House Passes Bill Implementing JOBS Act Changes (And Volcker Rule Changes)

Today, the House voted (271-154) to pass H.R. 37, titled “Promoting Job Creation and Reducing Small Business Burdens Act.” Among other things, the bill includes a number of measures that correct issues arising in the JOBS Act, or that otherwise are intended to promote capital formation. For example, the bill:

Addresses the Exchange Act 12(g) threshold for savings and loan holding companies to align the provisions with those available to bank holding companies;

Clarifies the termination of EGC status;

Requires a study of XBRL requirements;

Provides an exception from adviser registration for advisers to SBICs and VC funds;

Permits issuers to submit a summary page on Form 10-K; and