1. Do all current reporting companies have an opportunity to determine if they qualify for treatment as a smaller reporting company applying the $75 million public float test as of the end of the second quarter in the fiscal year next ending after December 15, 2007, or the alternative $50 million annual revenue test for companies that cannot calculate their public float?
2. Could a company with a fiscal year ended December 31, 2007 be both a smaller reporting company and an accelerated filer for 2008 if it was an accelerated filer with respect to filings due in 2007 and had a public float of $60 million on the last business day of its second fiscal quarter of 2007?
3. Will a company that does not qualify as a smaller reporting company this year be able to qualify as a smaller reporting company if its public float falls below $75 million at the end of its second fiscal quarter in a future fiscal year?
4. The version of the adopting release on smaller reporting company regulatory relief and simplification currently posted on the Commission’s Web site states on page 24 that the Commission added Item 407(g) to Regulation S-K to provide that smaller reporting companies are not “required to provide an Audit Committee [Financial Expert]* Report until the first annual report after their initial registration statement is filed with the Commission and becomes effective.” An asterisked footnote indicates that the bracketed language was inadvertently omitted from the release when initially published. The initial version of the release indicated that smaller reporting companies are not required to provide an audit committee report under the circumstances described. Are smaller reporting companies required to provide an audit committee report?
5. Do the new disclosure requirements available to smaller reporting companies apply to the Schedule 14A disclosure requirements that refer registrants to specific paragraphs of items in Regulation S-K?
6. Is a smaller reporting company required to describe its policies and procedures for review, approval or ratification of transactions with related persons as specified by Item 404(b) of Regulation S-K if a schedule or form being used for a filing requires the company to furnish the information required by Item 404(b)?