This bill would set new thresholds to determine whether or not savings and loan holding companies have to register with the Securities and Exchange Commission (SEC). Specifically, the bill would change the number of shareholders of record (i.e. how many people who have their names on the books or have stocks in the company at a particular time) that must be in place for the SEC to:
- Require that a security of the holding company be registered;
- Suspend the registration of a security issued by a holding company; and
- Suspend certain reporting requirements for a holding company.
- Its assets exceed $10 million.
- It has a class of equity security (like stocks) held by 2,000 or more people.
The registration would be terminated if a savings and loan holding company certifies that its holders of record have been reduced to fewer than 1,200 people.
Supplementary and periodic information filing responsibilities would also be suspended automatically if the securities of each class that the registration covers are held by fewer than 1,200 people.