for determining holders of record when evaluating an issuer’s registration responsibilities under Section 12(g). The final rules will be effective 30 days after publication in the Federal Register. More on the approved JOBS Act and FAST Act amendments can be found. Read More.

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PCAOB Audit Engagement Partner Disclosure Rule Approved

The Securities and Exchange Commission has approved the Public Company Accounting Oversight Board’s (“PCAOB”) rule requiring the disclosure of the engagement partner and other participating accounting firms in an audit in Release No. 34-77787, Public Company Accounting Oversight Board; Order Granting Approval of Proposed Rules to Require Disclosure of Certain Audit Participants on a New PCAOB Form and Related Amendments to Auditing Standards. Per the release, audit firms will have to disclose such information when filing the new PCAOB Form AP, “Auditor Reporting of Certain Audit Participants.” The lead audit firm must also make known the extent of other auditors. Read More.

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SEC Grants Approval to FINRA Rules for Crowdfunding Portals

Per the Securities and Exchange Commission’s (“SEC”) order on January 22nd, the Financial Industry Regulatory Authority (“FINRA”) has been granted accelerated approval in regard to its rules for crowdfunding portals. Proposed in October, the FINRA’s rules outline requirements for regulated online intermediaries that bring together start-ups and potential investors. Issued in Release No. 34-76970, Notice of Amendment No. 1 and Order Granting Accelerated Approval to a Proposed Rule Change, as Modified by Amendment No. 1, to Adopt the Funding Portal Rules and Related Forms and Rule 4518, the order brings the crowdfunding obligations of the JOBS Act one step closer to fruition.

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SEC and SBA to Co-Host Events on Small Business Capital Raising

Partnering with the Small Business Administration (“SBA”), the Securities and Exchange Commission (“SEC”) has announced a joint venture to host events for informing small business owners and entrepreneurs on new options to help raise capital under the Jumpstart Our Business Startups (JOBS) Act. In a news release this week, the SEC said the joint events are geared toward current and prospective small businesses, such as those owned by minorities, women, and veterans. The events will also cover the JOBS Act, which increases the options businesses could use to raise capital, and other ways small businesses can raise funds per current and proposed. Read More.

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