- smaller reporting company
USADefined by the SEC as an issuer that is not an investment company, an asset-backed security, or a majority-owned subsidiary of a parent that is not a smaller reporting company and that had a public float of less than $75 million. If an issuer has no common equity public float or market price then the following revenue test applies: a company would be considered a smaller reporting company if its annual revenues are less than $50 million. If a company qualifies as a smaller reporting company, it is eligible to take advantage of the less burdensome disclosure and reporting requirements for smaller reporting companies. See Rule 12b-2 of the Exchange Act.Non-US companies can qualify as smaller reporting companies if they otherwise meet the requirements described above and choose to file on US domestic company forms (such as Forms S-1 (Form S-1), S-3 (Form S-3), 10-Q (Form 10-K) and 10-K (Form 10-Q),) and provide financial statements prepared in accordance with US GAAP. Non-US companies filing on foreign private issuer forms (such as Forms F-1 (Form F-1), F-3 (Form F-3) and 20-F (Form 20-F),) are not eligible to take advantage of the less burdensome smaller reporting company disclosure requirements.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
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