Having just marked the second anniversary of the JOBS Act, it seems that more regulatory change may be under consideration. We previously reported on various bills that were introduced in the House of Representatives to address parts of the existing JOBS Act framework. This week, the House Financial Services Committee will hold a hearing on a group of proposed bills that would take things one step farther by:
- Amending the definition of "non-accelerated filer";
- Simplify the annual report on Form 10-K through the addition of a "summary" page;
- Mandate that the SEC simplify and modernize Regulation S-K's disclosure requirements;
- Increase the dollar threshold for issuances under Rule 701;
- Revise the definition of "WKSI" so that more issuers benefit from the flexibility permitted to these issuers;
- Shorten the Rule 144 holding period;
- Amend Form S-1 to permit smaller reporting companies to forward incorporate; and
- Amend Form S-3 for smaller reporting companies to eliminate the current one-third restriction on primary offerings.
More on these proposed bills is available here: http://financialservices.house.gov/calendar/eventsingle.aspx?EventID=375104.
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