SEC's Division of Corporation Finance Issues C&DIs on Exchange Act Registration and Deregistration Thresholds After the FAST Act | Practical Law

SEC's Division of Corporation Finance Issues C&DIs on Exchange Act Registration and Deregistration Thresholds After the FAST Act | Practical Law

The SEC's Division of Corporation Finance issued compliance and disclosure interpretations (C&DIs) about the amendments to the Securities Exchange Act registration and deregistration thresholds under the Fixing America's Surface Transportation Act (FAST Act).

SEC's Division of Corporation Finance Issues C&DIs on Exchange Act Registration and Deregistration Thresholds After the FAST Act

by Practical Law Corporate & Securities
Published on 22 Dec 2015 • USA (National/Federal)
The SEC's Division of Corporation Finance issued compliance and disclosure interpretations (C&DIs) about the amendments to the Securities Exchange Act registration and deregistration thresholds under the Fixing America's Surface Transportation Act (FAST Act).
On December 21, 2015, the SEC's Division of Corporation Finance issued four new compliance and disclosure interpretations (C&DIs) clarifying the operation of newly amended Sections 12(g) and 15(d) of the Securities Exchange Act of 1934 (Exchange Act), which govern the thresholds at which companies must register (and may deregister) under the Exchange Act. Sections 12(g) and 15(d) were amended on December 3, 2015, by Section 85001 of the Fixing America's Surface Transportation Act (FAST Act).
The C&DIs clarify how:
  • The FAST Act amended Sections 12(g) and 15(d).
  • The amendments impact the obligations of savings and loan holding companies to register under the Exchange Act.
  • Savings and loan holding companies can terminate their Section 12(g) Exchange Act registration.
  • Savings and loan holding companies can suspend their Exchange Act reporting obligations under Section 15(d).
To learn more about the FAST Act, see Legal Update, President Obama Signs the FAST Act, Codifying a New Resale Exemption and Creating Additional Accommodations for EGCs.
For more information on Exchange Act registration (and deregistration), see Practice Note, Exchange Act Registration: Overview.