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 Securities and Exchange Commission (SEC) to promulgate implementing regulations.