A non-accelerated filer is a classification used by the U.S. Securities and Exchange Commission (SEC) to describe a public company that has a public float (the total value of the publicly traded shares) of less than $75 million, is not a large accelerated filer or an accelerated filer, and does not meet other criteria that would require faster reporting of financial statements and other disclosures.
This designation affects the reporting requirements and deadlines for public companies under SEC regulations. Non-accelerated filers have longer periods to file their annual and quarterly reports compared to accelerated and large accelerated filers.
This classification aims to ease the regulatory burden on smaller public companies by giving them more time to comply with reporting obligations. However, non-accelerated filers are still required to meet all other reporting standards and practices as mandated by the SEC.
Securities Law: Pertains to the regulation of public companies and their reporting obligations to the SEC and the public.
Corporate Governance: Affects how smaller public companies manage their reporting and disclosure practices under federal securities laws.
A frequent misconception is that being a non-accelerated filer means a company is not required to adhere to SEC reporting and disclosure standards.
In reality, non-accelerated filers must comply with the same financial reporting standards as larger companies but have extended deadlines for filing reports. This classification does not exempt them from regulatory oversight or diminish the importance of their compliance with securities laws.
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