Upcoming SEC Open Meeting

This Thursday, the Securities and Exchange Commission will hold an open meeting to consider, among other things, proposed amendments to the definition of "smaller reporting company" (SRC), as well as proposed amendments to rules and forms requiring the use of Inline XBRL. See the notice of open meeting along with the webcast information here.

In June 2016, the Commission had proposed amendments to the SRC definition in order to expand the number of companies that qualify as SRCs and are able to benefit from scaled disclosures. 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.