April 5th marked the one year anniversary of the JOBS Act. Most of the articles commemorating that milestone focused on the Act's failures to live up to its expectations. See, e.g., Washington Post. And most of these articles focused on the SEC's failure to write the rules necessary to implement the Act's crowdfunding provisions.
The Corporate Counsel, however, provided more helpful information concerning the JOBS Act, linking to a podcast discussing the Act's confidential review and testing the waters provisions for emerging growth companies; the status of the repeal of the prohibition on general solicitation and general advertising in Rule 506; and the prospects for crowdfunding and Regulation A+ exemptions. The Corporate Counsel also noted the recommendations the SEC's Advisory Committee on Small and Emerging Companies recently made. The blogpost provides links to those recommendations.
Emerging growth companies ("EGCs") were also the subject of a Wall Street Journal article which summarized the findings of an Ernst & Young study of the JOBS Act. The study found that EGCs are taking advantage of the Act's provisions that allow them to submit pre-initial public offering documents confidentially. EGCs are also availing themselves of some, but not all, of the less onerous financial reporting requirements.
John C. Coffee, Jr., writing for the CLS Blue Sky Blog, discussed what he called the "semi-public company," those firms that are not truly private companies but who also do not "report" like public companies. And addressing the opposite side of the spectrum, CFO.com noted those companies who are voluntarily de-registering under the JOBS Act's provision that allows private companies to have 2,000 shareholders of record. These companies are finding that listing on over-the-counter stock markets are providing them with sufficient liquidity without the reporting burdens that "public" registration requires.