Post-JOBS Act Challenges and Solutions in “Private ...
Berkeley Center for Law, Business and the Economy
Post-JOBS Act Challenges and Solutions in "Private" Secondary Trading Markets
Robert Bartlett UC Berkeley School of Law
2012 SEC Government-Business Forum on Small Business Capital Formation
November 15, 2012
Introduction
Should the JOBS Act have considered adding some form of mandatory scaled disclosure for this new space?
? The conventional view of distinguishing "public" from "private" firms:
OWNERSHIP:
Private (few shareholders)
?12(a); ?12(g) trigger
Public (many dispersed shareholders)
DISCLOSURE:
Private
(Exempt from ?13 Reports)
Space created by Titles V & VI of the JOBS Act
No federal mandatory disclosures
Smaller Reporting Companies
Public (?13 Filer)
Accelerated Filers, Large Accelerated Filers, all ofothr ienterrnNalousne-only Accelerated Filers
2
Outline
? Brief overview of how firms with public trading can be exempt from federal mandatory disclosure obligations.
? Some problems with this state of affairs after the JOBS Act for both investors and issuers.
? What the Commission can do about it.
for internal use only
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