S.556 - A bill to amend the securities laws to establish certain thresholds for shareholder registration, and for other purposes.112th Congress (2011-2012)
|Sponsor:||Sen. Hutchison, Kay Bailey [R-TX] (Introduced 03/10/2011)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 03/10/2011 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.556 — 112th Congress (2011-2012)All Information (Except Text)
Introduced in Senate (03/10/2011)
Amends the Securities Exchange Act of 1934 regarding registration of securities to modify the registration threshold for an issuer that is either a bank or a bank holding company as well as for an issuer that is neither a bank nor a bank holding company.
Raises from $1 million to $10 million the threshold for total assets of an issuer that requires registration of a certain class of equity security. Divides the holding threshold that requires registration of such a class of equity security, however, into: (1) 2,000 holders of record if the issuer is a bank or a bank holding company, and (2) 500 holders of record if the issuer is neither.
Requires termination of a security registration in the case of a bank or a bank holding company if the the number of holders of record of the class of security is reduced to less than 1,200.
Directs the Chief Economist and the Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC) to study and make a cost-benefit analysis of shareholder registration thresholds.