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Chapter 2 — Form and Content of Financial Information

2.5 SRCs With Significant Equity Method Investees

2.5 SRCs With Significant Equity Method Investees

Regulation S-K, Item 10(f)(1), defines an SRC as an issuer — excluding an investment company, an asset-backed issuer, or a majority-owned subsidiary whose parent is not an SRC — that meets either of the following conditions:
  • It had less than $250 million of public float as of the last business day of its second fiscal quarter (i.e., it had less than $250 million of the amount that was disclosed on the cover page of Form 10-K that also was used to determine whether the issuer was an accelerated or large accelerated filer).
  • It had less than $100 million of revenue as of the most recently completed fiscal year for which audited financial statements were available and either of the following:
    • No public float.
    • Public float of less than $700 million as of the last day of its second fiscal quarter.

Footnotes

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Rule 8-03 specifies the SRC requirements related to summarized financial information for interim financial statements; however, note 1 to paragraph 2420.9 of the FRM indicates that “the staff applies the S-X 8-03 requirement for summarized financial information to both annual and interim financial statements.”