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SEC proposes to expand the definition of “Smaller Reporting Company”

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The United States Securities and Exchange Commission (SEC) has recently proposed to expand the number of US public companies that qualify as a “smaller reporting company” and who would therefore be eligible to provide reduced disclosures under Regulation S-K and Regulation S-X. Under the proposed rule, a company would qualify as a smaller reporting company if (i) it has an unaffiliated public float of less than $250m (increased from $75m currently) or (ii) it does not have a public float and has annual revenues that are less than $100m (increased from $50m currently).