SEC Tick Pilot: Will It Be Delayed?

By David E. Franasiak, Joel G. Oswald, and Rebecca Konst

On April 5, 2012, the Jumpstart Our Business Startups (JOBS) Act was signed into law. The Act requires the SEC “to write rules and issue studies on capital formation, disclosure and registration requirements.” Section 106(b) of the JOBS Act required the SEC to conduct a study and report to Congress on “how decimalization affected the number of initial public offerings (IPOs) and the liquidity and trading of smaller capitalization company securities.” This memo highlights the implementation dates and progress made thus far.


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