Summary

H.R. 1965: To amend the securities laws to establish certain thresholds for shareholder registration, and for other purposes. Read More

Status

This bill was introduced in a previous session of Congress and was passed by the House on Nov 2, 2011 but was never passed by the Senate.

Bill Text

A BILL

To amend the securities laws to establish certain thresholds for shareholder registration, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHAREHOLDER REGISTRATION THRESHOLD.

(a) Amendments to Section 12 of the Securities Exchange Act of 1934.--Section 12(g) of the Securities Exchange Act of 1934 (15 U.S.C. 781(g)) is amended-- (1) in paragraph (1)-- (A) by striking subparagraphs (A) and (B) and inserting the following: ``(1) 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 ``(2) in the case of an issuer that is not a bank or bank holding company, 500 persons or more,''; and (B) 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 (2) 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), or a bank holding company, as such term is defined in section (2)...

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State: CA

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District: 1st

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Popularity Trend

Organizations Supporting

The U.S. Chamber of Commerce, the world’s largest business federation representing the interests of more than three million businesses and organizations of every size, sector, and region, strongly support H.R. 1965, “To amend the securities laws to establish certain thresholds for shareholder registration, and for other purposes;” H.R. 2167, the “Private Company Flexibility and Growth Act;” H.R. 2930, the “Entrepreneur Access to Capital Act;” and H.R. 2940, the “Access to Capital for Job Creators Act.” These bills would enhance capital formation needed to build new businesses, expand existing businesses and create jobs. The Chamber urges the Subcommittee to report these bills to the full House in the near term. H.R. 1965 would raise the Exchange Act’s shareholder cap from 499 to 1,999 shareholders for banks and permits banks with less than 1,200 shareholders to cease reporting requirements under the Exchange Act. This legislation would increase banks’ ability to raise capital from a larger shareholder base, which would creates a level playing field for smaller community banks. http://www.centerforcapitalmarkets.com/wp-content/uploads/2010/04/110920_HR1965_HR2167_HR2930_HR2940_SmallBusinessCapitalFormationBills_Garrett_Waters-9.20.2011.pdf

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Bill Summary

H.R. 1965: To amend the securities laws to establish certain thresholds for shareholder registration, and for other purposes.

H.R. 1964 Conservation Easement Incentive Act of 2011 H.R. 1966 Foreign Language Education Partnership Program Act