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Journal entry — SEC's Division of Corporation Finance issues additional FAQs on Title I of the JOBS Act

Published on: May 03, 2012

On April 5, 2012, President Obama signed the "Jumpstart Our Business Startups" Act (the “Act”) into law. The provisions of the Act have created the "emerging growth company" (EGC), a new type of issuer whose less stringent regulatory and reporting requirements are intended to encourage public offerings by small and developing companies.

Today, the SEC staff posted to its Web site additional frequently asked questions (FAQs) about the JOBS Act. Many of the FAQs address implementation of the Act’s provisions by EGCs. They include topics such as:

  • Determining whether an issuer qualifies for EGC status.
  • Understanding how certain provisions of the Act interact with existing SEC rules and regulations related to smaller reporting companies, asset-backed securities issuers, and foreign private issuers.
  • Applying certain of the financial reporting and disclosure accommodations available to EGCs (e.g., deferral of adoption of new and revised accounting standards).

For more information, watch for Deloitte's upcoming Heads Up summarizing the Act and recent SEC staff interpretative guidance.

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