SEC Proposes Major Overhaul of Public Company Reporting and Registered Offerings

The SEC has proposed two significant rule changes aimed at streamlining public company reporting and reforming registered offerings. These proposals would reclassify filers, significantly increasing the number of nonaccelerated filers (NAFs) and extending scaled disclosure accommodations, while also expanding access to shelf offerings and modernizing registration processes. The changes are part of a broader initiative to promote capital formation and rationalize disclosure requirements, with a notable impact on auditor attestation for internal control over financial reporting (ICFR).