June 27, 2012
As an individual investor, I am concerned that the JOBS Act lowers the bar for the vast majority of companies going public and re-exposes Americans to some of the worst financial abuses in recent memory. I believe it is incumbent on the Commission to mitigate these abuses and protect the integrity of our capital markets.
The SEC has been lax in the past to enforce the laws already in place, and I do not feel that the JOBS Act, with regards to the individual investor, is going to protect us any better. The "emerging growth company" definition is too wide and over-encompassing. Also, the emerging growth company exemptions are likely to increase the level of fraud and issuer abuse of individual investors. These abuses have the potential to reduce trust in emerging growth companies and public markets in general.
I am not one for "more rules" or "more bureaucracy", however I do feel that the JOBS Act is missing many opportunities to repair the US citizen's trust in the capital markets. I urge you to work to help protect the individual investor and modify the JOBS Act appropriately.