On January 13, 2016, the Securities and Exchange Commission (the "SEC") announced that it approved interim final rules implementing two provisions of The Fixing America's Surface Transportation Act (the "FAST Act"). Certain other provisions of the FAST Act became immediately effective upon the adoption of the FAST Act, including the adoption of a new private resale exemption codified in Section 4(a)(7) of the Securities Act of 1933, as amended, as further discussed in our December 16, 2015 release entitled "The "FAST" Act and its Implications on Securities Laws."
The interim final rules revise Forms S-1 and F-1 to permit emerging growth companies to omit financial information for certain historical periods prior to the offering, so long as at the time of the offering the registration statement includes all required financial information. The interim final rules also revise Form S-1 to allow smaller reporting companies to use incorporation by reference for future filings the registrant makes after the effective date of the registration statement. These rules will become effective when published in the Federal Register.
The SEC has requested comment on whether the interim final rules should be expanded to include other registrants or other forms, and such comment period will remain open for 30 days following the publication of these interim final rules in the Federal Register.
For further information on the FAST Act, please see "The 'FAST' Act and its Implications on Securities Laws."
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