The SEC staff has indicated it plans to strive to implement Congress's intent in adopting the JOBS Act in a pragmatic manner to make the act a success. The staff has already issued Frequently Asked Questions (FAQs) on several aspects of the JOBS Act. Today, the staff issued FAQs on Title I of the JOBS Act, addressing questions relating to, among other topics:
- the determination and loss of emerging growth company (EGC) status;
- disclosure of EGC status in registration statements;
- transition issues relating to EGC status;
- the treatment of foreign private issuers; and
- the financial and accounting relief available to EGCs.