Enter to open, tab to navigate, enter to select
Fixing America's Surface Transportation Act (FAST Act)
Practical Law Glossary Item w-001-0311 (Approx. 3 pages)
Glossary
Fixing America's Surface Transportation Act (FAST Act)
Signed into law by President Obama on December 4, 2015, the Fixing America's Surface Transportation Act (FAST Act) includes legislative provisions intended to capitalize on the JOBS Act by expanding and easing certain methods of capital raising by, and further relaxing the regulatory burden on, smaller companies.
The FAST Act includes the following reforms of the JOBS Act and other provisions:
- Reducing from 21 to 15 the number of days before a road show that an emerging growth company (EGC) must make the first public filing of a confidentially-submitted registration statement.
- Providing a grace period for EGCs that lose their status as an EGC while in registration for their initial public offering (IPO).
- Permitting EGCs to omit financial information for certain historical periods from registration statements on Form S-1 or Form F-1 filed prior to an IPO.
- Permitting companies to include a summary page in Form 10-K.
- Simplifying the disclosure requirements of Regulation S-K.
- Providing a new registration exemption for resales under newly-added Section 4(a)(7) of the Securities Act of 1933 (this section of the FAST Act is often referred to as RAISE or the RAISE Act due to its title in the FAST Act, Reforming Access for Investments in Startup Enterprises).
- Revising Form S-1 to permit smaller reporting companies to incorporate by reference documents filed after the effective date.
- Applying the registration thresholds in Section 12(g)(1)(B) of the Securities Exchange Act of 1934 to savings and loan holding companies.
For more information on these components of the FAST Act, see Legal Update, President Obama Signs the FAST Act, Codifying a New Resale Exemption and Creating Additional Accommodations for EGCs.