Exemption from certain registration requirements

Section 12(g)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78l(g)(2)) is amended by adding at the end the following: (I) Any security where— (i) the issuer of the security (or any affiliate or subsidiary of that issuer) is a rural telephone company, as defined in section 3 of the Communications Act of 1934 (47 U.S.C. 153), that provides broadband internet access service, as defined in section 8.1(b) of title 47, Code of Federal Regulations, or any successor regulation; (ii) not later than 120 days after the last day of the previous fiscal year of the issuer of the security, that issuer filed with the Commission a financial summary form that— (I) the issuer also delivered to each holder of record; and (II) included— (aa) a summary of the consolidated balance sheet and consolidated income statement of the issuer; (bb) subscriber data with respect to broadband internet access service, as defined in subclause (I); and (cc) such other financially material information as the Commission determines is necessary and appropriate in the public interest and for the protection of investors; and (iii) as of the last day of the previous fiscal year of the issuer of the security— (I) that issuer, and all of the affiliates and subsidiaries of that issuer, collectively had not more than 100,000 subscribers of broadband internet access service (as defined in clause (i)(I)) in the United States; and (II) the security was held of record by— (aa) more than 500 persons that are not accredited investors; and (bb) fewer than 2,000 persons..