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.
To amend the Securities Exchange Act of 1934 with respect to certain 
       security registration thresholds, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``More Accurate Metrics in Securities 
Law Act''.

SEC. 2. SECURITY REGISTRATION THRESHOLDS.

    (a) In General.--Section 12(g)(1)(A) of the Securities Exchange Act 
of 1934 (15 U.S.C. 78l(g)(1)(A)) is amended to read as follows:
            ``(A) within 120 days after the last day of its first 
        fiscal year ended on which the issuer has--
                    ``(i) total assets exceeding $15,000,000; and
                    ``(ii) either--
                            ``(I) a class of equity security (other 
                        than an exempted security) held of record by 
                        greater than a number of beneficial owners 
                        determined by the Commission by rule; or
                            ``(II) market capitalization exceeding an 
                        amount determined by the Commission by rule, 
                        and''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect on the date that is 180 days after the date of the 
enactment of this Act.
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More Accurate Metrics in Securities Law Act
To amend the Securities Exchange Act of 1934 with respect to certain security registration thresholds, and for other purposes.
More Accurate Metrics in Securities Law Act
Rep. Steube, W. Gregory