Regulatory Alerts2019-05-29 | 2019-09932Added
Amendments to the Accelerated Filer and Large Accelerated Filer Definitions
The Securities and Exchange Commission proposes amendments to Rule 12b-2 to exclude issuers eligible as smaller reporting companies with annual revenues under $100 million from accelerated and large accelerated filer status. The proposal increases the public float transition thresholds for exiting these categories from $50 million to $60 million and from $500 million to $560 million, respectively, while adding a revenue test to the transition provisions. These changes aim to reduce compliance burdens by relieving certain low-revenue issuers of the requirement to have their internal control over financial reporting attested to by an independent auditor.
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