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SEC to Gather Preliminary Comments on JOBS Act

Compliance Week | April 12, 2012

The Securities and Exchange Commission announced it will begin accepting a preliminary round of comments from the public to access general views and concerns about the Jumpstart Our Business Startups (JOBS) Act.

Under a process first utilized with the Dodd-Frank Act, the public will be able to comment before the agency even proposes its regulatory reform rules and amendments.

The SEC is inviting the public to send in comments on each of the seven titles of the law, including those on crowdfunding and the provisions that exempt some companies from governance standards like say-on-pay.

The SEC is required by law to establish a public comment period at the time it proposes rules or rule amendments. However, similar to the Commission's action with the Dodd-Frank Act, the public will have an opportunity to voice its views before rules or amendments are proposed under the JOBS Act. The public also will be able to see what others are saying to the agency about these issues.

When the SEC first tried the preliminary round of comments with Dodd-Frank, it did receive several comments on nearly all provisions of the massive legislation. It's not yet clear if constituents will be as compelled to weigh in on the JOBS Act before rulemaking gets underway.

To facilitate public comment, the SEC is providing a series of links on its website organized by titles of the JOBS Act.

In addition, the SEC says it will post information on its website about any JOBS Act meetings with interested parties. Staff will request that meeting participants provide an agenda of intended topics in advance, which will become part of the public record. Meeting participants will be encouraged to submit written comments to the public file so that anyone interested have the opportunity to review and consider the views expressed.