SEC Approves Amendments To Implement FAST Act

The SEC approved amendments to revise the rules related to the thresholds for registration, termination of registration, and suspension of reporting under Section 12(g) of the Securities Exchange Act. These amendments implement provisions of the Jumpstart Our Business Startups Act (JOBS Act) and the Fixing America's Surface Transportation Act (FAST Act).

To implement the JOBS Act, the SEC proposed amendments to Exchange Act Rules 12g-1 through 4 and 12h-3 to reflect the new Section 12(g) thresholds.  The SEC also proposed to establish thresholds for savings and loan holding companies consistent with those for bank holding companies.  Additionally, the Commission proposed to revise the definition of "held of record" in Exchange Act Rule 12g5-1.  Subsequent to the SEC's proposed amendments, the FAST Act revised the thresholds for savings and loan holding companies and the statutory changes were effective upon enactment of the Act.