Congress has approved bipartisan legislation designed to remove regulatory barriers for companies going public and seeking to attract investors. The SEMA-supported “Jumpstart Our Business Startups” (JOBS) Act makes it easier for small companies to comply with Securities and Exchange Commission (SEC) rules when securing outside capital investment. Companies will be able to file initial public offerings (IPO) more quickly as regulations will be phased-in over a period of five years.

The legislation raises the threshold number of shareholders triggering SEC registration from 500 to 2,000 and increases the offering threshold from $5 million to $50 million in shares. Companies can raise capital using the Internet and social media so long as the website is registered with the SEC and investors are informed about a company’s financial condition and shareholder risks. Individual investments are limited to 5% of annual income for those earning less than $100,000 a year, and 10% above that amount. Companies with gross annual revenues of up to $1 billion can sell shares to the public while being exempted from some of the requirements of the Sarbanes-Oxley Act. President Obama supports the legislation and intends to sign it into law.

For more information, please contact Dan Sadowski at dans@sema.org.

Congress has approved bipartisan legislation designed to remove regulatory barriers for companies going public and seeking to attract investors. The SEMA-supported “Jumpstart Our Business Startups” (JOBS) Act makes it easier for small companies to comply with Securities and Exchange Commission (SEC) rules when securing outside capital investment. Companies will be able to file initial public offerings (IPO) more quickly as regulations will be phased-in over a period of five years.

The legislation raises the threshold number of shareholders triggering SEC registration from 500 to 2,000 and increases the offering threshold from $5 million to $50 million in shares. Companies can raise capital using the Internet and social media so long as the website is registered with the SEC and investors are informed about a company’s financial condition and shareholder risks. Individual investments are limited to 5% of annual income for those earning less than $100,000 a year, and 10% above that amount. Companies with gross annual revenues of up to $1 billion can sell shares to the public while being exempted from some of the requirements of the Sarbanes-Oxley Act. President Obama supports the legislation and intends to sign it into law.

For more information, please contact Dan Sadowski at dans@sema.org.

 

	More than 100 riders turned out for the first annual "Ruck Out" in Los Angeles last weekend.

On Saturday March 24, more than 100 heavily modified Honda Ruckus scooters stormed the streets of Los Angeles. The first annual "Ruck Out" departed the Illest boutique in downtown Los Angeles en route to Torrance. The ride took a quick stop at Honda headquarters before continuing to Alpinestars for the meet/show portion of the Ruck Out.

The 100+ crew arrived at Alpinestars, greeted by food trucks, vendor booths, a DJ and a raffle. Prizes included product courtesy of Honda, Alpinestars, GoPro, Bell Helmets, Illest and more. The final raffle prize for the day was 2011 Moto GP champion Casey Stoner’s Ruckus pit bike. Some of the top Ruckuses in attendance were awarded prizes as well, with the top honor, “Best of Show,” going to Rucksters slammed, stretched, chopper-influenced and turbo charged “GFO Ruckus.”

The event was a joint effort between Alpinestars, Cycle World, Honda and Fatlace. Also involved were some of the Ruckus culture's most influential players, tuners and shops, such as Bowls LA, Standard Functions and Rucksters.

Legislation (H.B. 5405) to increase the age requirement for vehicles eligible for registration as “antique, rare or special-interest motor vehicles” was approved by the Connecticut Joint Committee on Planning and Development by a narrow 10–9 vote. Under the bill, vehicles seeking registration as antique, rare or special-interest motor vehicles would be required to be at least 30 years old. Currently, vehicles 20 years old or older are eligible for this status and special license plates. 

For the purpose of property taxes, the bill also increases the maximum assessment of these vehicles from $500 to $2,000. The bill will now be sent to the Connecticut House of Representatives for a vote by all members.   

More information about this bill is available. For details, contact Steve McDonald at stevem@sema.org.

Legislation (H.B. 5405) to increase the age requirement for vehicles eligible for registration as “antique, rare or special-interest motor vehicles” was approved by the Connecticut Joint Committee on Planning and Development by a narrow 10–9 vote. Under the bill, vehicles seeking registration as antique, rare or special-interest motor vehicles would be required to be at least 30 years old. Currently, vehicles 20 years old or older are eligible for this status and special license plates. 

For the purpose of property taxes, the bill also increases the maximum assessment of these vehicles from $500 to $2,000. The bill will now be sent to the Connecticut House of Representatives for a vote by all members.   

More information about this bill is available. For details, contact Steve McDonald at stevem@sema.org.

The ’13 Audi allroad Quattro Measuring Session will be held April 18, 2012, from 8:30 a.m.–3:00 p.m. at Audi America Inc. Ontario Learning Center in Ontario, California.

The ’13 Audi allroad Quattro Measuring Session will be held April 18, 2012, from 8:30 a.m.–3:00 p.m. at Audi America Inc. Ontario Learning Center in Ontario, California.

The hearing scheduled for March 27, 2012 on California Senate Bill (S.B. 1224) has been postponed until April 10, 2012.

S.B. 1224 would exempt all motor vehicles prior to the ’81 model year from the emissions inspection requirement. Current California law requires the lifetime testing of all ’76 and newer model-year vehicles.

More information about the hearing is available.

For details, contact Steve McDonald at stevem@sema.org.

The hearing scheduled for March 27, 2012 on California Senate Bill (S.B. 1224) has been postponed until April 10, 2012.

S.B. 1224 would exempt all motor vehicles prior to the ’81 model year from the emissions inspection requirement. Current California law requires the lifetime testing of all ’76 and newer model-year vehicles.

More information about the hearing is available.

For details, contact Steve McDonald at stevem@sema.org.