SEC Proposes Simplifying Disclosure Obligations for Greater Number of Smaller Public Companies

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On July 5, 2007, the Securities and Exchange Commission proposed to extend the simplified reporting benefits currently available under Regulation S-B to a broader group of companies (the “SEC Proposal”).[1] The SEC Proposal is in

response to the March 2005 recommendations of its Advisory Committee on Smaller Public Companies and is the latest of several recent SEC proposals to modernize and simplify disclosure and capital raising for smaller public companies. Under the SEC proposal, companies, including

foreign companies, with a public float of less than $75 million (“Smaller Reporting Companies”) would be eligible for the less stringent reporting requirements currently available to “small business issuers” under Regulation S-B. In addition, the substantive disclosure requirements of Regulation SB would be folded into Regulation S-K, and small business forms including Forms SB-1, SB-2, 10-

SB, 10-QSB, and 10-KSB would be eliminated.

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