On April 5, 2012, the Jumpstart Our Business Startups (JOBS) Act was signed into law, bringing about significant changes to the regulation of capital formation in the United States.  The JOBS Act creates a new regulatory "on-ramp" for emerging growth companies going public, with confidential SEC staff review of draft registration statements for initial public offerings, scaled disclosure requirements, and fewer restrictions on "test the waters" and research communications around the time of securities offerings.  In addition, the JOBS Act directs the SEC to amend its rules to (1) repeal the ban on general solicitation and general advertising in Rule 506 offerings when sales are only to accredited investors; (2) establish a small offering exemption for crowdfunding; and (3) create a new public offering exemption for offerings up to $50 million.  The JOBS Act also includes provisions to raise the "holder of record" threshold for mandatory registration under the Securities Exchange Act of 1934, as amended, and directs the SEC to amend its rules to implement the changes.