On May 19, 2026, the Securities and Exchange Commission (SEC) published proposed Release No. 33-11419 (the Proposed Rules), which represents the most significant overhaul of the public company reporting and capital-raising framework in 20 years. The Proposed Rules, in part, extend the reduced compensation disclosure obligations currently reserved for emerging growth companies (EGCs) and smaller reporting companies (SRCs) to a significantly broader set of public companies (including all newly public companies).

Currently, public companies are classified into five filer status categories: large accelerated filers (LAFs), accelerated filers (AFs), non-accelerated filers (NAFs), SRCs, and EGCs. Each category is subject to different disclosure requirements, filing deadlines, and regulatory accommodations. The Proposed Rules would streamline this framework by consolidating filer status into two categories: LAFs and NAFs, plus a new subcategory of small non-accelerated filers (SNFs). READ MORE