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The FAST Act’s Hidden Changes to “Speed Up” Capital Formation

This post discusses the SEC’s approval of two interim final rules mandated by the capital markets aspects of the Fixing America’s Surface Transportation Act, signed into law on December 4, 2015.  These rules address the timing and cost challenges faced by smaller publicly traded companies and are designed to ease disclosure requirements in connection with IPOs of emerging growth companies and certain registration statements filed by smaller reporting companies.

On December 4, 2015, President Obama signed into law the Fixing America’s Surface Transportation Act (the “FAST Act”).  Several key provisions to stimulate capital markets and to ease reporting under SEC regulations were bolted-on to the FAST Act.  Some of these provisions went into effect upon the President’s signature; others go into effect on a delayed basis, as noted below.  The changes reflect recommendations made to Congress during the last two years by various industry task forces including the Investor Advisory Committee, Advisory Committee on Small and Emerging Companies and the Forum on Small Business Capital Formation.  The firm's Client Alert can be found here.

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