The US Securities and Exchange Commission has proposed amendments to the registration, termination of registration and suspension of reporting requirements of the Securities Exchange Act of 1934 in order to implement provisions of the Jumpstart Our Business Startups Act. Among other things, the proposed rules would reflect the threshold levels established by the JOBS Act and would apply the same thresholds to savings and loan holding companies as used for banks and bank holding companies. The proposal also applies the Securities Act of 1933 definition of “accredited investor” in the Exchange Act registration context and addresses securities issued under employee compensation plans for the purposes of calculating the “held of record” thresholds, including creation of a safe harbor for issuers to follow when making that determination. Comments are due by March 2, 2015.
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