SEC Final Rule Release No. 34-88365, Amendments to the Accelerated Filer and Large Accelerated Filer Definitions.
SEC Proposed Rule Release No. 34-85814, Amendments to the Accelerated Filer and Large Accelerated Filer Definitions.
SEC Final Rule Release No. 33-10513, Smaller Reporting Company Definition.
Public float is the aggregate market value of the issuer’s outstanding voting and nonvoting common stock held by nonaffiliates. It is calculated by multiplying the number of the company’s voting and nonvoting common shares held by nonaffiliates by the market price.
See paragraphs 1340.1 and 1340.2 of the SEC Financial Reporting Manual for a full list of the criteria an issuer must meet, as assessed at the end of its fiscal year, to qualify as an accelerated filer or a large accelerated filer.
The chart illustrates the amended definitions on the basis of public float. It is assumed in the chart that all other criteria under Rule 12b-2 have been met for an issuer to qualify as an accelerated filer or a large accelerated filer. The chart does not reflect requirements applicable to business development companies; for those requirements, see the discussion under Business Development Companies.
Paragraph 18 of PCAOB Auditing Standard No. 2110, Identifying and Assessing Risks of Material Misstatement.
The AICPA Audit and Accounting Guide Investment Companies defines a business development company as “a U.S. closed-end company that (1) operates for the purpose of making investments in certain securities specified in Section 55(a) of the 1940 Act and, with limited exceptions, makes available significant managerial assistance with respect to the issuers of such securities, and (2) has elected business development company status” in accordance with the 1940 Act.