May 9, 2019 / 2:15 PM / 2 months ago

U.S. securities regulator proposes to change accelerated filer definitions

FILE PHOTO: The U.S. Securities and Exchange Commission logo adorns an office door at the SEC headquarters in Washington, June 24, 2011. REUTERS/Jonathan Ernst/File Photo

WASHINGTON (Reuters) - The U.S. 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 $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.

Reporting by Katanga Johnson; Editing by Chizu Nomiyama

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