On the recordMarch 8, 2012
We'll call this amendment a study amendment, but we've had repeated discussions on the difference between shareholders of record and beneficial interests. So think of this: we have just raised the number of shareholders that an organization can have. Okay. Well, what if you're a broker-dealer? Do you count as one? Do you count as many? And does it actually make any difference in investor protection? So, in this amendment, we basically say, All right, SEC, we believe you already have this authority. Please, for the first 120 days look into this, see if it causes any harm. If it doesn't, make that decision. We felt this would be a rational way to approach the question because it was a repeated discussion within committee, and just simply say, All right, if it's a problem, SEC, you have the authority. If not, let's move forward. But it's a good example of us not legislating something that, at this point, may be just folklore. Madam Chairman, I reserve the balance of my time.
