Federal Securities Regulation 2 of 3 (31)

Question 1

Securities Exchange Act of 1934

Answer 1

An act passed by Congress that established the Securities and Exchange Commission, giving it powers to regulate the securities industry and establishing ongoing requirements for reports to be filed with the SEC, such as forms 10K (annual audited report), 10Q (quarterly reviewed report), 8K (significant changes in the business), and proxy statements (items to be voted on at shareholder meeting).

• Registration and reporting requirements (S-1) under 1934 Act apply if either:
  
  • Securities are Listed or Traded on a national exchange, or
  • At least $10 million in assets and 2,000 shareholders (500 if unaccredited).

Question 2

Due Dates of 10K and 10Q Reports

Answer 2

Large Acclerated Filer

• Market Value of Outstanding Securities
  
  • > $700 million
• 10-K
  
  • 60 days
• 10-Q
  
  • 40 days

Accelerated Filer

• Market Value of Outstanding Securities
  
  • > $75 million
• 10-K
  
  • 75 days
• 10-Q
  
  • 40 days

Non-Accelerated Filer

• Market Value of Outstanding Securities
  
  • < $75 million
• 10-K
  
  • 90 days
• 10-Q
  
  • 45 days

Question 3

Jumpstart Our Business Startups (JOBS) Act of 2012

Answer 3

An act intended to stimulate the economy by allowing emerging growth companies (EGCs) easier access to the public capital markets.