Amends the Securities Exchange Act of 1934 to increase from $1 million to $10 million the shareholder registration threshold for an issuer of securities.
Requires an issuer that is either a bank or a bank holding company to register a security with the Securities and Exchange Commission (SEC) if its assets exceed $10 million and include a certain class of equity security held of record by 2,000 or more persons.
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. Repeals periodic reporting requirements also for such a bank or bank holding company.
Directs the Chief Economist and the Director of the Division of Corporation Finance of the SEC to conduct a joint cost-benefit analysis of shareholder registration thresholds.
Directs the SEC to issue final regulations to implement this Act not later than 1 year after its date of enactment.
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