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Thursday, November 29, 2012

Lawmakers: Apply Shareholder Registration Thresholds to SLHCs

Reps. Steve Womack (R-Ark.) and Jim Himes (D-Conn.) said in a letter yesterday that they hope the SEC will treat savings and loan holding companies the same as bank holding companies, when the agency updates its rules to reflect the JOBS Act's provisions that raised the SEC's shareholder registration and deregistration thresholds.

The lawmakers noted that the JOBS Act, among other things, raised the shareholder threshold for SEC registration from 500 to 2,000 for banks and bank holding companies, and also raised the deregistration threshold from 300 to 1,200.

The lawmakers emphasized that to further support their position the House Appropriations Committee included language in the fiscal year 2013 Financial Services and General Government Appropriations bill to clarify that Congress intended for the JOBS Act's provisions raising the thresholds to apply to SLHCs and that the SEC should use its authority to make that happen.

Read the letter.

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