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ARTICLE · 14 DECEMBER 2015

"FAST Act" Highway Bill Signed Into Law, Includes Securities Law Changes

Jones Day
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The FAST Act contains three important changes for companies that qualify as Emerging Growth Companies under the JOBS Act.

United StatesCorporate/Commercial Law
Michael Solecki
Michael Solecki
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Buried within the 1,300-page "Fixing America's Surface Transportation Act," also known as the FAST Act, which President Obama signed on December 4, 2015, are provisions that (i) amend certain sections of the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"), (ii) require changes to Form 10-K and Regulation S-K, and (iii) codify the so-called Rule 4(1-1/2) exemption for private resales of securities initially acquired in private placements.

JOBS Act Amendments

The FAST Act contains three important changes for companies that qualify as Emerging Growth Companies under the JOBS Act. In particular, the FAST Act:

  • Reduces the period that an Emerging Growth Company must have its IPO registration statement on public file with the SEC before launching its road show. This period was reduced from 21 days to 15 days. The change is effective immediately.

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