More Accurate Metrics in Securities Law Act

More Accurate Metrics in Securities Law Act

This bill revises the registration requirements for issuers of securities. Currently, nonexempt, nonbank issuers must register their securities with the Securities and Exchange Commission (SEC) after a fiscal year in which the issuer has total assets exceeding $10 million and a class of equity security held by either (1) 2,000 persons, or (2) 500 persons who are not accredited investors.

The bill increases the asset threshold to $15 million and requires the SEC to determine by rule the number of beneficial owners who hold a security or the amount of market capitalization beyond which registration by the issuer is required.