SEC Rule Changes
Publication Date: July 16, 2018

The Securities and Exchange Commission approved several rule changes that reflect progress towards the Commission's priorities. Most significantly, the Commission voted to adopt amendments to the "smaller reporting company" (SRC) definition to expand the number of companies that qualify for certain existing scaled disclosure accommodations. A company now qualifies if its public float is less than $250 million, which represents a $175 million increase over the prior $75 million threshold. SEC Chairman, Jay Clayton, stated: "These amendments to the existing SRC compliance structure bring that structure more in line with the size and scope of smaller companies while maintaining our long-standing approach to investor protection in our public capital markets." The Commission also approved a requirement to use the Inline XBRL format in certain filings.