To amend the securities laws to establish certain thresholds for shareholder registration, and for other purposes.

Bill: 112-hr-1965
Sponsor: Rep. Himes, James A. [D-CT-4]
Introduced: 2011-05-24 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Congressional oversight
Government studies and investigations
Securities
Securities and Exchange Commission (SEC)

Summary:
action_date: 2011-05-24
text: 
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 Chief Economist and the Director of the Division of Corporation Finance of the Securities and Exchange Commission (SEC) to study and make a cost-benefit analysis of shareholder registration thresholds.

action_date: 2011-11-02
text: 
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.


Legislative actions:
action_date: 2011-11-07
text: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 223.
action_date: 2011-11-03
text: Received in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
action_date: 2011-11-02
text: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 2 (Roll no. 819). (text: CR H7226-7227)
action_date: 2011-11-02
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2011-11-02
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 420 - 2 (Roll no. 819).(text: CR H7226-7227)
action_date: 2011-11-02
text: Considered as unfinished business. (consideration: CR H7235-7236)
action_date: 2011-11-02
text: At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
action_date: 2011-11-02
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 1965.
action_date: 2011-11-02
text: Considered under suspension of the rules. (consideration: CR H7226-7229)
action_date: 2011-11-02
text: Mr. Schweikert moved to suspend the rules and pass the bill, as amended.
action_date: 2011-10-26
text: Ordered to be Reported by Voice Vote.
action_date: 2011-10-26
text: Committee Consideration and Mark-up Session Held.
action_date: 2011-10-05
text: Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote .
action_date: 2011-10-05
text: Subcommittee Consideration and Mark-up Session Held.
action_date: 2011-09-21
text: Subcommittee Hearings Held.
action_date: 2011-07-19
text: Referred to the Subcommittee on Capital Markets and Government Sponsored Enterprises.
action_date: 2011-05-24
text: Referred to the House Committee on Financial Services.
action_date: 2011-05-24
text: Introduced in House
action_date: 2011-05-24
text: Introduced in House