In the three weeks since President Obama signed into law the
Jumpstart Our Business Startups Act (the "JOBS Act"), the
SEC has issued five sets of guidance, primarily in the form of
Frequently Asked Questions (FAQs). A substantial majority of this
guidance has related to emerging growth companies, a new category
of issuer defined in the JOBS Act, and in particular to the ability
of such companies to submit draft IPO registration statements for
confidential review by the SEC Staff. The following memorandum
summarizes some of the more interesting and important provisions of
the Staff's guidance to date.
EMERGING GROWTH COMPANIES
Confidential Review of IPO Registration Statements The JOBS Act
provides that an emerging growth company whose common equity
securities have not been previously sold pursuant to an effective
registration statement under the Securities Act of 1933 may
confidentially submit a registration statement and subsequent
amendments to the SEC for
