Blogs

• H.R. 5970, Modernizing Disclosures for Investors Act (Rep. Ann Wagner [R-MO]), which requires the SEC to: (x) conduct and report to Congress on its cost-benefit analysis of the required use by reporting companies of Form 10-Qs and the expected impact of the use of alternative quarterly financial reporting formats by EGCs, and (y) make recommendations for decreasing costs, increasing transparency, and increasing efficiency of quarterly reporting for EGCs
• H.R. 3903, Encouraging Public Offerings Act of 2017 (Reps. Ted Budd [R-NC] / Gregory Meeks [D-NY]), which amends the Securities Act to expand from EGCs to all public companies the JOBS Act-triggered "test-the-waters" and confidential draft IPO and follow-on registration statement submission provisions.
• H.R. 6320, Promoting Transparent Standards for Corporate Insiders Act (Rep. Maxine Waters [D-CA]), which requires the SEC to conduct and report to the Committee on its study of whether to amend Rule 10b5-1, generally to: (x) limit the circumstances under which 10b5-1 trading plans may be adopted, modified and canceled, (y) require filing of plans, plan changes and terminations with the SEC, and (z) impose specific board oversight requirements
• H.R. 1645, Fostering Innovation Act (Reps. Kyrsten Sinema [D-AZ] / Trey Hollingsworth [R-IN]), which amends SOX §404(b) to extend the compliance exemption for non-large-accelerated-filer EGCs with less than $50M average annual gross revenues that would otherwise lose their exempt status at the end of the 5-year period under current law

"The critical legislation includes provisions to: ease regulations on “angel investors” and expand the definition of “accredited investors” to make it easier for startup companies and small businesses to attract investments needed to grow and create jobs; make it easier for companies to go public by extending on-ramp exemptions for emerging growth companies (EGCs) to give them more time to financially sustain costs and requirements associated with full compliance; ease securities regulations on Initial Public Offerings (IPOs) to increase opportunities for everyday investors; and cut red tape on asset managers so that Main Street investors don’t have to shoulder the costs of burdensome, unnecessary regulations."