The JOBS Act: Crowdfunding for Small Businesses and Startups by William Michael Cunningham

Author:William Michael Cunningham [Cunningham, William Michael]
Language: eng
Format: epub
ISBN: 9781430247555
Publisher: Apress
Published: 2012-09-26T04:00:00+00:00

(b) FINANCIAL DISCLOSURES AND ACCOUNTING PRONOUNCEMENTS.—

(1) SECURITIES ACT OF 1933.—Section 7(a) of the Securities Act of 1933 (15 U.S.C. 77g(a)) is amended—

(A) by striking “(a) The registration” and inserting the following:

“(a) INFORMATION REQUIRED IN REGISTRATION STATEMENT.—

“(1) IN GENERAL.—The registration”; and (B) by adding at the end the following:

“(2) TREATMENT OF EMERGING GROWTH COMPANIES.—An emerging growth company—

“(A) need not present more than 2 years of audited financial statements in order for the registration statement of such emerging growth company with respect to an initial public offering of its common equity securities to be effective, and in any other registration statement to be filed with the Commission, an emerging growth company need not present selected financial data in accordance with section 229.301 of title 17, Code of Federal Regulations, for any period prior to the earliest audited period presented in connection with its initial public offering; and

Amends the Securities Act of 1933 to allow EGCs to present up to two years of financial data. Prior requirement was for three years of data.

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