Securities exchange listing. Before a company's securities can begin to trade on a "national securities exchange" (as defined by the SEC) such as the New York Stock Exchange or Nasdaq Stock Market, a company must register that class of securities (debt or equity) with the SEC under Section 12(b) of the Exchange Act.

Size thresholds. Companies with both total assets greater than $10 million and either 2,000 or more equity shareholders, or 500 or more equity shareholders who are not accredited investors (and, for foreign private issuers, more than 300 US resident shareholders (Rule 12g3-2(a), Exchange Act)), must register that class of equity securities with the SEC under Section 12(g) of the Exchange Act (also known as the "widely-held" equity securities rule). Companies that are banks, bank holding companies, savings and loan companies or savings and loan holding companies must register equity securities under Section 12(g) if they have both total assets greater than $10 million and 2,000 or more equity shareholders.

To require that investors receive financial and other significant information concerning securities being offered for public sale.

To prohibit deceit, misrepresentations, and other fraud in the sale of securities.

Practice Note, Exchange Act Registration: Overview.

Practice Note, Registration Process: Overview.

Practice Note, Periodic Reporting and Disclosure Obligations: Overview.

Selecting the Correct SEC Registration Form for US Issuers: Chart.