S.Amdt. 4613

1. Adds SEC. __. SHAREHOLDER REGISTRATION THRESHOLD wherever appropriate

   Adds a section

   Inserted: SEC. __. SHAREHOLDER REGISTRATION THRESHOLD.

   Inserted: (a) Amendments to the Securities Exchange Act of 1934.--

   Inserted: (1) Section 12.--Section 12(g) of the Securities Exchange Act of 1934 (15 U.S.C. 781(g)) is amended--

   Inserted: (A) in paragraph (1)--

   Inserted: (i) by striking subparagraphs (A) and (B) and inserting the following:

   Inserted: "(A) in the case of an issuer that is a bank, as such term is defined in section 3(a)(6) of this title, or a bank holding company, as such term is defined in section (2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841), 2000 persons or more; and

   Inserted: "(B) in the case of an issuer that is not a bank or bank holding company, 500 persons or more,"; and

   Inserted: (ii) by striking "commerce shall" and inserting "commerce shall, not later than 120 days after the last day of its first fiscal year ended after the effective date of this subsection, on which the issuer has total assets exceeding $10,000,000 and a class of equity security (other than an exempted security) held of record by"; and

   Inserted: (B) in paragraph (4), by striking "three hundred" and inserting "300 persons, or, in the case of a bank, as such term is defined in section 3(a)(6) of this title, or a bank holding company, as such term is defined in section (2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841), 1200".

   Inserted: (2) Section 15.--Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78o(d)) is amended, in the third sentence, by striking "three hundred" and inserting "300 persons, or, in the case of bank, as such term is defined in section 3(a)(6) of this title, or a bank holding company, as such term is defined in section (2) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841), 1200".

   Inserted: (b) Study of Registration Thresholds.--

   Inserted: (1) Study.--

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   Inserted: (A) Analysis required.--The Chief Economist and Director of the Division of Corporation Finance of the Commission shall jointly conduct a study, including a cos-benefit analysis, of shareholder registration thresholds.

   Inserted: (B) Costs and benefits.--The cost-benefit analysis under subparagraph (A) shall take into account--

   Inserted: (i) the incremental benefits to investors of the increased disclosure that results from registration;

   Inserted: (ii) the incremental costs to issuers associated with registration and reporting requirements; and

   Inserted: (iii) the incremental administrative costs to the Commission associated with different thresholds.

   Inserted: (C) Thresholds.--The cost-benefit analysis under subparagraph (A) shall evaluate whether it is advisable to--

   Inserted: (i) increase the asset threshold;

   Inserted: (ii) index the asset threshold to a measure of inflation;

   Inserted: (iii) increase the shareholder threshold;

   Inserted: (iv) change the shareholder threshold to be based on the number of beneficial owners; and

   Inserted: (v) create new thresholds based on other criteria.

   Inserted: (2) Report.--Not later than 2 years after the date of enactment of this Act, the Chief Economist and the Director of the Division of Corporation Finance of the Commission shall jointly submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report that includes--

   Inserted: (A) the findings of the study required under paragraph (1); and

   Inserted: (B) recommendations for statutory changes to improve the shareholder registration thresholds.

   Inserted: (c) Rulemaking.--Not later than one year after the date of enactment of this Act, the Commission shall issue final regulations to implement this section and the amendments made by this section.

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   Original wording

   At the appropriate place, insert the following:

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As printed