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SEC adopts final rule implementing provisions of the JOBS Act and FAST Act

  • SEC document Image

May 04, 2016

The SEC has issued a final rule that (1) marks the completion of the Commission’s rulemaking mandates under the 2012 Jumpstart Our Business Startups (JOBS) Act and (2) implements provisions of the Fixing America’s Surface Transportation (FAST) Act.

Specifically, the final rule:

  • Amends “Exchange Act Rules 12g-1 through 12g-4 and 12h-3 which govern the procedures relating to registration and termination of registration under Section 12(g), and suspension of reporting obligations under Section 15(d), to reflect the new thresholds established by the JOBS Act and the FAST Act.”
  • Applies “the definition of ‘accredited investor’ in Securities Act Rule 501(a) to determinations as to which record holders are accredited investors for purposes of Exchange Act Section 12(g)(1).”

The final rule also revises the definition of “held of record” and establishes a nonexclusive safe harbor under Exchange Act Section 12(g).

The final rule will become ef­fec­tive 30 days after the date of its publication in the Federal Register. For more in­for­ma­tion, see the press release and final rule on the SEC’s Web site.

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