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H.R.3606OneHundredTwelfthCongressoftheUnitedStatesofAmericaATTHESECONDSESSIONBegunandheldattheCityofWashingtononTuesday,thethirddayofJanuary,twothousandandtwelveAnActToincreaseAmericanjobcreationandeconomicgrowthbyimprovingaccesstothepubliccapitalmarketsforemerginggrowthcompanies.BeitenactedbytheSenateandHouseofRepresentativesoftheUnitedStatesofAmericainCongressassembled,SECTION1.SHORTTITLE.ThisActmaybecitedasthe‘‘JumpstartOurBusinessStartupsAct’’.SEC.2.TABLEOFCONTENTS.ThetableofcontentsofthisActisasfollows:Sec.1.Shorttitle.Sec.2.Tableofcontents.TITLEI—REOPENINGAMERICANCAPITALMARKETSTOEMERGINGGROWTHCOMPANIESSec.101.Definitions.Sec.102.Disclosureobligations.Sec.103.Internalcontrolsaudit.Sec.104.Auditingstandards.Sec.105.Availabilityofinformationaboutemerginggrowthcompanies.Sec.106.Othermatters.Sec.107.Opt-inrightforemerginggrowthcompanies.Sec.108.ReviewofRegulationS-K.TITLEII—ACCESSTOCAPITALFORJOBCREATORSSec.201.Modificationofexemption.TITLEIII—CROWDFUNDINGSec.301.Shorttitle.Sec.302.Crowdfundingexemption.Sec.303.Exclusionofcrowdfundinginvestorsfromshareholdercap.Sec.304.Fundingportalregulation.Sec.305.RelationshipwithStatelaw.TITLEIV—SMALLCOMPANYCAPITALFORMATIONSec.401.Authoritytoexemptcertainsecurities.Sec.402.StudyontheimpactofStateBlueSkylawsonRegulationAofferings.TITLEV—PRIVATECOMPANYFLEXIBILITYANDGROWTHSec.501.Thresholdforregistration.Sec.502.Employees.Sec.503.Commissionrulemaking.Sec.504.CommissionstudyofenforcementauthorityunderRule12g5–1.TITLEVI—CAPITALEXPANSIONSec.601.Shareholderthresholdforregistration.Sec.602.Rulemaking.TITLEVII—OUTREACHONCHANGESTOTHELAWSec.701.OutreachbytheCommission.H.R.3606—2TITLEI—REOPENINGAMERICANCAP-ITALMARKETSTOEMERGINGGROWTHCOMPANIESSEC.101.DEFINITIONS.(a)SECURITIESACTOF1933.—Section2(a)oftheSecuritiesActof1933(15U.S.C.77b(a))isamendedbyaddingattheendthefollowing:‘‘(19)Theterm‘emerginggrowthcompany’meansanissuerthathadtotalannualgrossrevenuesoflessthan$1,000,000,000(assuchamountisindexedforinflationevery5yearsbytheCommissiontoreflectthechangeintheCon-sumerPriceIndexforAllUrbanConsumerspublishedbytheBureauofLaborStatistics,settingthethresholdtothenearest1,000,000)duringitsmostrecentlycompletedfiscalyear.Anissuerthatisanemerginggrowthcompanyasofthefirstdayofthatfiscalyearshallcontinuetobedeemedanemerginggrowthcompanyuntiltheearliestof—‘‘(A)thelastdayofthefiscalyearoftheissuerduringwhichithadtotalannualgrossrevenuesof$1,000,000,000(assuchamountisindexedforinflationevery5yearsbytheCommissiontoreflectthechangeintheConsumerPriceIndexforAllUrbanConsumerspublishedbytheBureauofLaborStatistics,settingthethresholdtothenearest1,000,000)ormore;‘‘(B)thelastdayofthefiscalyearoftheissuerfol-lowingthefifthanniversaryofthedateofthefirstsaleofcommonequitysecuritiesoftheissuerpursuanttoaneffectiveregistrationstatementunderthistitle;‘‘(C)thedateonwhichsuchissuerhas,duringtheprevious3-yearperiod,issuedmorethan$1,000,000,000innon-convertibledebt;or‘‘(D)thedateonwhichsuchissuerisdeemedtobea‘largeacceleratedfiler’,asdefinedinsection240.12b–2oftitle17,CodeofFederalRegulations,oranysuccessorthereto.’’.(b)SECURITIESEXCHANGEACTOF1934.—Section3(a)oftheSecuritiesExchangeActof1934(15U.S.C.78c(a))isamended—(1)byredesignatingparagraph(77),asaddedbysection941(a)oftheInvestorProtectionandSecuritiesReformActof2010(PublicLaw111–203,124Stat.1890),asparagraph(79);and(2)byaddingattheendthefollowing:‘‘(80)EMERGINGGROWTHCOMPANY.—Theterm‘emerginggrowthcompany’meansanissuerthathadtotalannualgrossrevenuesoflessthan$1,000,000,000(assuchamountisindexedforinflationevery5yearsbytheCommissiontoreflectthechangeintheConsumerPriceIndexforAllUrbanConsumerspublishedbytheBureauofLaborStatistics,settingthethresholdtothenearest1,000,000)duringitsmostrecentlycompletedfiscalyear.Anissuerthatisanemerginggrowthcompanyasofthefirstdayofthatfiscalyearshallcontinuetobedeemedanemerginggrowthcompanyuntiltheearliestof—H.R.3606—3‘‘(A)thelastdayofthefiscalyearoftheissuerduringwhichithadtotalannualgrossrevenuesof$1,000,000,000(assuchamountisindexedforinflationevery5yearsbytheCommissiontoreflectthechangeintheConsumerPriceIndexforAllUrbanConsumerspublishedbytheBureauofLaborStatistics,settingthethresholdtothenearest1,000,000)ormore;‘‘(B)thelastdayofthefiscalyearoftheissuerfol-lowingthefifthanniversaryofthedateofthefirstsaleofcommonequitysecuritiesoftheissuerpursuanttoaneffectiveregistrationstatementundertheSecuritiesActof1933;‘‘(C)thedateonwhichsuchissuerhas,duringtheprevious3-yearperiod,issuedmorethan$1,000,000,000innon-convertibledebt;or‘‘(D)thedateonwhichsuchissuerisdeemedtobea‘largeacceleratedfiler’,asdefinedinsection240.12b–2oftitle17,CodeofFederalRegulations,oranysuccessorthereto.’’.(c)OTHERDEFINITIONS.—Asusedinthistitle,thefollowingdefinitionsshallapply:(1)COMMISSION.—Theterm‘‘Commission’’meanstheSecu-ritiesandExchangeCommission.(2)INITIALPUBLICOFFERINGDATE.—Theterm‘‘initialpublicofferingdate’’meansthedateofthefirstsaleofcommonequitysecuritiesofanissuerpursuanttoaneffectiveregistra-tionstatementundertheSecuritiesActof1933.(d)EFFECTIVEDATE.—