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JOBS Act Timing – Regulation D and Shareholder Thresholds

March 29, 2012

Authors

Robert Klingler

JOBS Act Timing – Regulation D and Shareholder Thresholds

March 29, 2012

by: Robert Klingler

On March 27, 2012, the House of Representatives approved the version of the JOBS Act, as amended by the Senate, by a vote of 380 to 41.  Accordingly the legislation has been sent to President Obama for signature, who has previously indicated his support of the legislation.  The White House has indicated that the President anticipates signing the JOBS Act early in the week of April 2, 2012.

The text of the final JOBS Act is available here.  We have previously summarized the provisions of the JOBS Act generally applicable to the community banks, as well as

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Senate Adopts Slightly Amended JOBS Act Bill

March 22, 2012

Authors

Robert Klingler

Senate Adopts Slightly Amended JOBS Act Bill

March 22, 2012

by: Robert Klingler

On March 22, 2012, the U.S. Senate adopted H.R. 3606, the Jumpstart Our Business Startups Act (a.k.a., the JOBS Act) by a vote of 73 to 26.  Prior to its passage, the U.S. Senate adopted Amendment 1884 proposed by Senators Merkley and Brown that replaced the “Crowdfunding” exemption contained in the house-passed legislation with a narrower provision.  As the Senate and the House have adopted different versions, the House will have to consider and pass the Senate amendment before a bill could become law, or convene a conference committee to reconcile the House and Senate versions of the bill. 

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Impact of Proposed JOBS Act on Community Banks

March 21, 2012

Authors

Robert Klingler

Impact of Proposed JOBS Act on Community Banks

March 21, 2012

by: Robert Klingler

While still in proposed form, and subject to significant political uncertainty, we offer this summary of the impact of the Jumpstart Our Business Startups Act (a.k.a., the JOBS Act).  This summary is based on the version that passed the House on March 8, 2012, and was brought to the Senate floor on March 19, 2012.  On March 20, 2012, the Senate failed to achieve sufficient votes to substitute the JOBS Act for the INVEST in America Act of 2012 (technically, it would have been the “Invigorate New Ventures and Entrepreneurs to Succeed Today in America Act of 2012,” but

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Potential Securities Relief on the Horizon

October 27, 2011

Authors

Robert Klingler

Potential Securities Relief on the Horizon

October 27, 2011

by: Robert Klingler

While any relief still has a long (and uncertain) path before it would be effective, on October 26, 2011, the House Financial Services Committee approved four bills (with bipartisan support) that would remove regulatory federal securities law obstacles to capital formation.

H.R. 1965 would, for banks and bank holding companies, raise the SEC registration threshold to 2,000 shareholders and the deregistration threshold to 1,200 shareholders.

H.R. 2167, the “Private Company Flexibility and Growth Act,” would raise the SEC registration threshold for all companies to 1,000 shareholders and would exclude accredited investors and certain employees from the definition

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Lyn Schroeder Featured in Deal Watch

October 29, 2008

Authors

Robert Klingler

Lyn Schroeder Featured in Deal Watch

October 29, 2008

by: Robert Klingler

Lyn Schroeder’s legal advice to a South Carolina bank seeking to go private was featured yesterday in the Fulton County Daily Report’s Deal Watch blog.

We believe that Powell Goldstein has assisted more financial institutions deregister from the SEC than any other law firm in the last four years.  We have prepared a comprehensive presentation on how and why community banks are electing to go or stay private.

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