Commission Unanimously Approves Amendments To SRC Definition

During this morning's open meeting of the Securities and Exchange Commission, which is Commissioner Piwowar's last open meeting, the Commissioners unanimously voted to adopt amendments to the definition of smaller reporting company (SRC).  The amendments had been proposed under Chair White's leadership and have been under consideration for quite some time.

Currently, SRCs are registrants other than asset-backed issuers, investment companies and majority-owned subsidiaries of non-SRC parent companies with less than $75 million in public float as of the last business day of their most recently completed second fiscal quarter, or a public float of zero and annual revenues of less than $50 million during the most recently completed fiscal year for which audited financial statements are available.  SRCs are eligible for disclosure accommodations under Regulation S-K and Regulation S-X.  Commenters had been very supportive of the proposed amendments.