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US securities regulator proposes to change accelerated filer definitions
[WASHINGTON] The US Securities and Exchange Commission (SEC) on Thursday voted to propose changes to "accelerated filer" definitions of public companies.
Thursday's proposal, which is subject to a 60-day public comment period before it can be adopted, excludes smaller-reporting companies of less than US$100 million in annual revenues from an outside auditor review of a firm's internal controls.
Industry advocates are likely to praise the proposal as an incentive to boost the number of smaller companies seeking to raise capital in the public capital markets.