On June 28, the Securities and Exchange Commission (SEC) adopted amendments to the definition of “smaller reporting company” (SRC) to increase the number of companies eligible to comply with certain scaled disclosure requirements under the federal securities laws. The amendments will reduce compliance costs for companies covered under the broader SRC definition that elect to provide the scaled disclosure permitted to SRCs.
In addition, the amendments change the definitions of “accelerated filer” and “large accelerated filer” so that newly SRC-eligible companies continue to be subject to accelerating filing requirements. Moving forward, companies contemplating SRC status should take care in determining how the new rules pertaining to SRCs would interact and potentially affect their disclosure requirements. View full Alert
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