Following the House Financial Services Committee mark-up session, HR 701 and HR 801 were both approved by voice vote. Yesterday, a bill was introduced in the Senate by Senator Toomey, S.872, to amend the Securities Exchange Act of 1934, to make the shareholder threshold for registration of savings and loan holding companies the same as… Continue Reading
Category Archives: Exchange Act Registration Thresholds
Subscribe to Exchange Act Registration Thresholds RSS FeedMark-Up Today of Two JOBS Act-Related Bills
Posted in Exchange Act Registration Thresholds, Regulation A+Today, May 7, 2013, the House Committee on Financial Services will mark up two JOBS Act related bills, HR 701 and HR 801. HR 701 would require that the SEC take action to implement rules under Title IV of the JOBS Act (the provisions related to Section 3(b)(2) or “Regulation A+”) by October 31, 2013. … Continue Reading
JOBS Act at Year 1
Posted in Crowdfunding, Decimalization, Emerging Growth Company Status, Exchange Act Registration Thresholds, IPO On-Ramp, Private Placements, Regulation A+, Research, Rule 506 RulemakingAny milestone, such as an anniversary, provides an opportunity for reflection and evaluation. At the one-year anniversary of the JOBS Act, preliminary experience gives reason for some optimism. The centerpiece of the JOBS Act, the “IPO on-ramp” provisions contained in Title I, have proven quite useful. The SEC Staff’s guidance in the form of Frequently… Continue Reading
Extending JOBS Act Exchange Act Registration and Deregistration Thresholds for Banks and Bank Holding Companies to Savings and Loan Holding Companies
Posted in Exchange Act Registration ThresholdsOn November 28, 2012, Representatives Steve Womack (R-Ark.) and Jim Himes (D-Conn.) asked SEC Chairman Schapiro to extend to savings and loan holding companies (SLHCs) the benefits of the JOBS Act increase in the Exchange Act shareholder registration threshold from 500 to 2,000 for banks and bank holding companies. Similarly, the JOBS Act-mandated increase in… Continue Reading
Recent SEC Staff Comments on JOBS Act Implementation
Posted in Crowdfunding, Emerging Growth Company Status, Exchange Act Registration Thresholds, IPO On-Ramp, Private Placements, Regulation A+The Staff of the SEC’s Division of Corporation Finance has been discussing the JOBS Act at recent conferences, including the Practising Law Institute’s 44th Annual Securities Regulation Institute in New York and the American Bar Association’s Business Law Section Fall Meeting in Washington, DC. David Lynn was the moderator of a JOBS Act panel at… Continue Reading
JOBS Act Anti-Evasion Study Published
Posted in Exchange Act Registration ThresholdsToday, the Staff of the SEC published another study required by the JOBS Act–this one assessing whether the SEC has sufficient tools to enforce the anti-evasion provisions of Section 12g5-1(b)(3). Given that many more companies are choosing to stay private longer and defer pursuing IPOs, questions have arisen in recent years as to whether there… Continue Reading
Banks Save Their Pennies
Posted in Exchange Act Registration ThresholdsPrior to enactment of the JOBS Act, Section 12(g) of the Exchange Act required issuers to register a class of equity securities with the SEC if, on the last day of the issuer’s fiscal year, such class of securities was held of record by 500 or more record holders and the company had total assets… Continue Reading