SEC Proposes Reforms To Filer Status Categories And Expanded Disclosure Accommodations

On May 19, 2026, the Securities and Exchange Commission (SEC) proposed rule amendments to revise the current five overlapping filer categories – large accelerated filer (LAF), accelerated filer (AF), non-accelerated filer (NAF), smaller reporting company (SRC), and emerging growth company (EGC) – and replace them with two primary reporting categories: LAF and NAF. The new NAF category, which would encompass approximately 80% of all current public companies, would be permitted to utilize the scaled disclosure and other accommodations currently available to SRCs and EGCs, including eliminating the requirement to obtain an auditor’s attestation on internal control over financial reporting (ICFR). At the same time, the proposal would materially raise the eligibility threshold for the increased disclosure obligations applicable to LAFs. Taken together, the proposals are expected to result in significant compliance cost savings for companies that would be newly classified as NAFs through