THRESHOLD FOR REGISTRATION.

SEC. 501. THRESHOLD FOR REGISTRATION. 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 total assets exceeding $10,000,000 and a class of equity security (other than an exempted security) held of record by either— “(i) 2,000 persons, or “(ii) 500 persons who are not accredited investors (as such term is defined by the Commission), and” .