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B-330200 1 (2018-07-24)

handle is hein.gao/gaobaduxl0001 and id is 1 raw text is: G A U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-330200 July 24, 2018 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Smaller Reporting Company Definition Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on major rules promulgated by the Securities and Exchange Commission (Commission) entitled Smaller Reporting Company Definition (RIN: 3235-AL90). We received the rules on June 29, 2018. They were published in the Federal Register as final rules on July 10, 2018. 83 Fed. Reg. 31,992. The effective date of the final rules is September 10, 2018. The final rules adopt amendments to the definition of smaller reporting company as used in the Commission's rules and regulations. The amendments expand the number of registrants that qualify as smaller reporting companies and are intended to reduce compliance costs for these registrants and promote capital formation while maintaining appropriate investor protections. SEC stated that it is amending the definition of smaller reporting company to include registrants with a public float of less than $250 million, as well as registrants with annual revenues of less than $100 million for the previous year and either no public float or a public float of less than $700 million. The Commission stated that it is also amending other rules and forms in light of the new definition of smaller reporting company, including amendments to the definitions of accelerated filer and large accelerated filer to preserve the existing thresholds in those definitions. Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rules. Our review of the agency's submissions to us indicates that the Commission complied with the applicable requirements.

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