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securities law

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.