Last Friday, President Obama signed into law the Highway Transportation Bill, otherwise known as the FAST Act.  Among its many provisions, the Act includes changes to the JOBS Act, changes to SEC disclosure requirements and a new statutory exemption for private resales of securities. The main features of the new legislation are: JOBS Act Changes for IPOs of Emerging Growth Companies (“EGCs”) to reduce the waiting period between public filing the registration statement with the SEC and the first day to commence a roadshow from 21 to 15 days; a grace period during which an EGC can continue to receive EGC treatment for certain purposes if they lose their EGC status during the SEC review process; Form 10-K and Regulation S-K changes to allow all issuers to submit a summary page on Form 10-K; a new statutory exemption for private resales of restricted and control securities is now established under Section 4(a)(7) of the Securities Act; smaller reporting companies will be allowed to automatically update information in a Form S-1 resale prospectus using forward incorporation of SEC reports—something only S-3 filers could utilize before.

View full memo, Changes to the JOBS Act and SEC Disclosure Requirements