http://financialservices.house.gov/News/DocumentP rint.aspx?DocumentID= 236861.
49 See press release issued by the House Financial Services Committee, available at
http://financialservices.house.gov/press/PRArticle.as px?NewsID=1817.
50 Pub. L. No. 111-203, 124 Stat. 1376 (July 21 2010) [hereinafter Dodd-Frank].
51 See Press Release, Fin. Servs. Comm., Administration Could Help Small Business Gain Access to Capital by Helping Pass the Small Company Capital Formation Act (March 22 2011), available at
http://archives.financialservices.house.gov/press/PR Article.aspx?NewsID=1817.
52 See generally Legislative Proposals to Promote Job Creation, Capital Formation, and Market Certainty Before the Subcomm. on Capital Markets and Gov. Sponsored Enterprise of the H. Comm. on Fin. Servs., 112 Cong. 24 (2011).
53 Legislative Proposals to Promote Job Creation, Capital Formation, and Market Certainty Before the Subcomm. on Capital Markets and Gov. Sponsored Enterprise of the H. Comm. on Fin. Servs., 112 Cong. 24 (2011) (prepared statement of David Weild, Senior Advisor, Grant Thornton LLP).
54 See DAVID WEILD & EDWARD KIM, GRANT THORNTON LLP, CAPITAL MARKET SERIES: MARKET STRUCTURE IS CAUSING THE IPO CRISIS (October 2009), available at
www.grantthornton.com/staticfiles/GTCom/Public %20companies%20and%20capital%20markets/File s/IPO%20crisis%20-%20Sep%202009%20- %20FINAL.pdf.
55 See Amendment in the nature of a substitute to HR 1070 offered by Mr. Schweikert, no. 1, available at
http://financialservices.house.gov/UploadedFiles/06 2211hr1070schweikertam.pdf.
56 As originally proposed, the legislation did not provide for a state blue sky law exemption.
57 Amendment to the Amendment in the Nature of a Substitute to HR 1070 Offered by Mr. Ackerman, no. 1a (emphasis added), available at
http://financialservices.house.gov/UploadedFiles/06 2211hr1070ackermanam.pdf. As originally proposed, the legislation provided that the SEC may require an issuer to file audited financial statements with the SEC and distribute such statements to prospective investors.
58 Currently, there is no definition under the Securities Act of a “qualified purchaser.” The SEC
60 JOBS Act Quick Start
would be required to adopt a definition.
59 See Letter from David S. Massey, North Carolina Deputy Securities Administrator, NASAA President, to Spencer H. Bachus, Chair., House Financial Services Committee, et al. (June 15 2011), available at
www.nasaa.org/wp-content/uploads/2011/07/6- 15-11-NASAA_Comment_Letter_HR1070_HR10 82.pdf.
60 This chart originally appeared in Morrison & Foerster’s alert, “The JOBS Act,” found at
http://www.mofo.com/files/Uploads/Images/120326 -The-JOBS-Act.pdf.
61 See study available at
http://www.gao.gov/assets/600/592113.pdf.
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