Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies

The Securities and Exchange Commission proposes to streamline filer statuses for public reporting companies into two primary categories: large accelerated filers and non-accelerated filers. The proposed amendments would raise the threshold and seasoning requirements for large accelerated filers, and extend to all non-accelerated filers the existing accommodations and scaled disclosures applicable to smaller reporting companies and emerging growth companies. The Commission also proposes to extend periodic reporting deadlines for the smallest non-accelerated filers, as measured by total assets. Finally, the Commission proposes to update its “small entity” definitions for purposes of the Regulatory Flexibility Act.