The JOBS Act and the FAST Act raised the thresholds for registration and termination of registration for a class of equity securities under Exchange Act Section 12(g). As a result of the statutory changes, an issuer that is not a bank, bank holding company or savings and loan holding company is required to register a class of equity securities under the Exchange Act if:
it has more than $10 million of total assets; and the securities are “held of record” by either 2,000 persons, or 500 persons who are not accredited investors.