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ARTICLE · 01 MARCH 2012

Corporate And Financial Weekly Digest - February 24, 2012

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On February 16, the House Committee on Financial Services approved H.R. 3606 (the Reopening American Capital Markets to Emerging Growth Companies Act of 2011) and H.R. 2308 (the SEC Regulatory Accountability Act).

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Edited by Robert L. Kohl and David A. Pentlow

SEC/CORPORATE

House Committee on Financial Services Approves Two Securities Reform Bills

On February 16, the House Committee on Financial Services approved H.R. 3606 (the Reopening American Capital Markets to Emerging Growth Companies Act of 2011) and H.R. 2308 (the SEC Regulatory Accountability Act).

H.R. 3606 would exempt "emerging growth companies" from certain requirements under the Sarbanes-Oxley Act of 2002 (Sarbanes-Oxley), the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act), and rules of the Securities and Exchange Commission. A company is deemed an "emerging growth company" until the earliest of (i) the last day of the fiscal year in which it had gross annual revenues in excess of one billion dollars, (ii) the last day of the fiscal year following the fifth anniversary of its equity initial public offering (IPO), and (iii) the date on which it is deemed a "large

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