SEC Rulemaking And Interpretation Updates

In May and June of 2026, the Securities and Exchange Commission (“SEC”) put forth three proposals that could have a significant effect on public company reporting, climate-related disclosures, and the SEC’s overall strategic direction.

Proposed Amendments to Filer Status Procedures

On May 19, 2026, the SEC issued a “Filer Status” proposal that would replace the current five-tier framework with a two-tier system composed of large accelerated filers (“LAFs”) and non-accelerated filers (“NAFs”). Under the proposal, a company would be classified as an LAF only if it has a public float of at least $2 billion and has been subject to the requirements of section 13(a) or 15(d) of the Exchange Act for at least 60 months. All other issuers would automatically fall into the NAF category and would be subject to many of the less onerous filing and disclosure obligations reserved within the current system for smaller reporting companies (“SRCs”) and emerging growth companies (“EGCs”).