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SEC Proposes Amendments to Exchange Act Rules—Higher Thresholds for Mandatory Registration as Required by the JOBS Act

On December 18, 2014, the SEC proposed rule amendments required by the Jumpstart Our Business Startups (JOBS) Act that, if enacted, would: revise the SEC's rules relating to the thresholds for registration, termination of registration and suspension of reporting to match the thresholds set forth in Section 12(g) and Section 15(d) of the Exchange Act as they were amended by the JOBS Act; provide guidance on how a company can determine which of its shareholders is an "accredited investor" for purposes of the amended thresholds; and amend the definition of "held of record" to exclude securities held by persons who received them under an "employee compensation plan" and create a related safe harbor.

The proposed amendments are contained in SEC Release No. 33-9693, which can be found at this link.

The SEC is seeking public comment on the proposed rule amendments for 60 days following their publication in the Federal Register.

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