SEC Raises Exchange Act Registration, Termination and Suspension Thresholds to Conform with JOBS Act and FAST Act

Yesterday, the U.S. Securities and Exchange Commission (the “SEC”) adopted final amendments conforming its rules with adjustments mandated by Congress to the thresholds for registration, termination of registration and suspension of reporting in Sections 12(g) and 15(d) of the U.S. Securities Exchange Act of 1934 (the “Exchange Act”).

The SEC’s amendments do not extend substantially beyond reflecting the statutory changes to the Exchange Act made by the Jumpstart Our Business Startups Act and the Fixing America's Surface Transportation Act. The amendments – which become effective 30 days after publication in the Federal Register – will make it easier for banks and bank holding companies, as well as savings and loan holding companies, to suspend or terminate their Exchange Act reporting obligations

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For more information about anything covered in this memorandum, please contact Mike Bienenfeld, Jeffrey Cohen, Luis Roth, Tom Shropshire, and Scott Sonnenblick.