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Title IVSmall Company Capital Formation

Some have called Title IV the most important part of the JOBS Act, since it expands what are known as Regulation A exemptions. Regulation A allows the SEC to remove registration restrictions from any class of security if it determines that doing so is in the public interest. Securities issued under a Regulation A exemption had been previously limited to $5 million. The JOBS Act raises that limit to $50 million. This is a very large increase, a change we don’t normally see.

SEC. 401. AUTHORITY TO EXEMPT CERTAIN SECURITIES.

(a) IN GENERAL.—Section 3(b) of the Securities Act of 1933 (15 U.S.C. 77c(b)) is amended— ...

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