Responses to ACSPC Request for Public Input

Disclosure System

Question 28. Should the current limit on the amount of securities that may be sold under Securities Act Rule 701 or the $5 million threshold that triggers an additional disclosure obligation under that rule be increased or modified in any way? Please explain.

The following answers have been received:

08/02/2005 17:44:12   No comment

08/03/2005 01:39:17   NA

08/03/2005 08:55:04   Yes, increased would be much better.

08/03/2005 10:40:26   No comment

08/03/2005 12:17:58   yes. threshold should be increased.

08/03/2005 15:01:40   I would recommend a $10 million threshold.

08/03/2005 15:22:49   This amount should be inflation adjusted annually.

08/03/2005 18:01:35   Please look into item no 29

08/03/2005 18:30:29   x

08/03/2005 19:54:33   I have no opinion on this question.

08/03/2005 19:55:50   SEE ITEM #5 ABOVE!

08/04/2005 09:39:15   No comment.

08/04/2005 13:38:24   No comment.

08/04/2005 14:20:27   I will have our CFO give his opinion here.

08/04/2005 18:05:44   Not sure

08/05/2005 12:38:34   NO! See item #5 above

08/05/2005 12:44:28   I have no comment.

08/05/2005 15:43:46   In all circumstances for small bank financial reporting it would be most beneficial for the SEC to consider use in some form of the Call Report to eliminate redundant reporting. If SEC and the FFIEC could talk to each other it would be one of the significant events ...

08/05/2005 16:45:38   Unsure.

08/05/2005 19:33:08   Should increase these numbers every few years just to stay up woith inflation.

08/06/2005 13:52:06   Should at least be increased periodically for inflation.

08/08/2005 11:39:29   The limit should be updated periodically to refect the inflation or some other measure.

08/08/2005 14:06:10   No change

08/08/2005 15:43:24   No comment

08/08/2005 21:39:10   The $5 million threshold appears to still be relevant if the goal is to allow small companies to raise capital easier.

08/09/2005 09:30:31   N/A to us.

08/09/2005 16:26:34   Don't know enough to comment.

08/09/2005 17:25:10   Leave.

08/10/2005 09:04:41   no comment

08/10/2005 13:44:39   I am not familliar with this.

08/10/2005 16:00:18   Has had no impact on us.

08/10/2005 17:18:15   No comment

08/10/2005 22:09:27   I don't see any problem with todays standards

08/11/2005 20:27:22   No view!

08/12/2005 13:12:10   No opinion.

08/12/2005 14:46:45   No comment

08/12/2005 16:35:01   No opinion

08/13/2005 12:39:43   Don't know

08/15/2005 14:27:30   No basis for comment.

08/15/2005 15:10:05   no

08/15/2005 15:13:01   Not familiar with this.

08/15/2005 15:14:45   haven't thought about is.

08/15/2005 16:33:43   no opinion

08/15/2005 16:41:14   no opinion

08/16/2005 09:51:21   No

08/16/2005 10:21:17   No opinion

08/16/2005 10:26:28   should be a proportion of market cap, not an absolute number

08/16/2005 11:18:54   no opinion

08/16/2005 11:52:16   No opinion

08/16/2005 12:15:34   No, I believe when raising money that proper disclosure and filing needs to be done.

08/16/2005 13:04:14   No opinion.

08/16/2005 13:12:04   No

08/16/2005 13:19:29   No opinion.

08/16/2005 13:20:23   IT could be increased to reflect inflation, but its so arbitrary that any increase would be just as arbirtrary.

08/16/2005 13:25:32   It should be continually reviewed to see that inflation does not render it meaningless (rather like the AMT now catching so many middle class tax payers).

08/16/2005 14:08:05   No.

08/16/2005 14:23:10   I have no opinion on the Securities Act Rule 701.

08/16/2005 15:15:12   I have insufficient experience with this regulation to intelligently reply.

08/16/2005 16:16:04   Increased.

08/16/2005 16:45:09   The levels should be significantly increased.

08/16/2005 18:35:41   No opinion.

08/16/2005 21:29:07   No.

08/17/2005 12:28:22   Unsure?

08/17/2005 12:36:00   No opinion

08/17/2005 18:49:27   Never heard of 701

08/17/2005 19:31:08   Yes. It would be nice to double the threshold, making it easier for small companies to access the appropriate amount of capital.

08/17/2005 21:27:12   Yes. It needs to be much higher.

08/17/2005 22:55:14   As long as the securities sold under 701 are pursuant to a compensatory plan approved by the company's board of directors, I feel that the limit can be raised.

08/18/2005 08:03:31   Not known to us.

08/19/2005 02:56:12   Yes, its a low threshold.

08/19/2005 11:44:44   That hasn't applied to us.

08/19/2005 13:49:01   No experience with this Rule.

08/19/2005 14:40:28   No comment.

08/19/2005 14:50:07   No opinion.

08/19/2005 17:03:28   Raising it $10M may make more sense.

08/21/2005 03:34:34   Should be increased slightly, to allow some more flexibility, but not too much.

08/22/2005 14:21:23   Don't know.

08/22/2005 15:20:23   Not familiar with this.

08/22/2005 15:47:02   No opinion.

08/22/2005 15:47:34   The current limits are fine. This provides some necessary restaint.

08/22/2005 17:54:28   Yes, the limit is too low.

08/22/2005 17:56:59   no

08/22/2005 19:27:18   Not sure.

08/22/2005 20:10:17   It seems adequate as is.

08/23/2005 15:56:30   No opinion

08/23/2005 16:06:08   I am comfortable with the current level.

08/23/2005 16:49:34   No opinion

08/23/2005 21:11:03   no opinion

08/24/2005 16:19:27   Increased at least 50%. Inflation.

08/24/2005 16:26:56   No opinion.

08/24/2005 16:54:47   don't know

08/25/2005 15:23:41   N/A

08/25/2005 17:02:43   No.

08/26/2005 12:41:42   Not sure.

08/26/2005 13:07:22   No Comment.

08/26/2005 15:31:29   Current rule is adequate.

08/26/2005 16:22:08   Not sure.

08/27/2005 11:21:03   I am not an expert on this question.

08/29/2005 10:21:15   No comment.

08/29/2005 10:21:25   No comment.

08/29/2005 11:21:29   No.

08/29/2005 14:18:47   I have no impression to share on this question.

08/29/2005 15:31:21   Do not know

08/29/2005 16:20:53   N/A

08/29/2005 17:12:26   Yes it is probably too low currently and needs some reconsideration.

08/29/2005 17:36:32   Unable to comment

08/29/2005 19:02:32   I have no experience nor opinion on thsi.

08/29/2005 21:00:01   No.

08/30/2005 15:04:16   The threshold for additional disclosure of $5 million should be increased to $10 million to reduce the number of companies who must qualify. Small companies who could raise $10 million should provide full and complete disclosure.

08/30/2005 15:07:00   It's fine.

08/30/2005 17:08:46   No opinion re subject.

08/30/2005 18:26:14   N/A

08/30/2005 18:48:02   This is fine as is.

08/30/2005 21:07:56   No.

08/30/2005 21:39:41   N/A

08/30/2005 23:57:28   No. the current limit is appropriated.

08/31/2005 08:31:59   The threshold should be increased.

08/31/2005 10:19:14   No comment

08/31/2005 16:16:33   No comment.

08/31/2005 17:16:33   No opinion

08/31/2005 18:23:08   No response.

08/31/2005 19:16:05   27. The 60 and 35 day deadlines do not look feasible. Our company has never been able to complete a 10-K with proper review within the 60 day time limit. We meet the 35 day limit approximately 50 percent of the time, but the risk of error is much higher.

09/01/2005 14:30:54   We have no comment on this question.

09/04/2005 07:42:16   Yes- to support waek US markets for euity raisings

Previous Question

All Survey Questions

Main Survey Responses

Next Question

http://www.sec.gov/info/smallbus/acspc/acspc_rpc28.htm