SEC Releases FAQs Worksheets Under Jumpstart Our Business Startups ("JOBS") Act

President Obama signed into law the JOBS Act on April 5, 2012. The SEC has moved quickly to rollout several announcements and worksheets to aid early growth and bank holding companies in understanding the implications of the sweeping revisions to the regulatory requirements of their businesses. On April 12, the SEC Division of Corporation Finance issued Frequently Asked Questions to discuss the registration requirements of issuers (including bank holding companies) of a class of equity security under Section 12(g) and the ability of bank holding companies to deregister a class of equity security or to suspend reporting requirements under Section 15(d). The SEC has also announced the process for the confidential submission of draft registration statements and issued Frequently Asked Questions on these confidential submissions by early growth companies.