ENDNOTES
1. Frequently Asked Questions of General Applicability on Title I of the JOBS Act (April 16 2012; May 3 2012 and September 28 2012), available at
http://www.sec.gov/divisions/corpfin/guidance/cfjjo bsactfaq-title-i-general.htm (SEC Title I FAQs).
2. Securities Act § 2(a)(19), 15 USC 77b(a). 3. SEC Title I FAQs, supra note 1 at Question 1. 4. Id. 5. Id. 6. SEC Title I FAQs, supra note 1 at Question 23, referencing section 5110.2(c) of the Division of Corporation Finance Financial Reporting Manual, available at
http://www.sec.gov/divisions/corpfin/cffinancialrepo rtingmanual.pdf.
7. SEC Title I FAQs, supra note 1 at Question 51. 8. SEC Title I FAQs, supra note 1 at Question 2. 9. Id. 10. SEC Title I FAQs, supra note 1 at Questions 19-21. 11. SEC Title I FAQs, supra note 1 at Question 24. 12. SEC Title I FAQs, supra note 1 at Question 54. 13. Securities Act § 2(a)(19), 15 USC 77b(a). 14. SEC Title I FAQs, supra note 1 at Question 17. 15. Id. 16. SEC Title I FAQs, supra note 1 at Question 18. 17. SEC Title I FAQs, supra note 1 at Question 47. 18. SEC Title I FAQs, supra note 1 at Question 3. 19. Id. 20. JOBS Act §105(c), amending Securities Act § 5, 15 USC 77e.
21. Without the availability of the test-the-waters provisions in Securities Act § 5(d), an issuer could potentially be deemed to be “gun jumping” when communicating with investors about an actual or potential offering, based on the timing and nature of such communications.
22. Frequently Asked Questions About Research Analysts and Underwriters (August 22 2012), available at
http://www.sec.gov/divisions/marketreg/tmjobsact- researchanalystsfaq.htm, at Question 1.
23. Sections 105(c) and 105(d) of the JOBS Act. 24. Section 106(a) of the JOBS Act, amending Securities Act section 6, 15 USC 77(f ). A foreign private issuer that qualifies as an EGC may opt to use the Division of Corporation Finance’s policy
titled Non-Public Submissions from Foreign Private Issuers if they meet the circumstances that the Division has outlined in that policy, available at
http://www.sec.gov/divisions/corpfin/internatl/nonp ublicsubmissions.htm.
25. For this purpose, the term “road show” is defined in Securities Act Rule 433(h)(4).
26. Frequently Asked Questions on the Confidential Submission Process for Emerging Growth Companies (April 10 2012), available at
http://www.sec.gov/divisions/corpfin/guidance/cfju mpstartfaq.htm (SEC Confidential Submission FAQs) at Question 5.
27. SEC FAQs, supra note 1 at Question 52. 28. Id. 29. SEC Confidential Submission FAQs, supra note 26, Question 7.
30. SEC Confidential Submission FAQs, supra note 26, Question 6.
31. Securities Act Rule 433(h)(4). 32. SEC Confidential Submission FAQs, supra note 26, Question 8.
33. SEC Confidential Submission FAQs, supra note 26, Question 9.
34. SEC Title I FAQs, supra note 1, Question 4. 35. Securities Act § 7(a)(2)(A), 15 USC 77g(a)(2)(A). 36. SEC Title I FAQs, supra note 1 at Question 11. The SEC would not object if an issuer that has lost its EGC status does not present, in subsequently filed registration statements and periodic reports, selected financial data or a ratio of earnings to fixed charges for periods before the earliest audited period presented in its initial Securities Act or Exchange Act registration statement. See SEC Title I FAQs, supra note 1 at Question 50.
37. SEC Title I FAQs, supra note 1 at Question 16. 38. SEC Title I FAQs, supra note 1 at Question 27. 39. JOBS Act §102(c). 40. Exchange Act § 14A(e), 15 USC 78n-1(e). 41. Id. 42. See Dodd-Frank Act § 953(b)(1). 43. SEC Title I FAQs, supra note 1 at Question 13. 44. JOBS Act § 104, amending Sarbanes-Oxley Act § 103(a)(3).
45. JOBS Act § 103, amending Sarbanes-Oxley Act § 404(b).
46. JOBS Act § 107. JOBS Act Quick Start 23
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