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Wednesday, May 8, 2013

Senate Bill Introduced to Extend New SEC Registration Thresholds

Sen. Patrick Toomey (R-PA) and Sen. Mark Pryor (D-AR) have introduced ABA-supported legislation (S. 872) that would extend to savings and loan holding companies the new SEC shareholder registration and deregistration thresholds under the JOBS Act.

The JOBS Act 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. Unfortunately, the act did not explicitly extend the thresholds to savings and loan holding companies, even though it was not Congress’ intent to treat those institutions differently from banks and bank holding companies.

ABA has long-sought to correct this error, which S. 872 would accomplish. The bill is identical to legislation (H.R. 801) that the House Financial Services Committee approved yesterday by voice vote.

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