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The Alternative Investment Management Association

Alternative Investment Management Association Representing the global hedge fund industry

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JOBS Act

The Jumpstart Our Business Startups Act (the ‘JOBS Act’) was signed into law by President Barack Obama on 5 April 2012. The purpose of the JOBS Act is to reduce regulatory burdens for smaller companies in order to stimulate market access.

A key component of the JOBS Act is to lift the long-standing ban on general advertising for private securities offerings in the United States. This part of the JOBS Act requires the SEC to promulgate rules and/or rule amendments to implement the changes intended by the Act. On 29 August 2012, the SEC proposed new rules and rule amendments to implement the provisions of the JOBS Act and would permit the use of general solicitation when offering or selling private securities, provided that certain conditions, such as verification of the status of investors, are satisfied.

On 10 July 2013 the SEC adopted the final rules to eliminate the prohibition against engaging in general solicitation or general advertising, which became effective on 23 September 2013.

In a further pair of releases published on the same day, the SEC also adopted the final rules disqualifying felons and other 'bad actors' from participation in Rule 506 offerings and proposed amendments to Regulation D, Form D and Rule 156 under the Securities Act of 1933.


Key legislative documents

SEC Rules to implement the JOBS Act (July 2013)

SEC Rules disqualifying felons and other ‘bad actors’ from participation in Rule 506 offerings (July 2013)

SEC proposal to make additional changes to Regulation D, Form D and Rule 156 (July 2013)

JOBS Act (April 2012)

SEC Proposed Rules (August 2012)

AIMA documents

US Private Placement - Briefing Note - SEC (January 2014)

Response - proposed amendments to Regulation D, Form D and Rule 156 under the Securities Act (September 2013)

Summary - US Private Placement (August 2013)

Briefing Note - Proposed SEC Rules to implement the JOBS Act (October 2012)

 

 

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  1. Asset Management Regulation
    1. EU Asset Management Regulation
      1. AIFMD
      2. European Capital Markets Regulation
      3. MiFID / MiFIR
      4. UCITS
      5. European Venture Capital Directive
      6. Shareholder Rights Directive
      7. European Long Term Investment Fund Regulation
      8. Loan Origination Funds
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      10. AIFMD-Related Events
    2. US Hedge Fund Adviser Regulations
      1. Registration and Reporting
      2. Incentive-Based Compensation
      3. JOBS Act
    3. Asia Pacific Asset Management regulation
    4. Other Jurisdictions’ Asset Management Regulation
    5. Systemically Important Financial Institutions ('SIFIs')
    6. Remuneration
      1. UK
      2. United States
      3. CRD IV and CRR
      4. AIFMD
      5. MiFID
    7. Shadow Banking
    8. Volcker Rule
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    11. Dealing Commision
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      2. EU Bank Structural Reforms
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      1. ESMA Guidelines
      2. MiFID / MiFIR
      3. MAD / MAR
      4. Flash Crash
      5. IOSCO
      6. Germany
      7. CFTC Automated Trading
    4. Insurance Regulation
      1. Solvency II
    5. Market Abuse
      1. MAD / MAR
      2. Indices as Benchmarks
    6. Position Limits
      1. MiFID / MiFIR
      2. CFTC Position Limits
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      1. FATCA
      2. EU - AEFI
      3. OECD - Global Standard on AEFI
    2. Australia - Investment Manager Regime (IMR)
    3. Base Erosion - Profit Shifting (BEPS)
    4. FAIFs and FINROFs
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    6. Financial Transaction Tax (FTT)
    7. UK Investment Management Exemption (IME)
    8. UK Offshore Funds Regime
    9. Other
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      1. AIFMD
      2. BEPS
      3. CFTC Registration and Exemptions
      4. Dealing Commission
      5. Derivatives
      6. FATCA
      7. FTT
      8. High Frequency Trading
      9. MiFID / MiFIR
      10. Other Hot Asset Management Topics
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      14. UK Partnership Tax Review
      15. Trading
      16. Volcker Rule
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