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100 banks end reporting to SEC under new law

"About 100 small banks have stopped reporting financial details about their operations to the Securities and Excahnge Commission since April, when a law was enacted that aimed to lower the regulatory burdens for small companies.

For nearly five decades, securities law allowed banks with fewer than 300 shareholders to “deregister” — meaning they could stop reporting to the SEC their revenue, expenses, executive compensation and trends affecting their businesses, among other things.

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