What obligation do private companies have under the Securities Act regarding shareholders?

Private companies have an obligation under the Securities Act to maintain a transparency register of significant shareholders. This requirement is essential to ensure accurate and up-to-date records of ownership, which contributes to better corporate governance and compliance with regulatory standards.

Maintaining a register of significant shareholders helps ensure that there is clarity about who holds substantial stakes in the company, which is crucial for safeguarding shareholder rights and enhancing accountability within the corporate structure. This practice is part of efforts to promote transparency in the financial markets, allowing regulators and stakeholders to monitor changes in ownership that might affect corporate decision-making or control.

In contrast, the other options do not directly relate to the obligations of private companies under the Securities Act. Private companies are not typically required to maintain a list of all employees, file annual tax returns with the IRS specifically related to shareholder transparency, or disclose all assets publicly. Thus, the focus on shareholder transparency through a register is the most relevant obligation.