ENDNOTES
1. These thresholds were set forth in Exchange Act § 12(g)(1) and Exchange Act Rule 12g-1. When section 12(g) was enacted in 1964, the asset threshold was set at $1 million. The asset threshold was most recently increased to $10 million in 1996. SEC Release No. 34-37157 (May 1 1996), available at
http://www.sec.gov/rules/final/34-37157.txt.
2. In addition, section 16 reporting and short-swing liability apply to insiders, beneficial ownership reporting applies to significant stockholders, the SEC’s proxy rules apply to the issuer, and the various Sarbanes-Oxley Act and Dodd-Frank Act provisions apply as a result of Exchange Act section 12(g) registration.
3. See, e.g., Comment Letter from American Bankers Association to SEC (November 12 2008), available at
http://www.sec.gov/rules/petitions/4-483/4483- 21.pdf.
4. See, e.g., 2009 Annual SEC Government-Business Forum on Small Business Capital Formation Final Report (May 2010), available at
http://www.sec.gov/info/smallbus/gbfor28.pdf.
5. Petition from Lawrence Goldstein to SEC (February 24 2009), available at:
http://www.sec.gov/rules/petitions/2009/petn4-483- add.pdf. See also Petition for Commission Action to Require Exchange Act Registration of Over-the- Counter Equity Securities (July 3 2003), available at:
http://www.sec.gov/rules/petitions/petn4-483.htm.
6. Under Exchange Act section 12(i), banks do not register their securities or file reports with the SEC.
7. The term “bank holding company” is defined in the Bank Holding Company Act of 1956.
8. Frequently Asked Questions on Changes to the Requirements for Exchange Act Registration and Deregistration (April 11 2012), available at:
http://www.sec.gov/divisions/corpfin/guidance/cfjjob sactfaq-12g.htm.
9. See, e.g., Peoples Financial Services Corp. (August 16, 2012); Central Virginia Bankshares, Inc. (August 8, 2012); AB&T Financial Corporation (July 27 2012); Botetourt Bankshares, Inc. (July 24 2012); First Ottawa Bankshares (July 23 2012); Potomac Bancshares, Inc. (July 23 2012); Skagit State Bancorp, Inc. (July 20 2012); Touchmark Bancshares, Inc. (July 17 2012).
10. Report on Authority to Enforce Exchange Act Rule 64 JOBS Act Quick Start
12g5-1 and Subsection (b)(3) (October 15 2012), available at:
http://www.sec.gov/news/studies/2012/authority-to- enforce-rule-12g5-1.pdf.
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92