Capital Expansion Act - Amends the Securities Exchange Act of 1934 regarding registration of securities to modify the registration threshold for an issuer that is either a bank or a bank holding company as well as for an issuer that is neither a bank nor a bank holding company.
Raises from $1 million to $10 million the threshold for total assets of an issuer that requires registration of a certain class of equity security. Divides the holding threshold that requires registration of such a class of equity security, however, into: (1) 2,000 holders of record if the issuer is a bank or a bank holding company, and (2) 500 holders of record if the issuer is neither.
Requires termination of a security registration in the case of a bank or a bank holding company if the number of holders of record of the class of security is reduced to less than 1,200.
Directs the Securities and Exchange Commission (SEC) to issue final regulations to implement this Act.
[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4088 Introduced in House (IH)]
112th CONGRESS
2d Session
H. R. 4088
To amend the securities laws to establish certain thresholds for
shareholder registration, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 24, 2012
Mr. Quayle introduced the following bill; which was referred to the
Committee on Financial Services
_______________________________________________________________________
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. SHORT TITLE.
This Act may be cited as the ``Capital Expansion Act''.
SEC. 2. 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.
78l(g)) is amended--
(1) in paragraph (1)--
(A) by striking ``$1,000,000'' both places it
appears and inserting ``$10,000,000'';
(B) in subparagraph (A), by striking ``; and'' and
inserting a semicolon;
(C) in subparagraph (B), by striking the comma at
the end and inserting ``; and''; and
(D) by inserting after subparagraph (B) the
following:
``(C) in the case of an issuer that is a bank 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), 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 2,000 or more persons,''; 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 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1841), 1,200 persons''.
(b) Amendments to Section 15 of the Securities Exchange Act of
1934.--Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C.
78o(d)) is amended, in the third sentence, by striking ``three
hundred'' and inserting ``300 persons, or, in the case of bank 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), 1,200 persons''.
SEC. 3. RULEMAKING.
Not later than 1 year after the date of enactment of this Act, the
Securities and Exchange Commission shall issue final regulations to
implement this Act and the amendments made by this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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