On March 27, 2012, the U.S. House of Representatives passed the Jumpstart Our Small Business Startups Act (the "JOBS Act") and sent the final bill to President Obama for signing.1 The JOBS Act is intended to stimulate the growth of small businesses by easing the registration and reporting requirements of the Securities Act of 1933 (the "Securities Act"), the Securities Exchange Act of 1934 (the "Securities Exchange Act") and the other rules and regulations of the Securities Exchange Commission (the "SEC").
This Stroock Special Bulletin provides a brief overview of the provisions of the JOBS Act that will have an important impact on private funds, including the loosening of the ban on general solicitation and advertising and a more generous ownership threshold for registration with the SEC.
