SEC Guidance on JOBS Act Provisions

In the three weeks since President Obama signed into law the Jumpstart Our Business Startups Act (the “JOBS Act”), the SEC has issued five sets of guidance, primarily in the form of Frequently Asked Questions (FAQs). A substantial majority of this guidance has related to emerging growth companies, a new category of issuer defined in the JOBS Act, and in particular to the ability of such companies to submit draft IPO registration statements for confidential review by the SEC Staff. The following memorandum summarizes some of the more interesting and important provisions of the Staff’s guidance to date.​