As part of its efforts to simplify US public company reporting and disclosure requirements, the Securities and Exchange Commission (SEC) proposed sweeping amendments to its public company reporting framework on May 19. The changes include significant reductions to required executive pay disclosure for most public companies. Only large accelerated filers (LAFs), which are defined as those with public float of $2 billion or more, would still be required to comply with the current rules. All other companies (approximately 80% of current public companies) and, for at least a five-year period after going public, newly public companies would be categorized as non-accelerated filers (NAFs). NAFs would be able to take advantage of scaled disclosure rules that currently apply only to emerging growth companies (EGCs) and smaller reporting companies (SRCs). A subcategory of small NAFs with total assets of $35 million or less (SNFs) would receive additional accommodations. READ MORE