82 FR 17545 - Inflation Adjustments and Other Technical Amendments Under Titles I and III of the Jobs Act

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 82, Issue 69 (April 12, 2017)

Page Range		17545-17557
FR Document		2017-06797

We are adopting technical amendments to conform several rules and forms to amendments made to the Securities Act of 1933 (``Securities Act'') and the Securities Exchange Act of 1934 (``Exchange Act'') by Title I of the Jumpstart Our Business Startups (``JOBS'') Act. To effectuate inflation adjustments required under Title I and Title III of the JOBS Act, we are also adopting new rules that include an inflation-adjusted threshold in the definition of the term ``emerging growth company'' as well as amendments to adjust the dollar amounts in Regulation Crowdfunding.

Federal Register, Volume 82 Issue 69 (Wednesday, April 12, 2017)

[Federal Register Volume 82, Number 69 (Wednesday, April 12, 2017)]
[Rules and Regulations]
[Pages 17545-17557]
From the Federal Register Online [www.thefederalregister.org]
[FR Doc No: 2017-06797]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 210, 227, 229, 230, 239, 240, and 249

[Release Nos. 33-10332; 34-80355; File No. S7-09-16]
RIN 3235-AL38

Inflation Adjustments and Other Technical Amendments Under Titles
I and III of the Jobs Act

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; technical amendments; interpretation.

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SUMMARY: We are adopting technical amendments to conform several rules
and forms to amendments made to the Securities Act of 1933
(``Securities Act'') and the Securities Exchange Act of 1934
(``Exchange Act'') by Title I of the Jumpstart Our Business Startups
(``JOBS'') Act. To effectuate inflation adjustments required under
Title I and Title III of the JOBS Act, we are also adopting new rules
that include an inflation-adjusted threshold in the definition of the
term ``emerging growth company'' as well as amendments to adjust the
dollar amounts in Regulation Crowdfunding.

DATES: Effective April 12, 2017.

FOR FURTHER INFORMATION CONTACT: With regard to the amendments to
Regulation Crowdfunding, Julie Davis at (202) 551-3460, in the Office
of Small Business Policy, Division of Corporation Finance, and with
regard to the other amendments, N. Sean Harrison at (202) 551-3430, in
the Office of Rulemaking, Division of Corporation Finance, U.S.
Securities and Exchange Commission, 100 F Street NE., Washington, DC
20549.

SUPPLEMENTARY INFORMATION: We are adopting amendments to Rule 405 \1\
and Forms C,\2\ S-1,\3\ S-3,\4\ S-4,\5\ S-8,\6\ S-11,\7\ F-1,\8\ F-3
\9\ and F-4 \10\ under the Securities Act; \11\ Rule 12b-2,\12\ Rule
14a-21 \13\ and Forms 10,\14\ 8-K,\15\ 10-Q,\16\ 10-K,\17\ 20-F \18\
and 40-F \19\ under the Exchange Act; \20\ Rule 2-02 \21\ and Rule 3-02
\22\ of Regulation S-X; \23\ Rule 100 \24\ and Rule 201 \25\ of
Regulation Crowdfunding; \26\ and Items 301,\27\ 303,\28\ 308,\29\ 402
\30\ and 1101 \31\ of Regulation S-K.\32\
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\1\ 17 CFR 230.405.
\2\ 17 CFR 239.900.
\3\ 17 CFR 239.11.
\4\ 17 CFR.239.13.
\5\ 17 CFR 239.25.
\6\ 17 CFR 239.16b.
\7\ 17 CFR 239.18.
\8\ 17 CFR 239.31.
\9\ 17 CFR 239.33.
\10\ 17 CFR 239.34.
\11\ 15 U.S.C. 77a et seq.
\12\ 17 CFR 240.12b-2.
\13\ 17 CFR 240.14a-21.
\14\ 17 CFR 249.210.
\15\ 17 CFR 249.308.
\16\ 17 CFR 249.308a.
\17\ 17 CFR 249.310.
\18\ 17 CFR 249.220f.
\19\ 17 CFR 249.240f.
\20\ 15 U.S.C. 78a et seq.
\21\ 17 CFR 210.2-02.
\22\ 17 CFR 210.3-02.
\23\ 17 CFR 210.1-01 et seq.
\24\ 17 CFR 227.100.
\25\ 17 CFR 227.201.
\26\ 17 CFR 227.100 et seq.
\27\ 17 CFR 229.301.
\28\ 17 CFR 229.303.
\29\ 17 CFR 229.308.
\30\ 17 CFR 229.402.
\31\ 17 CFR 229.1101.
\32\ 17 CFR 229.10 et seq.
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I. Introduction

We are adopting several technical amendments to conform our rules
and forms to certain provisions of Title I of the JOBS Act.\33\ Title I
amended the Securities Act and the Exchange Act to provide several
exemptions from a number of shareholder voting, disclosure and other
regulatory requirements for an issuer that qualifies as an ``emerging
growth company'' \34\ (``EGC''). Specifically, the regulatory

[[Page 17546]]

relief provided under Sections 102 and 103 of the JOBS Act: \35\
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\33\ Public Law 112-106, 126 Stat. 306 (2012).
\34\ Section 101(a) of the JOBS Act amended Section 2(a) of the
Securities Act [15 U.S.C. 77b(a)] and Section 3(a) of the Exchange
Act [15 U.S.C. 78c(a)] to define an ``emerging growth company'' as
an issuer with less than $1 billion in total annual gross revenues
during its most recently completed fiscal year. If an issuer
qualifies as an EGC on the first day of its fiscal year, it
maintains that status until the earliest of (1) the last day of the
fiscal year of the issuer during which it has total annual gross
revenues of $1 billion or more; (2) the last day of its fiscal year
following the fifth anniversary of the first sale of its common
equity securities pursuant to an effective registration statement;
(3) the date on which the issuer has, during the previous three-year
period, issued more than $1 billion in non-convertible debt; or (4)
the date on which the issuer is deemed to be a ``large accelerated
filer'' (as defined in Exchange Act Rule 12b-2). See Section
2(a)(19) of the Securities Act [15 U.S.C. 77b(a)(19)] and Section
3(a)(80) of the Exchange Act [15 U.S.C. 78c(a)(80)]. A ``large
accelerated filer'' is an issuer that, as of the end of its fiscal
year, has an aggregate worldwide market value of the voting and non-
voting common equity held by its non-affiliates of $700 million or
more, as measured on the last business day of the issuer's most
recently completed second fiscal quarter; has been subject to the
requirements of Section 13(a) or 15(d) of the Exchange Act for a
period of at least twelve calendar months; has filed at least one
annual report pursuant to Section 13(a) or 15(d) of the Exchange
Act; and is not eligible to use the scaled disclosure requirements
under Regulation S-K for smaller reporting companies for its annual
and quarterly reports. See Exchange Act Rule 12b-2. In Section IV.A
of this release, we explain how we are adjusting for inflation the
revenue threshold to qualify as an EGC, as required by the JOBS Act.
\35\ Public Law 112-106, 126 Stat. 309 and 310.
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permits an EGC to include only two years of audited
financial statements in its common equity initial public offering
registration statement (``IPO registration statement''); \36\
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\36\ Rule 3-02 of Regulation S-X generally requires the filing
of audited statements of income and cash flows for each of the three
fiscal years preceding the date of the most recent audited balance
sheet being filed.
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permits an EGC to provide Management's Discussion and
Analysis of Financial Condition and Results of Operations (``MD&A'')
disclosures that correspond to the financial statements included in its
IPO registration statement;
permits an EGC to omit in other Securities Act
registration statements filed with the Commission selected financial
data \37\ for any period prior to the earliest audited period included
in its IPO registration statement;
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\37\ See Section II.A for a discussion of the selected financial
data requirements.
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permits an EGC to omit selected financial data for any
period prior to the earliest audited period included in its first
registration statement that became effective under the Exchange Act or
Securities Act in any Exchange Act registration statement, periodic
report or other report filed with the Commission;
exempts an EGC from the advisory shareholder votes on the
compensation of its named executive officers (``say-on-pay''), the
frequency of the say-on-pay votes (``say-on-frequency'') and golden
parachute compensation arrangements with any named executive officers
required by Sections 14A(a) \38\ and (b) \39\ of the Exchange Act;
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\38\ 15 U.S.C. 78n-1(a).
\39\ 15 U.S.C. 78n-1(b).
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permits an EGC to comply with executive compensation
disclosure requirements under Item 402 of Regulation S-K by providing
the same executive compensation disclosure as a smaller reporting
company; \40\
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\40\ A ``smaller reporting company'' is defined in Rule 405
under the Securities Act [17 CFR 230.405], Rule 12b-2 of the
Exchange Act [17 CFR 240.12b-2], and Item 10(f)(1) of Regulation S-K
[17 CFR 229.10(f)(1)] to mean an issuer that had a public float of
less than $75 million as of the last business day of its most
recently completed second fiscal quarter or had; or, in the case of
an initial registration statement, had a public float of less than
$75 million as of a date within 30 days of the date of the filing of
the registration statement; or had a public float of zero and annual
revenues of less than $50 million during the most recently completed
fiscal year for which audited financial statements are available. 17
CFR 229.10(f)(1). Smaller reporting companies are subject to scaled
executive compensation disclosure requirements. For example, they
are not required to include a compensation discussion and analysis
under Item 402(b) of Regulation S-K. The Commission recently
proposed amendments that would increase the financial thresholds in
the smaller reporting company definition. Under the proposed
amendments, the $75 million public float threshold would be
increased to $250 million and the $50 million revenue threshold
would be increased to $100 million. See Amendments to Smaller
Reporting Company Definition, Release No. 33-10107 [81 FR 43130]
(June 27, 2016).
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permits an EGC to defer compliance with any new or revised
financial accounting standards until the date that companies that are
not ``issuers'' as defined in Section 2(a) of the Sarbanes-Oxley Act
\41\ are required to comply; \42\ and
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\41\ Section 2(a) of the Sarbanes-Oxley Act [15 U.S.C. 7201(a)]
defines the term ``issuer'' to mean an issuer (as defined in Section
3 of the Exchange Act [15 U.S.C. 78(c)]), the securities of which
are registered under Section 12 of the Exchange Act [15 U.S.C. 78l],
or that is required to file reports under Section 15(d) of the
Exchange Act [15 U.S.C. 78o(d)], or that files or has filed a
registration statement that has not yet become effective under the
Securities Act, and that it has not withdrawn.
\42\ Public Law 112-106, 126 Stat. 313.
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exempts an EGC from the Sarbanes-Oxley Act Section 404(b)
\43\ auditor attestation on management's assessment of its internal
controls.\44\
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\43\ 15 U.S.C. 7262(b).
\44\ In addition, Section 102 of the JOBS Act exempts EGCs from
the ``pay versus performance'' proxy disclosure requirements of
Section 14(i) of the Exchange Act and from the pay ratio disclosure
requirements of Section 953(b) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act of 2010 (Public Law 111-203, 124 Stat.
1376, 1904 (2010). These exemptions are addressed in separate
rulemakings, one that has been proposed (pay versus performance) and
one that has been adopted (pay ratio). See Pay Versus Performance,
Release No. 34-74835 [80 FR 26330] (May 7, 2015) and Pay Ratio
Disclosure, Release No. 33-9877 [80 FR 50104] (Aug. 18, 2015).
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The amendments to the Securities Act and Exchange Act included in
Sections 102 and 103 of the JOBS Act are self-executing and became
effective once that Act was signed into law. However, several of our
rules and forms for registration under the Securities Act and the
Exchange Act, as well as Exchange Act periodic and current reports,
Regulation S-K and Regulation S-X, currently do not reflect these JOBS
Act provisions.
Title I of the JOBS Act also added new Securities Act Section
2(a)(19) and Exchange Act Section 3(a)(80) to define the term
``emerging growth company.'' Pursuant to the statutory definition, the
Commission is required every five years to index to inflation the
annual gross revenue amount used to determine EGC status to reflect the
change in the Consumer Price Index for All Urban Consumers (``CPI-U'')
published by the Bureau of Labor Statistics (``BLS'').\45\ We are
adopting amendments to our rules to define the term ``emerging growth
company'' so as to reflect the inflation adjustment to the annual gross
revenue amount.
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\45\ The CPI-U is the statistical metric developed by the BLS to
monitor the change in the price of a set list of products. The CPI-U
represents changes in prices of all goods and services purchased for
consumption by urban households. See ``Consumer Price Index''
available at https://www.bls.gov/cpi/home.htm.
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Title III of the JOBS Act also added new Securities Act Section
4(a)(6),\46\ which provides an exemption from the registration
requirements of Securities Act Section 5 \47\ for certain crowdfunding
transactions, and the Commission has promulgated Regulation
Crowdfunding \48\ to implement that exemption. Sections 4(a)(6) and 4A
\49\ of the Securities Act set forth dollar amounts used in connection
with the crowdfunding exemption, and Section 4A(h)(1) \50\ states that
such dollar amounts shall be adjusted by the Commission not less
frequently than once every five years to reflect the change in the CPI-
U published by the BLS. Pursuant to this directive, we are amending
Regulation Crowdfunding to adjust those dollar amounts for inflation.
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\46\ 15 U.S.C. 77d(a)(6).
\47\ 15 U.S.C. 77e.
\48\ 17 CFR 227.100 et seq.
\49\ 15 U.S.C. 77d-1.
\50\ 15 U.S.C. 77d-1(h)(1).
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These amendments are discussed in more detail below.

II. Discussion of the JOBS Act Technical Amendments

A. Scaled Disclosure Requirements for Emerging Growth Companies'
Financial Disclosures

Securities Act Registration Statements
Section 102(b)(1) of the JOBS Act amended Section 7(a) of the
Securities Act to provide that (1) an EGC is permitted to present only
two years of audited financial statements in its IPO registration
statement, and (2) in any Securities Act registration statement other
than its IPO registration statement, an EGC need not present selected
financial data \51\ under Item 301 of Regulation S-K for any period
prior to the earliest audited period presented in its IPO registration
statement. Under Rule 3-02 of Regulation S-X, issuers that are not
smaller reporting companies are generally required to include three
years of audited financial statements in a Securities Act registration
statement. We are adopting amendments to Rule 3-02 of Regulation S-X
and Form 20-F to

[[Page 17547]]

conform them to amended Section 7(a) of the Securities Act.
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\51\ This information generally includes net sales or operating
revenues; income (loss) from continuing operations; income (loss)
from continuing operations per common share; total assets; long-term
obligations and redeemable preferred stock.
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Item 301 of Regulation S-K requires issuers that are not smaller
reporting companies to include five years of selected financial data
(or such shorter period as the issuer has been in existence) in any
filing for which such disclosure is required. The language in amended
Section 7(a) of the Securities Act refers to ``any other'' registration
statement and does not expressly address the application of the five
years of selected financial data requirement in Item 301 of Regulation
S-K to IPO registration statements filed by EGCs.\52\ In light of the
other relief provided in amended Section 7(a), which permits an EGC to
present only two years of audited financial statements in its IPO
registration statement and, in subsequent registered offerings, to
present selected financial data for no period earlier than that
presented in its IPO registration statement, we interpret amended
Section 7(a) to mean that an EGC need not present selected financial
data for any period prior to the earliest audited period presented in
its IPO registration statement.\53\ Otherwise, the intended relief of
Section 7(a) with respect to selected financial data would not be
available in an IPO registration statement, as it is with subsequent
registration statements. Accordingly, we are adopting amendments to
Item 301 of Regulation S-K to reflect this statutory interpretation.
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\52\ See 15 U.S.C. 77g(a)(2).
\53\ In 2012, the Division of Corporation Finance provided
guidance on the JOBS Act, including that the Division would not
object if an emerging growth company presenting two years of audited
financial statements in its initial public offering registration
statement in accordance with Securities Act Section 7(a)(2)(A) were
to limit the number of years of selected financial data under Item
301 of Regulation S-K to two years. See Frequently Asked Questions
of General Applicability on Title I of the JOBS Act (Dec. 21, 2015
revised), Question 11, available at http://www.sec.gov/divisions/corpfin/guidance/cfjjobsactfaq-title-i-general.htm.
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Exchange Act Registration Statements and Periodic Reports
Section 102(b)(2) of the JOBS Act amended Section 13(a) of the
Exchange Act to provide that an EGC need not present selected financial
data in an Exchange Act registration statement or periodic report for
any period prior to the earliest audited period presented in the EGC's
first effective registration statement under either the Exchange Act or
Securities Act. We are adopting amendments to Item 301 of Regulation S-
K to conform that provision to amended Section 13(a).
MD&A Disclosure
Section 102(c) of the JOBS Act provides that an EGC is permitted to
comply with the MD&A requirements of Item 303(a) of Regulation S-K by
providing disclosure covering only the audited financial statements for
each period that Section 7(a) of the Securities Act requires to be
presented in its IPO registration statement. Item 303(a) of Regulation
S-K generally requires an issuer to discuss, among other things, the
company's financial condition, changes in financial condition and
results of operations for the previous three fiscal years and any
interim periods. To conform the Item to Section 102(c), we are adopting
amendments to Instruction 1 to Item 303(a). The amendments specify that
if an EGC, pursuant to Section 7(a) of the Securities Act, provides
audited financial statements for two years in a Securities Act
registration statement for the initial public offering of its common
equity securities, it may provide the discussion required by Item
303(a) for its two most recent fiscal years.

B. Auditor Attestation of Management's Report on Internal Control Over
Financial Reporting

Section 103 of the JOBS Act amended Section 404(b) of the Sarbanes-
Oxley Act to provide that the auditor of an EGC does not need to attest
to, and report on, management's assessment of the effectiveness of the
EGC's internal control over financial reporting (``ICFR''). An EGC,
however, is still required to establish and maintain internal control
over financial reporting and, when applicable, to include a
management's report on ICFR in its annual report. To conform our rules
and forms to amended Section 404(b), we are adopting amendments to
Article 2-02 of Regulation S-X, Item 308 of Regulation S-K, and Forms
20-F and 40-F to specify that the auditor of an EGC does not need to
attest to, and report on, management's report on ICFR and that
management does not need to include the auditor's attestation report on
ICFR in an annual report required by Section 13(a) or 15(d) of the
Exchange Act.

C. Executive Compensation Disclosure and Shareholder Advisory Voting

Section 102(c) of the JOBS Act provides in part that an EGC shall
only be required to provide executive compensation disclosure pursuant
to Item 402 of Regulation S-K to the same extent as a registrant ``with
a market value of outstanding voting and nonvoting common equity held
by non-affiliates of less than $75,000,000.'' Item 402(l) of Regulation
S-K allows an issuer that is a smaller reporting company to provide the
scaled executive compensation disclosures set forth in Items 402(m)-(r)
of Regulation S-K. To conform this Item to Section 102(c), we are
amending Item 402(l) of Regulation S-K to specify that EGCs also are
permitted to provide the scaled executive compensation disclosure in
Items 402(m)-(r) of Regulation S-K.
Exchange Act Rule 14a-21 requires registrants to conduct
shareholder advisory votes on say-on-pay, say-on-frequency and golden
parachute compensation arrangements with any ``named executive
officers.'' \54\ The rule applies to all registrants making a
solicitation in connection with a meeting of shareholders at which
directors are to be elected and for which compensation disclosure is
required to be provided pursuant to Item 402 of Regulation S-K, or to
registrants making a solicitation in connection with a meeting at which
shareholders are asked to approve a merger, acquisition or sale of all
or substantially all of the assets of an issuer.
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\54\ Item 402(a)(3) of Regulation S-K [17 CFR 229.402(a)(3)]
defines named executive officers as (1) all individuals serving as
the registrant's principal executive officer or acting in a similar
capacity during the last completed fiscal year (``PEO''), regardless
of compensation level, (2) all individuals serving as the
registrant's principal financial officer or acting in a similar
capacity during the last completed fiscal year (``PFO''), regardless
of compensation level, (3) the registrant's three most highly
compensated executive officers other than the PEO and PFO who were
serving as executive officers at the end of the last completed
fiscal year, and (4) up to two additional individuals for whom Item
402 disclosure would have been provided but for the fact that the
individual was not serving as an executive officer of the registrant
at the end of the last completed fiscal year.
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Section 102(a) of the JOBS Act amended Section 14A(e) of the
Exchange Act to exempt EGCs from say-on-pay, say-on-frequency votes,
golden parachute compensation votes and the related disclosure
provisions. We are adopting conforming amendments to Exchange Act Rule
14a-21 and Item 402(t) and Instruction 1 to Item 1011(b) of Regulation
S-K that specify that an EGC is not required to conduct shareholder
advisory votes on say-on-pay, say-on-frequency, and golden parachute
compensation, or provide the related disclosures. In addition, Section
102(a) of the JOBS Act amended Section 14A of the Exchange Act to
provide for a transition period when an EGC exits EGC status before it
has to seek a shareholder advisory vote on say-on-pay. We are adding a
new instruction to Rule 14a-21 to reflect the transition period set
forth in the JOBS Act.

[[Page 17548]]

D. Foreign Private Issuers

The definition of ``emerging growth company'' in Section 101(a) of
the JOBS Act applies to any company meeting the criteria specified
therein and is not dependent on the jurisdiction of incorporation or
organization, the holders of the issuer's voting securities or that of
its executive officers or directors, assets or business operations.
Accordingly, a foreign private issuer \55\ that qualifies as an EGC may
comply with the scaled disclosure provisions available to EGCs to the
same extent as a domestic issuer. Sections 102 and 103 of the JOBS Act,
however, refer to Regulation S-K provisions that apply to domestic
issuers, whereas the corresponding disclosure requirements for foreign
private issuers are applied through the disclosure content of Form 20-F
or, where applicable, Form 40-F. Under Item 8.A. of Form 20-F, a
foreign private issuer is generally required to include three years of
audited financial statements. In addition, Item 3.A. generally requires
a foreign private issuer to include five years of selected financial
data. To conform the disclosure requirements of Form 20-F with the
disclosure relief provided under the JOBS Act,\56\ we are amending the
form to add instructions to Items 8.A.\57\ and 3.A. to reflect the
availability of the scaled financial disclosure requirements under
Sections 102 and 103 of the JOBS Act to a foreign private issuer that
is an EGC.\58\ We are making revisions to Form 40-F to reflect the
availability of the scaled financial disclosure requirements under
Section 103 of the JOBS Act to a foreign private issuer that is an EGC.
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\55\ Securities Act Rule 405 [17 CFR 230.405] and Exchange Act
Rule 3b-4(c) [17 CFR 240.3b-4(c)] define the term ``foreign private
issuer'' as any foreign issuer other than a foreign government
except for an issuer meeting the following conditions as of the last
business day of its most recently completed second fiscal quarter:
(1) More than 50 percent of the issuer's outstanding voting
securities are directly or indirectly held of record by residents of
the United States; and (2) either the majority of the executive
officers or directors are United States citizens or residents, more
than 50 percent of the assets of the issuer are located in the
United States, or the business of the issuer is administered
principally in the United States.
\56\ Form 20-F does not require the same level of detail about
individual executive compensation and compensation philosophy and
analysis as required by Item 402 of Regulation S-K applicable to
issuers that are not smaller reporting companies or the scaled
requirements in Items 402(m)-(r) applicable to smaller reporting
companies. Accordingly, no conforming amendments to Form 20-F are
needed in regard to Section 102(c)'s scaled executive compensation
disclosure requirements. To the extent that a foreign private issuer
that is an EGC elects to use forms available to domestic issuers
rather than the foreign private issuer forms, it would be able to
use the scaled disclosure provisions available to EGCs.
\57\ These amendments do not affect the requirement for a
foreign private issuer that is either a first-time adopter of
International Financial Reporting Standards or is subject to the
disclosure requirements of paragraph 10(f) of IAS 1, to provide
three statements of financial position in its IPO registration
statement. See Frequently Asked Questions of General Applicability
on Title I of the JOBS Act (Dec. 21, 2015 revised), Question 39,
available at http://www.sec.gov/divisions/corpfin/guidance/cfjjobsactfaq-title-i-general.htm.
\58\ No conforming amendment is needed to Item 5 of Form 20-F
(Operating and Financial Review and Prospects), which requires a
discussion of a foreign private issuer's financial statements
similar to MD&A, because Instruction 2 to Item 5 requires a
discussion of the primary financial statements presented in the
document without referring to the required periods.
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E. ``Check Box'' Notice of EGC Status and Compliance With New or
Revised Accounting Standards

Section 102(b) of the JOBS Act amended Section 7(a)(2)(B) of the
Securities Act and Section 13(a) of the Exchange Act to state that an
EGC ``may not be required to comply with any new or revised financial
accounting standard'' until such standard is applicable to companies
that are not ``issuers'' under Section 2(a) of the Sarbanes-Oxley Act,
if such standard applies to companies that are not issuers. These
revisions provide EGCs with additional time to apply any updates to the
Financial Accounting Standards Board (``FASB'') Accounting Standards
codification as compared to non-EGC issuers.\59\
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\59\ In July 2009, the Financial Accounting Standards Board
issued the FASB Accounting Standards Codification (``ASC'') as the
single source of authoritative nongovernmental U.S. generally
accepted accounting principles. The ASC was effective for annual
periods ending after September 15, 2009. All preexisting accounting
standards were superseded.
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Under Section 107 of the JOBS Act, an EGC may forgo any of the
Title I disclosure exemptions and instead comply with the requirements
that apply to an issuer that is not an EGC. Section 107(b), however,
provides that if an EGC opts out of the extended transition period for
complying with new or revised accounting standards, it must do so at
the time it is ``first required to file a registration statement,
periodic report, or other report with the Commission under Section 13
of the Securities Exchange Act of 1934'' and notify the Commission of
its choice.\60\ Pursuant to Section 107, an EGC that opts out of the
extended transition period must comply with all new or revised
accounting standards to the same extent that a non-EGC is required to
comply with such standards and continue to do so for as long as the
issuer remains an EGC.\61\ This election is irrevocable.
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\60\ Section 107(b) does not specify where the opt-out notice
language should appear in a registration statement or report. EGCs
that have opted out of the extended transition period have placed
this notice in different parts of our disclosure forms.
\61\ Section 107(b)(3) of the JOBS Act (Pub. L. 112-106, 126
Stat. 313).
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To provide a uniform method for an EGC to notify the Commission and
the public pursuant to Section 107 of the JOBS Act that it is an EGC
and of its decision as to whether or not to opt out of the extended
transition period for complying with new or revised accounting
standards, we are adopting minor revisions to Securities Act Forms S-1,
S-3, S-4, S-8, S-11, F-1, F-3 and F-4 and Exchange Act Forms 10, 8-K,
10-Q, 10-K, 20-F and 40-F. These amendments modify the cover page of
those forms to include two check boxes for an issuer to indicate
whether, at the time of the filing, the issuer is an EGC and whether it
has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 7(a)(2)(B) of the Securities Act and Section 13(a)
of the Exchange Act.

III. Discussion of Amendments To Effectuate Inflation Adjustments

A. Definition of ``Emerging Growth Company''

JOBS Act Section 101 amended Section 2(a)(19) of the Securities Act
and Section 3(a)(80) of the Exchange Act to define ``emerging growth
company'' to mean an issuer that had total annual gross revenues of
less than $1 billion, as such amount is indexed for inflation every
five years by the Commission to reflect the change in the CPI-U during
its most recently completed fiscal year. By statute, the adjusted
threshold must be set to the nearest $1,000,000. Pursuant to this
directive, we are adopting an amendment to Securities Act Rule 405 and
to Exchange Act Rule 12b-2 to include a definition for the term
``emerging growth company'' that indexes the statutory annual gross
revenues amount to the CPI-U.
To determine the new EGC gross revenue threshold to be included in
the amendments, first we determine the appropriate CPI-U for December
of the calendar year preceding the year of adjustment. Because we are
making the inflation adjustment for the definition of EGC in 2017, we
use the CPI-U for December 2016, which was 241.432 (``2016 CPI-
U'').\62\ We then determine the CPI-U for December of the calendar

[[Page 17549]]

year before the EGC definition was established by the JOBS Act, which
was 2011. We thus use the CPI-U for December 2011, which was 225.672
(``2011 CPI-U'').
---------------------------------------------------------------------------

\62\ The JOBS Act was enacted on April 5, 2012. Under the
definition of an EGC in Section 2(a)(19) of the Securities Act and
Section 3(a)(80) of the Exchange Act the Commission is required to
adjust the total gross revenue amount to inflation every five years.
---------------------------------------------------------------------------

Second, we calculate the cost-of-living adjustment or inflation
factor. To do this we divide the 2016 CPI-U by the 2011 CPI-U. The
resulting inflation factor is 1.06984.
Third, we calculate the raw inflation adjustment, which is the
inflation adjustment before rounding. To do this, we multiply the
current EGC gross revenue threshold, $1,000,000,000, by the inflation
factor 1.06984, which equals $1,069,840,000.
Fourth, we round the raw inflation amounts according to the
convention set forth in the statutory definition.\63\ Since we round
only the increase amount, we calculate the increased amount by
subtracting the current EGC gross revenue threshold from the raw
maximum inflation adjustments. Accordingly, the increase in the EGC
gross revenue threshold is $69,840,000 (i.e., $1,069,840,000 less
$1,000,000,000). Under the statutory rounding convention, the threshold
is set to the nearest $1,000,000. Therefore, the rounded increase in
the EGC gross revenue threshold is $70,000,000.
---------------------------------------------------------------------------

\63\ See Section 2(a)(19) of the Securities Act and Section
3(a)(80) of the Exchange Act, which require the amount to be set to
the nearest $1,000,000.
---------------------------------------------------------------------------

Fifth, we add the rounded increase to the current EGC revenue
threshold (i.e., $1,000,000,000). The inflation-adjusted EGC gross
revenue threshold is $1,000,000,000 plus $70,000,000, which yields a
maximum inflation-adjusted EGC revenue threshold of $1,070,000,000. The
``emerging growth company'' definitions being adopted in Securities Act
Rule 405 and Exchange Act Rule 12b-2 reflect this adjusted threshold,
and will henceforth be amended every five years to account for future
inflation adjustments.

B. Regulation Crowdfunding Amendments

Title III of the JOBS Act amended the Securities Act to add Section
4(a)(6), which provides an exemption from the registration requirements
of Section 5 of the Securities Act for certain crowdfunding
transactions. The Commission has adopted Regulation Crowdfunding to
implement that exemption.\64\ Sections 4(a)(6) and 4A of the Securities
Act set forth dollar amounts used in connection with the crowdfunding
exemption,\65\ and Section 4A(h)(1) \66\ states that those dollar
amounts shall be adjusted by the Commission not less frequently than
once every five years to reflect any changes in the CPI-U. Pursuant to
this directive, we are amending Rules 100 and 201(t) of Regulation
Crowdfunding and Securities Act Form C to adjust the dollar amounts set
forth in these rules to inflation.
---------------------------------------------------------------------------

\64\ Crowdfunding, Release No. 33-9974 (Oct. 30, 2015) [80 FR
71388].
\65\ Section 4(a)(6)(A) sets forth the maximum amount an issuer
may sell in reliance on the crowdfunding exemption in a 12-month
period, and Section 4(a)(6)(B) sets limits on the dollar amount that
may be sold to any investor by an issuer in reliance on the
crowdfunding exemption. These amounts are reflected in Rule 100 of
Regulation Crowdfunding (17 CFR 227.100). Section 4A(b)(1)(D) sets
forth thresholds for determining the level of financial statements
required, and those thresholds are reflected in Rule 201(t) of
Regulation Crowdfunding (17 CFR 227.201(t)).
\66\ 15 U.S.C. 77d-1(h)(1).
---------------------------------------------------------------------------

To determine the adjusted dollar amounts, we use the same process
as described above in connection with the EGC adjustment to determine
the raw inflation amounts.\67\ Then we round up the raw inflation
amounts to the nearest $100 for amounts under $100,000 and to the
nearest $1,000 for amounts that equal or exceed $100,000. Tables 1 and
2 show the inflation-adjusted amounts for Rules 100 and 201(t).\68\
---------------------------------------------------------------------------

\67\ The 2016 CPI-U is divided by the 2011 CPI-U to derive the
inflation factor of 1.06984. Each dollar amount is then multiplied
by the inflation factor to determine the raw inflation adjusted
amount.
\68\ We have reflected the adjusted amounts for the financial
statement thresholds where those are referenced in Question 29 of
the ``Optional Question & Answer Format'' portion of Form C.

Table 1--Inflation-Adjusted Amounts in Rule 100 of Regulation
Crowdfunding (Offering Maximum and Investment Limits)
------------------------------------------------------------------------
Rounded
Original inflation-
Regulation crowdfunding rule amount ($) adjusted
amount ($)
------------------------------------------------------------------------
Maximum aggregate amount an issuer can 1,000,000 1,070,000
sell under Regulation Crowdfunding in a
12-month period (Rule 100(a)(1)).......
Threshold for assessing investor's 100,000 107,000
annual income or net worth to determine
investment limits (Rule 100(a)(2)(i)
and (ii))..............................
Lower threshold of Regulation 2,000 2,200
Crowdfunding securities permitted to be
sold to an investor if annual income or
net worth is less than $107,000 (Rule
100(a)(2)(i))..........................
Maximum amount that can be sold to an 100,000 107,000
investor under Regulation Crowdfunding
in a 12-month period (Rule
100(a)(2)(ii)).........................
------------------------------------------------------------------------

Table 2--Inflation-Adjusted Amounts in Rule 201(t) of Regulation
Crowdfunding (Financial Statement Requirements)
------------------------------------------------------------------------
Original Rounded
offering inflation-
Regulation crowdfunding rule threshold adjusted
amount ($) amount ($)
------------------------------------------------------------------------
Rule 201(t)(1).......................... 100,000 107,000
Rule 201(t)(2).......................... 500,000 535,000
Rule 201(t)(3).......................... 1,000,000 1,070,000
------------------------------------------------------------------------

[[Page 17550]]

IV. Procedural and Other Matters

The Administrative Procedure Act (``APA'') generally requires an
agency to publish notice of a rulemaking in the Federal Register and
provide an opportunity for public comment. This requirement does not
apply, however, if the agency ``for good cause finds . . . that notice
and public procedure are impracticable, unnecessary, or contrary to the
public interest.'' \69\
---------------------------------------------------------------------------

\69\ 5 U.S.C. 553(b)(3)(B).
---------------------------------------------------------------------------

The technical amendments and the implementation of statutory
inflation adjustments pursuant to Title I and Title III of the JOBS Act
do not impose any new substantive regulatory requirements on any
person. The technical amendments merely conform our rules and forms to
the provisions of the JOBS Act, or reflect reasonable interpretations
thereof, and involve the exercise of minimal discretion. Similarly, the
amendments to implement the statutory inflation adjustments will
effectuate the adjusted dollar amount thresholds mandated by the JOBS
Act and involve minimal discretion. For these reasons, for good cause,
we find that it is unnecessary to publish notice of these amendments in
the Federal Register and solicit public comment thereon.\70\
---------------------------------------------------------------------------

\70\ This finding also satisfies the requirements of 5 U.S.C.
808(2), allowing the amendments to become effective notwithstanding
the requirement of 5 U.S.C. 801 (if a federal agency finds that
notice and public comment are impractical, unnecessary or contrary
to the public interest, a rule shall take effect at such time as the
federal agency promulgating the rule determines). The amendments
also do not require analysis under the Regulatory Flexibility Act.
See 5 U.S.C. 604(a) (requiring a final regulatory flexibility
analysis only for rules required by the APA or other law to undergo
notice and comment).
---------------------------------------------------------------------------

For similar reasons, although the APA generally requires
publication of a rule at least 30 days before its effective date, we
find there is good cause for the amendments to take effect on April 12,
2017.\71\
---------------------------------------------------------------------------

\71\ See 5 U.S.C. 553(d)(3).
---------------------------------------------------------------------------

If any of the provisions of these amendments, or the application
thereof to any person or circumstance, is held to be invalid, such
invalidity shall not affect other provisions or application of such
provisions to other persons or circumstances that can be given effect
without the invalid provision or application.

V. Economic Analysis

We are mindful of the costs imposed by, and the benefits to be
obtained from, our rules. Section 2(b) of the Securities Act and
Section 3(f) of the Exchange Act require the Commission, whenever it
engages in rulemaking and is required to consider or determine whether
an action is necessary or appropriate in the public interest, to
consider, in addition to the protection of investors, whether the
action would promote efficiency, competition, and capital
formation.\72\ In addition, Section 23(a)(2) of the Exchange Act
requires the Commission, when making rules under the Exchange Act, to
consider the impact such rules would have on competition.\73\ Section
23(a)(2) of the Exchange Act also prohibits the Commission from
adopting any rule that would impose a burden on competition not
necessary or appropriate in furtherance of the purposes of the Exchange
Act.\74\ Below we address the costs and benefits, as well as the
potential effects on efficiency, competition and capital formation, of
the various amendments being adopted in this release. Because the
amendments merely make conforming changes to our rules and forms to
reflect certain provisions of the JOBS Act and implement the statutory
inflation adjustments mandated by the JOBS Act, we do not believe there
are reasonable alternatives to the amendments.
---------------------------------------------------------------------------

\72\ See 15 U.S.C. 77b(b) and 15 U.S.C. 78c(f).
\73\ See 15 U.S.C. 78w(a)(2).
\74\ Id.
---------------------------------------------------------------------------

A. Discussion of the Technical Amendments

We are adopting technical amendments to conform several of our
rules and forms to amendments made to the Securities Act and the
Exchange Act by Title I of the JOBS Act. For the purposes of analyzing
the economic effects of these amendments, we use as a baseline the
scaled disclosure requirements and other accommodations applicable to
EGCs discussed in Section II. These amendments merely make conforming
changes to our rules and forms to reflect certain provisions of the
JOBS Act. As a result, these amendments will not substantially alter
the costs and benefits, relative to the baseline, associated with
complying with these rules and forms, and do not impose any substantive
regulatory obligations on any person or otherwise. To the extent they
have an economic effect, we expect the amendments will help to minimize
potential confusion concerning any inconsistencies between the
statutory provisions of the JOBS Act and our rules and forms and could
result in some marginal cost savings to the extent that filers have
fewer questions to research when completing the form. Similarly, we do
not anticipate any competitive advantages or disadvantages will be
created as a result of the amendments.

B. Discussion of the Amendments to Effectuate Inflation Adjustments

To comply with the inflation adjustments required under the JOBS
Act, we are also adopting new rules that include an inflation-adjusted
threshold in the definition of the term ``emerging growth company.''
These amendments adjust the total annual gross revenue threshold for
EGCs in accordance with inflation as required by the JOBS Act and have
no impact on disclosure or compliance costs per filer. As the number of
eligible filers that may qualify for scaled disclosure increases, it
may reduce disclosure costs in the aggregate,\75\ to the extent that
eligible filers take advantage of the EGC accommodations, relative to a
baseline without this inflation adjustment.
---------------------------------------------------------------------------

\75\ See Section II.A for a summary of scaled disclosure
requirements for EGCs.
---------------------------------------------------------------------------

We note that this inflation adjustment affects both domestic
issuers and foreign private issuers. We estimate that there are
approximately 7,200 issuers that file on domestic forms and 800 foreign
private issuers that file on F-forms, of which 13.2% of issuers that
file on domestic forms and 15.1% of foreign private issuers that file
on Forms 20-F and 40-F also identified themselves as EGCs in filings
made in 2016. Not all EGCs self-identify as such every year, so annual
filings-based counts likely underestimate the EGC population.
The inflation adjustment to the total annual gross revenue
threshold for EGCs is designed to maintain the scope of registrants
that may qualify as an EGC, preserving the economic effects associated
with the option to claim EGC status. It does so by not allowing the
level of revenue, in real terms, that determines the eligibility for
EGC status to be diminished by inflation. The inflation adjustment
amendment may marginally expand the number of firms that may claim EGC
status, thus extending the economic effects, including impacts on
efficiency, competition, and capital formation, associated with the
option to claim this status to firms that fall between the
$1,000,000,000 gross revenue threshold that previously determined EGC
eligibility and the $1,070,000,000 gross revenue threshold that will
define EGC eligibility under the amendment. Assuming that the number of
domestic and foreign private issuers in calendar years subsequent to
adoption of the amendments is similar to that obtained in calendar year
2016, the inflation adjustment of the EGC revenue

[[Page 17551]]

threshold would increase the percentage of domestic issuers that
qualify as EGCs from 13.2% to approximately 13.8% and foreign private
issuers that qualify as EGCs from 15.1% to approximately 16.3% on the
basis of the distribution of revenues of filers in calendar year 2016,
where data is available.\76\
---------------------------------------------------------------------------

\76\ The number of domestic filers and foreign private issuers
affected by the inflation adjustment of total annual gross revenues
is estimated as the number of unique companies, identified by
Central Index Key (CIK), that filed Form 10-K, Form 20-F, or Form
40-F with the Commission during the calendar year 2016. The number
of filers that identify themselves as EGCs is estimated by analyzing
several types of filings filed with the Commission during calendar
year 2016.
---------------------------------------------------------------------------

For the purposes of analyzing the economic effects of the
amendments to Regulation Crowdfunding, we use as our baseline the
regulatory framework established by Regulation Crowdfunding as adopted
in 2015.\77\ The amendments to Regulation Crowdfunding adjust the
thresholds in Rules 100 and 201(t) of Regulation Crowdfunding
(Sec. Sec. 227.100 and 227.201(t)) in accordance with inflation as
required by Section 4A(h) of the Securities Act and are not expected to
increase disclosure or compliance costs incurred by an issuer, to the
extent that the issuer remains subject to the same financial statement
requirements. The adjustment may cause some issuers to become subject
to less extensive financial statement requirements, and may lower
disclosure or compliance costs for these issuers.\78\
---------------------------------------------------------------------------

\77\ See Crowdfunding supra note 64.
\78\ Id at 71497.
---------------------------------------------------------------------------

The inflation adjustment to the thresholds in Rules 100 and 201(t)
is intended to allow these thresholds to keep pace with inflation,
preserving the economic effects of Regulation Crowdfunding in real
terms.\79\ For example, the inflation adjustments to the financial
statement thresholds ensure that issuers can take advantage of the
inflation-adjusted offering amounts without incurring a fixed cost of
complying with additional financial statement requirements.
---------------------------------------------------------------------------

\79\ Id at 71482.
---------------------------------------------------------------------------

Substantively, the inflation adjustments to Rule 100 and Rule
201(t) marginally affect the amount of capital that issuers may raise
in reliance on Regulation Crowdfunding, the number of investors who may
participate in crowdfunding offerings, and the amounts that investors
may invest in crowdfunding offerings.

C. Efficiency, Competition, and Capital Formation

Because we believe the substantive impact of these amendments to
our rules and forms is likely to be marginal, we do not believe they
will substantially impact efficiency, competition, and capital
formation.

VI. Paperwork Reduction Act

The amendments, including those to effect the statutory inflation
adjustments, do not make any substantive modifications to any existing
collection of information requirements or impose any new substantive
recordkeeping or information collection requirements within the meaning
of the Paperwork Reduction Act of 1995 (``PRA'').\80\ Accordingly, we
are not revising any burden and cost estimates in connection with these
amendments.
---------------------------------------------------------------------------

\80\ 44 U.S.C. 3501 et seq. The new check boxes that will appear
on the cover page of affected Exchange Act forms and Securities Act
registration statements will result in an incremental paperwork
burden for EGCs; however, we believe that the incremental burden
associated with checking one or both of the new boxes will be so
minimal that it will not affect the overall burden estimates
associated with these forms. Similarly, the amendments to reflect
the statutory inflation adjustments to certain dollar amount
thresholds in Titles I and III of the JOBS Act will have only
marginal effects on the application of these thresholds for
eligibility and reporting purposes and therefore are not expected to
affect the overall burden estimates for affected forms. See Section
VI.C above.
---------------------------------------------------------------------------

VII. Statutory Authority

The amendments contained in this release are being adopted under
the authority set forth in in Sections 2, 4(a)(6), 4A, 5, 6, 7, 10, and
19 of the Securities Act; Sections 3, 12, 13, 14, 15(d), and 23(a) of
the Exchange Act; and Sections 102, 103 and 107 of the JOBS Act.

List of Subjects

17 CFR Part 210

Accountants, Accounting, Reporting and recordkeeping requirements,
Securities.

17 CFR Parts 227, 229, 230, 239, 240 and 249

Reporting and recordkeeping requirements, Securities.

Text of the Final Amendments

For the reasons set out in the preamble, the Commission is amending
title 17, chapter II of the Code of Federal Regulations as follows:

PART 210--FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL
STATEMENTS, SECURITIES ACT OF 1933, SECURITIES EXCHANGE ACT OF
1934, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935, INVESTMENT
COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY
POLICY AND CONSERVATION ACT OF 1975

0
1. The authority citation for part 210 is revised to read as follows:

Authority: 15 U.S.C. 77f, 77g, 77h, 77j, 77s, 77z-2, 77z-3,
77aa(25), 77aa(26), 77nn(25), 77nn(26), 78c, 78j-1, 78l, 78m, 78n,
78o(d), 78q, 78u-5, 78w, 78ll, 78mm, 80a-8, 80a-20, 80a-29, 80a-30,
80a-31, 80a-37(a), 80b-3, 80b-11, 7202 and 7262, and sec. 102(c),
Pub. L. 112-106, 126 Stat. 310 (2012), unless otherwise noted.

0
2. Amend Sec. 210.2-02 by revising paragraph (f)(1) to read as
follows:

Sec. 210.2-02 Accountants' reports and attestation reports.

* * * * *
(f) Attestation report on internal control over financial
reporting. (1) Every registered public accounting firm that issues or
prepares an accountant's report for a registrant, other than a
registrant that is neither an accelerated filer nor a large accelerated
filer (as defined in Sec. 240.12b-2 of this chapter), or is an
emerging growth company, as defined in Rule 405 of the Securities Act
(Sec. 230.405 of this chapter) or Rule 12b-2 of the Exchange Act
(Sec. 240.12b-2 of this chapter), or an investment company registered
under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-
8), that is included in an annual report required by section 13(a) or
15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.)
containing an assessment by management of the effectiveness of the
registrant's internal control over financial reporting must include an
attestation report on internal control over financial reporting.
* * * * *

0
3. Amend Sec. 210.3-02 by revising paragraph (a) to read as follows:

Sec. 210.3-02 Consolidated statements of income and changes in
financial positions.

(a) There shall be filed, for the registrant and its subsidiaries
consolidated and for its predecessors, audited statements of income and
cash flows for each of the three fiscal years preceding the date of the
most recent audited balance sheet being filed or such shorter period as
the registrant (including predecessors) has been in existence. A
registrant that is an emerging growth company, as defined

[[Page 17552]]

in Rule 405 of the Securities Act (Sec. 230.405 of this chapter) or
Rule 12b-2 of the Exchange Act (Sec. 240.12b-2 of this chapter), may,
in a Securities Act registration statement for the initial public
offering of the emerging growth company's equity securities, provide
audited statements of income and cash flows for each of the two fiscal
years preceding the date of the most recent audited balance sheet (or
such shorter period as the registrant has been in existence).
* * * * *

PART 227--REGULATION CROWDFUNDING, GENERAL RULES AND REGULATIONS

0
4. The authority citation for part 227 continues to read as follows:

Authority: 15 U.S.C. 77d, 77d-1, 77s, 78c, 78o, 78q, 78w, 78mm,
and Pub. L. 112-106, secs. 301-305, 126 Stat. 306 (2012).

Sec. 227.100 [Amended]

0
5. Amend Sec. 227.100 by:
0
a. In paragraph (a)(1), removing reference to ``$1,000,000'' and adding
in its place ``$1,070,000'';
0
b. In paragraph (a)(2)(i), removing reference to ``$2,000'' and adding
in its place ``$2,200''; and removing ``$100,000'' and adding in its
place ``$107,000'';
0
c. In paragraph (a)(2)(ii), removing the two references to ``$100,000''
and adding in their place ``$107,000.''

Sec. 227.201 [Amended]

0
6. Amend Sec. 227.201 by:
0
a. In paragraph (t)(1), removing reference to ``$100,000'' and adding
in its place ``$107,000'';
0
b. In paragraph (t)(2), removing reference to ``$100,000'' and adding
in its place ``$107,000''; and removing reference to ``$500,000'' and
adding in its place ``$535,000'';
0
c. In paragraph (t)(3), removing the two references to ``$500,000'' and
adding in their place ``$535,000''; and removing reference to
``$1,000,000'' and adding in its place ``$1,070,000.''

PART 229--STANDARD INSTRUCTIONS FOR FILING FORMS UNDER SECURITIES
ACT OF 1933, SECURITIES EXCHANGE ACT OF 1934 AND ENERGY POLICY AND
CONSERVATION ACT OF 1975--REGULATION S-K

0
7. The authority citation for part 229 is revised to read as follows:

Authority: 15 U.S.C. 77e, 77f, 77g, 77h, 77j, 77k, 77s, 77z-2,
77z-3, 77aa(25), 77aa(26), 77ddd, 77eee, 77ggg, 77hhh, 77iii, 77jjj,
77nnn, 77sss, 78c, 78i, 78j, 78j-3, 78l, 78m, 78n, 78n-1, 78o, 78u-
5, 78w, 78ll, 78 mm, 80a-8, 80a-9, 80a-20, 80a-29, 80a-30, 80a-
31(c), 80a-37, 80a-38(a), 80a-39, 80b-11 and 7201 et seq.; 18 U.S.C.
1350; sec. 953(b), Pub. L. 111-203, 124 Stat. 1904 (2010); and sec.
102(c), Pub. L. 112-106, 126 Stat. 310 (2012).

0
8. Amend Sec. 229.301 by adding paragraph (d) before the Instructions
to Item 301 to read as follows:

Sec. 229.301 (Item 301) Selected financial data.

* * * * *
(d) Emerging growth company. An emerging growth company, as defined
in Rule 405 of the Securities Act of 1933 (Sec. 230.405 of this
chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (Sec.
240.12b-2 of this chapter), that is providing the information called
for by this Item in:
(1) A Securities Act registration statement, need not present
selected financial data for any period prior to the earliest audited
financial statements presented in connection with the registrant's
initial public offering of its common equity securities; or
(2) A registration statement, periodic report, or other report
filed under the Exchange Act, need not present selected financial data
for any period prior to the earliest audited financial statements
presented in connection with its first registration statement that
became effective under the Exchange Act or the Securities Act.
* * * * *

0
9. Amend Sec. 229.303 by revising instruction 1 of the Instructions to
Paragraph 303(a) to read as follows:

Sec. 229.303 (Item 303) Management's discussion and analysis of
financial condition and results of operations.

* * * * *
Instructions to paragraph 303(a): 1. The registrant's discussion
and analysis shall be of the financial statements and other statistical
data that the registrant believes will enhance a reader's understanding
of its financial condition, changes in financial condition and results
of operations. Generally, the discussion shall cover the three-year
period covered by the financial statements and shall use year-to-year
comparisons or any other formats that in the registrant's judgment
enhance a reader's understanding. However, where trend information is
relevant, reference to the five-year selected financial data appearing
pursuant to Item 301 of Regulation S-K (Sec. 229.301) may be
necessary. A smaller reporting company's discussion shall cover the
two-year period required in Article 8 of Regulation S-X and shall use
year-to-year comparisons or any other formats that in the registrant's
judgment enhance a reader's understanding. An emerging growth company,
as defined in Rule 405 of the Securities Act (Sec. 230.405 of this
chapter) or Rule 12b-2 of the Exchange Act (Sec. 240.12b-2 of this
chapter), may provide the discussion required in paragraph (a) of this
Item for its two most recent fiscal years if, pursuant to Section 7(a)
of the Securities Act of 1933 (15 U.S.C 77g(a)), it provides audited
financial statements for two years in a Securities Act registration
statement for the initial public offering of the emerging growth
company's common equity securities.
* * * * *

0
10. Amend Sec. 229.308 by revising paragraph (b) to read as follows:

Sec. 229.308 (Item 308) Internal control over financial reporting.

* * * * *
(b) Attestation report of the registered public accounting firm. If
the registrant, other than a registrant that is an emerging growth
company, as defined in Rule 405 of the Securities Act of 1933 (Sec.
230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
of 1934 (Sec. 240.12b-2 of this chapter), is an accelerated filer or a
large accelerated filer (as defined in Sec. 240.12b-2 of this
chapter), provide the registered public accounting firm's attestation
report on the registrant's internal control over financial reporting in
the registrant's annual report containing the disclosure required by
this Item.
* * * * *

0
11. Amend Sec. 229.402 by revising paragraph (l) and the introductory
text to paragraph (t)(1) to read as follows:

Sec. 229.402 (Item 402) Executive compensation.

* * * * *
(l) Smaller reporting companies and emerging growth companies. A
registrant that qualifies as a ``smaller reporting company,'' as
defined by Item 10(f) (Sec. 229.10(f)(1)), or is an ``emerging growth
company,'' as defined in Rule 405 of the Securities Act (Sec. 230.405
of this chapter) or Rule 12b-2 of the Exchange Act (Sec. 240.12b-2 of
this chapter), may provide the scaled disclosure in paragraphs (m)
through (r) instead of paragraphs (a) through (k), (s), and (u) of this
Item.
* * * * *
(t) Golden parachute compensation. (1) In connection with any proxy
or consent solicitation material providing the disclosure required by
section 14A(b)(1) of the Exchange Act (15 U.S.C. 78n-1(b)(1)) or any
proxy or consent

[[Page 17553]]

solicitation that includes disclosure under Item 14 of Schedule 14A
(Sec. 240.14a-101 of this chapter) pursuant to Note A of Schedule 14A
(excluding any proxy or consent solicitation of an ``emerging growth
company,'' as defined in Rule 405 of the Securities Act (Sec. 230.405
of this chapter) or Rule 12b-2 of the Exchange Act (Sec. 240.12b-2 of
this chapter)), with respect to each named executive officer of the
acquiring company and the target company, provide the information
specified in paragraphs (t)(2) and (3) of this section regarding any
agreement or understanding, whether written or unwritten, between such
named executive officer and the acquiring company or target company,
concerning any type of compensation, whether present, deferred or
contingent, that is based on or otherwise relates to an acquisition,
merger, consolidation, sale or other disposition of all or
substantially all assets of the issuer, as follows:
* * * * *

0
12. Amend Sec. 229.1011 by revising instruction 1 of the Instructions
to Item 1011(b) to read as follows:

Sec. 229.1011 (Item 1011) Additional information.

* * * * *
Instructions to Item 1011(b).
1. The obligation to provide the information in paragraph (b) of
this section shall not apply where the issuer whose securities are the
subject of the Rule 13e-3 transaction or tender offer is a foreign
private issuer, as defined in Sec. 240.3b-4 of this chapter, or an
emerging growth company, as defined in Rule 405 of the Securities Act
(Sec. 230.405 of this chapter) or Rule 12b-2 of the Exchange Act
(Sec. 240.12b-2 of this chapter).
* * * * *

PART 230--GENERAL RULES AND REGULATIONS, SECURITIES ACT OF 1933

0
13. The authority citation for part 230 continues to read as follows:

Authority: 15 U.S.C. 77b, 77b note, 77c, 77d, 77f, 77g, 77h,
77j, 77r, 77s, 77z-3, 77sss, 78c, 78d, 78j, 78l, 78m, 78n, 78o, 78o-
7 note, 78t, 78w, 78ll(d), 78mm, 80a-8, 80a-24, 80a-28, 80a-29, 80a-
30, and 80a-37, and Public Law 112-106, sec. 201(a), sec. 401, 126
Stat. 313 (2012), unless otherwise noted.
Section 230.151 is also issued under 15 U.S.C. 77s(a).
Section 230.160 is also issued under Section 104(d) of the
Electronic Signatures Act.
Section 230.193 is also issued under sec. 943, Public Law 111-
203, 124 Stat. 1376.
Sections 230.400 to 230.499 issued under 15 U.S.C. 77f, 77h,
77j, 77s, unless otherwise noted.
Section 230.502 is also issued under 15 U.S.C. 80a-8, 80a-29,
80a-30.

0
14. Amend Sec. 230.405 by adding the definition ``Emerging growth
company'' in alphabetical order to read as follows:

Sec. 230.405 Definitions of terms.

* * * * *
Emerging growth company. (1) The term emerging growth company means
an issuer that had total annual gross revenues of less than
$1,070,000,000 during its most recently completed fiscal year.
(2) An issuer that is an emerging growth company as of the first
day of that fiscal year shall continue to be deemed an emerging growth
company until the earliest of:
(i) The last day of the fiscal year of the issuer during which it
had total annual gross revenues of $1,070,000,000 or more;
(ii) The last day of the fiscal year of the issuer following the
fifth anniversary of the date of the first sale of common equity
securities of the issuer pursuant to an effective registration
statement under the Securities Act of 1933;
(iii) The date on which such issuer has, during the previous three
year period, issued more than $1,000,000,000 in non-convertible debt;
or
(iv) The date on which such issuer is deemed to be a large
accelerated filer, as defined in Rule 12b-2 of the Exchange Act (Sec.
240.12b-2 of this chapter).
* * * * *

PART 239--FORMS PRESCRIBED UNDER THE SECURITIES ACT OF 1933

0
15. The authority citation for part 239 is revised to read in part as
follows:

Authority: 15 U.S.C. 77c, 77f, 77g, 77h, 77j, 77s, 77z-2, 77z-3,
77sss, 78c, 78l, 78m,78n, 78o(d), 78o-7 note, 78u-5, 78w(a), 78ll,
78mm, 80a-2(a), 80a-3, 80a-8, 80a-9, 80a-10, 80a-13, 80a-24, 80a-26,
80a-29, 80a-30, and 80a-37; and sec. 107, Pub. L. 112-106, 126 Stat.
312, unless otherwise noted.
* * * * *

0
16. Amend Form S-1 (referenced in Sec. 239.11) by revising the text
and check boxes on the cover page immediately before the ``Calculation
of Registration Fee'' table to read as follows:

Note: The text of Form S-1 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM S-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer,
smaller reporting company, or an emerging growth company. See the
definitions of ``large accelerated filer,'' ``accelerated filer,''
``smaller reporting company,'' and ``emerging growth company'' in Rule
12b-2 of the Exchange Act.
Large accelerated filer [square]
Accelerated filer [square]
Non-accelerated filer [square] (Do not check if a smaller reporting
company)
Smaller reporting company [square]
Emerging growth company [square]
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards
provided pursuant to Section 7(a)(2)(B) of the Securities Act. [square]
* * * * *
0
17. Amend Form S-3 (referenced in Sec. 239.13) by revising the text
and check boxes on the cover page immediately before the ``Calculation
of Registration Fee'' table to read as follows:

Note: The text of Form S-3 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM S-3

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

[[Page 17554]]

has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided
pursuant to Section 7(a)(2)(B) of the Securities Act. [square]
* * * * *

0
18. Amend Form S-8 (referenced in Sec. 239.16b) by revising the text
and check boxes on the cover page immediately before the ``Calculation
of Registration Fee'' table to read as follows:

Note: The text of Form S-8 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM S-8

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

0
19. Amend Form S-11 (referenced in Sec. 239.18) by revising the text
and check boxes on the cover page immediately before the ``Calculation
of Registration Fee'' table to read as follows:

Note: The text of Form S-11 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM S-11

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

0
20. Amend Form S-4 (referenced in Sec. 239.25) by revising the text
and check boxes on the cover page immediately before the ``Calculation
of Registration Fee'' table to read as follows:

Note: The text of Form S-4 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM S-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

0
21. Amend Form F-1 (referenced in Sec. 239.31) by adding text and two
check boxes to the cover page immediately before the ``Calculation of
Registration Fee'' table to read as follows:

Note: The text of Form F-1 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM F-1

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

* * * * *
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933.
Emerging growth company [square]
If an emerging growth company that prepares its financial
statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards
[dagger] provided pursuant to Section 7(a)(2)(B) of the Securities Act.
[square]
[dagger] The term ``new or revised financial accounting standard''
refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.
* * * * *

0
22. Amend Form F-3 (referenced in Sec. 239.33) by adding text and two
check boxes to the cover page immediately before the ``Calculation of
Registration Fee'' table to read as follows:

Note: The text of Form F-3 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM F-3

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

[[Page 17555]]

Accounting Standards Board to its Accounting Standards Codification
after April 5, 2012.
* * * * *

0
23. Amend Form F-4 (referenced in Sec. 239.34) by adding text and two
check boxes to the cover page immediately before the ``Calculation of
Registration Fee:'' table to read as follows:

Note: The text of Form F-4 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM F-4

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

0
24. Amend Form C (referenced in Sec. 239.900) by revising the dollar
amounts in Question 29 of the ``OPTIONAL QUESTION & ANSWER FORMAT FOR
AN OFFERING STATEMENT'' as follows:

Note: The text of Form C does not, and this amendment will not,
appear in the Code of Federal Regulations.

0
a. Removing all references to ``$100,000'' and adding in their place
``$107,000'';
0
b. Removing all references to ``$500,000'' and adding in their place
``$535,000''; and
0
c. Removing reference to ``$1,000,000'' and adding in its place
``$1,070,000.''

PART 240--GENERAL RULES AND REGULATIONS, SECURITIES EXCHANGE ACT OF
1934

0
25. The general authority citation for part 240 is revised to read as
follows:

Authority: 15 U.S.C. 77c, 77d, 77g, 77j, 77s, 77z-2, 77z-3,
77eee, 77ggg, 77nnn, 77sss, 77ttt, 78c, 78c-3, 78c-5, 78d, 78e, 78f,
78g, 78i, 78j, 78j-1, 78k, 78k-1, 78l, 78m, 78n, 78n-1, 78o, 78o-4,
78o-10, 78p, 78q, 78q-1, 78s, 78u-5, 78w, 78x, 78ll, 78mm, 80a-20,
80a-23, 80a-29, 80a-37, 80b-3, 80b-4, 80b-11, 7201 et seq.; and
8302; 7 U.S.C. 2(c)(2)(E); 12 U.S.C. 5221(e)(3); 18 U.S.C. 1350; and
Pub. L. 111-203, 939A, 124 Stat. 1887 (2010); and secs. 503 and 602,
Pub. L. 112-106, 126 Stat. 326 (2012), unless otherwise noted.
* * * * *

0
26. Amend Sec. 240.12b-2 by adding the definition ``Emerging growth
company'' in alphabetical order to read as follows:

Sec. 240.12b-2 Definitions.

0
27. Amend Sec. 240.14a-21 by:
0
a. In paragraphs (a) and (b), removing ``If a solicitation is made by a
registrant and the solicitation relates to an annual or other meeting
of shareholders at which directors will be elected and for which the
rules of the Commission require executive compensation disclosure
pursuant to Item 402 of Regulation S-K (Sec. 229.402 of this
chapter)'' and adding in its place ``If a solicitation is made by a
registrant, other than an emerging growth company as defined in Rule
12b-2 (Sec. 240.12b-2), and the solicitation relates to an annual or
other meeting of shareholders at which directors will be elected and
for which the rules of the Commission require executive compensation
disclosure pursuant to Item 402 of Regulation S-K (Sec. 229.402 of
this chapter)'';
0
b. In paragraph (c), removing ``If a solicitation is made by a
registrant for a meeting of shareholders at which shareholders are
asked to approve an acquisition, merger, consolidation or proposed sale
or other disposition of all or substantially all the assets of the
registrant, the registrant shall include a separate resolution subject
to shareholder advisory vote to approve any agreements or
understandings and compensation disclosed pursuant to Item 402(t) of
Regulation S-K (Sec. 229.402(t) of this chapter)'' and adding in its
place ``If a solicitation is made by a registrant, other than an
emerging growth company as defined in Rule 12b-2 (Sec. 240.12b-2), for
a meeting of shareholders at which shareholders are asked to approve an
acquisition, merger, consolidation or proposed sale or other
disposition of all or substantially all the assets of the registrant,
the registrant shall include a separate resolution subject to
shareholder advisory vote to approve any agreements or understandings
and compensation disclosed pursuant to Item 402(t) of Regulation S-K
(Sec. 229.402(t) of this chapter)''; and
0
c. Add item 4 to the Instructions to Sec. 240.14a-21.
The addition reads as follows:

Sec. 240.14a-21 Shareholder approval of executive compensation,
frequency of votes for approval of executive compensation and
shareholder approval of golden parachute compensation.

* * * * *
Instructions to Sec. 240.14a-21: * * *
4. A registrant that has ceased being an emerging growth company
shall include the first separate resolution described under Sec.
240.14a-21(a) not later than the end of (i) in the case of a registrant
that was an emerging growth company for less than two years after the
date of first sale of common equity securities of the registrant
pursuant to an effective registration statement under the Securities
Act of 1933 (15 U.S.C 77a et seq.), the three-year period beginning on
such date; and (ii) in the case of any other registrant, the one-year
period beginning on the date the registrant is no longer an emerging
growth company.

PART 249--FORMS, SECURITIES EXCHANGE ACT OF 1934

0
28. The authority citation for part 249 continues to read in part as
follows:

Authority: 15 U.S.C. 78a et seq. and 7201 et seq.; 12 U.S.C.
5461 et seq.; 18 U.S.C. 1350;

[[Page 17556]]

Sec. 953(b) Pub. L. 111-203, 124 Stat. 1904; Sec. 102(a)(3) Pub. L.
112-106, 126 Stat. 309 (2012), Sec. 107 Pub. L. 112-106, 126 Stat.
313 (2012), and Sec. 72001 Pub. L. 114-94, 129 Stat. 1312 (2015),
unless otherwise noted.
* * * * *

0
29. Amend Form 10 (referenced in Sec. 249.210) by revising the text
and check boxes on the cover page immediately before the text
``Information Required in the Registration Statement'' to read as
follows:

Note: The text of Form 10 does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10

GENERAL FORM FOR REGISTRATION OF SECURITIES

Pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934

0
30. Amend Form 20-F (referenced in Sec. 249.220f) by:
0
a. Revising the text and check boxes on the cover page immediately
before the text ``Indicate by check mark which basis of accounting the
registrant has used to prepare the financial statements included in
this filing'';
0
b. Adding new Instruction 3 to ``Item 3.A'';
0
c. Adding new Instruction 4 to ``Item 8.A.2''; and
The additions and revisions read as follows.

Note: The text of Form 20-F does not, and this amendment will
not, appear in the Code of Federal Regulations.

FORM 20-F

* * * * *
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, or an
emerging growth company. See the definitions of ``large accelerated
filer,'' ``accelerated filer,'' and ``emerging growth company'' in Rule
12b-2 of the Exchange Act.
Large accelerated filer [square]
Accelerated filer [square]
Non-accelerated filer [square]
Emerging growth company [square]
If an emerging growth company that prepares its financial
statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards
[dagger] provided pursuant to Section 13(a) of the Exchange Act.
[square]
[dagger] The term ``new or revised financial accounting standard''
refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.
* * * * *

Item 3. Key Information

* * * * *
Instructions to Item 3A:
* * * * *
3. If you are an emerging growth company, as defined in Rule 12b-2
of the Exchange Act (Sec. 240.12b-2 of this chapter), that is
providing the information called for by Item 3.A.1 in: (1) A Securities
Act registration statement, you do not need to present selected
financial data for any period prior to the earliest audited financial
statements presented in connection with the initial public offering of
your common equity securities; or (2) a registration statement,
periodic report, or other report filed under the Exchange Act, you do
not need to present selected financial data in accordance with this
Item for any period prior to the earliest audited financial statements
presented in connection with your first registration statement that
became effective under the Exchange Act or the Securities Act.
* * * * *

Item 8. Financial Information

* * * * *
Instructions to Item 8.A.2:
* * * * *
4. If you are an emerging growth company, as defined in Rule 12b-2
(Sec. 240.12b-2 of this chapter), you do not need to present more than
two years of audited financial statements in your registration
statement for an initial public offering of your common equity
securities.
* * * * *

Item 15. Controls and Procedures

* * * * *
(4) If an issuer is an accelerated filer or a large accelerated
filer (as defined in Sec. 240.12b-2 of this chapter), other than an
emerging growth company (as defined in Sec. 240.12b-2 of this
chapter), or otherwise includes in its annual report a registered
public accounting firm's attestation report on internal control over
financial reporting, a statement that the registered public accounting
firm that audited the financial statements included in the annual
report containing the disclosure required by this Item has issued an
attestation report on management's assessment of the issuer's internal
control over financial reporting.
(c) Attestation report of the registered public accounting firm. If
an issuer is an accelerated filer or a large accelerated filer (as
defined in Sec. 240.12b-2 of this chapter), other than an emerging
growth company (as defined in Sec. 240.12b-2 of this chapter), and
where the Form is being used as an annual report filed under Section
13(a) or 15(d) of the Exchange Act, provide the registered public
accounting firm's attestation report on management's assessment of the
issuer's internal control over financial reporting in the issuer's
annual report containing the disclosure required by this Item.
* * * * *

0
31. Amend Form 40-F (referenced in Sec. 249.240f) by:
0
a. Adding text and two check boxes to the cover page immediately before
the General Instructions;
0
b. Revising paragraph (6)(c)(4) and (d) to General Instruction B.
The additions and revisions read as follows.

Note: The text of Form 40-F does not, and this amendment will
not, appear in the Code of Federal Regulations.

FORM 40-F

* * * * *
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 12b-2 of the Exchange Act.
Emerging growth company [square]
If an emerging growth company that prepares its financial
statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards
[dagger]

[[Page 17557]]

provided pursuant to Section 13(a) of the Exchange Act. [square]
[dagger] The term ``new or revised financial accounting standard''
refers to any update issued by the Financial Accounting Standards Board
to its Accounting Standards Codification after April 5, 2012.
* * * * *

B. Information To Be Filed on This Form

* * * * *
(6) * * *
(c) Management's annual report on internal control over financial
reporting. * * *
(4) If an issuer, other than an emerging growth company, as defined
in Rule 12b-2 of the Exchange Act, a statement that the registered
public accounting firm that audited the financial statements included
in the annual report containing the disclosure required by this Item
has issued an attestation report on management's assessment of the
issuer's internal control over financial reporting.
(d) Attestation report of the registered public accounting firm.
Where the Form is being used as an annual report filed under Section
13(a) or 15(d) of the Exchange Act, the issuer, other than an emerging
growth company, as defined in Rule 12b-2 of the Exchange Act, must
provide the registered public accounting firm's attestation report on
management's assessment of internal control over financial reporting in
the annual report containing the disclosure required by this Item.
* * * * *

0
32. Amend Form 8-K (referenced in Sec. 249.308) by adding text and two
check boxes to the cover page immediately before the General
Instructions to read as follows:

Note: The text of Form 8-K does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
* * * * *
Indicate by check mark whether the registrant is an emerging growth
company as defined in as defined in Rule 405 of the Securities Act of
1933 (Sec. 230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (Sec. 240.12b-2 of this chapter).
Emerging growth company [square]
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. [square]
* * * * *

0
33. Amend Form 10-Q (referenced in Sec. 249.308a) by revising the text
and check boxes on the cover page immediately before the text
``Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).'' to read as follows:

Note: The text of Form 10-Q does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

0
34. Amend Form 10-K (referenced in Sec. 249.310) by revising the text
and check boxes on the cover page immediately before the text
``Indicate by check mark whether the registrant is a shell company (as
defined in Rule 12b-2 of the Exchange Act).'' to read as follows:

Note: The text of Form 10-K does not, and this amendment will
not, appear in the Code of Federal Regulations.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-K

By the Commission.

Dated: March 31, 2017.
Brent J. Fields,
Secretary.
[FR Doc. 2017-06797 Filed 4-11-17; 8:45 am]
BILLING CODE 8011-01-P

Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Rules and Regulations 17547

conform them to amended Section 7(a) MD&A Disclosure affiliates of less than $75,000,000.’’ Item
of the Securities Act. Section 102(c) of the JOBS Act 402(l) of Regulation S–K allows an
Item 301 of Regulation S–K requires provides that an EGC is permitted to issuer that is a smaller reporting
issuers that are not smaller reporting comply with the MD&A requirements of company to provide the scaled
companies to include five years of Item 303(a) of Regulation S–K by executive compensation disclosures set
forth in Items 402(m)–(r) of Regulation
selected financial data (or such shorter providing disclosure covering only the
S–K. To conform this Item to Section
period as the issuer has been in audited financial statements for each
102(c), we are amending Item 402(l) of
existence) in any filing for which such period that Section 7(a) of the Securities
Regulation S–K to specify that EGCs
disclosure is required. The language in Act requires to be presented in its IPO
also are permitted to provide the scaled
amended Section 7(a) of the Securities registration statement. Item 303(a) of
executive compensation disclosure in
Act refers to ‘‘any other’’ registration Regulation S–K generally requires an
Items 402(m)–(r) of Regulation S–K.
statement and does not expressly issuer to discuss, among other things, Exchange Act Rule 14a–21 requires
address the application of the five years the company’s financial condition, registrants to conduct shareholder
of selected financial data requirement in changes in financial condition and advisory votes on say-on-pay, say-on-
Item 301 of Regulation S–K to IPO results of operations for the previous frequency and golden parachute
registration statements filed by EGCs.52 three fiscal years and any interim compensation arrangements with any
In light of the other relief provided in periods. To conform the Item to Section ‘‘named executive officers.’’ 54 The rule
amended Section 7(a), which permits an 102(c), we are adopting amendments to applies to all registrants making a
EGC to present only two years of Instruction 1 to Item 303(a). The solicitation in connection with a
audited financial statements in its IPO amendments specify that if an EGC, meeting of shareholders at which
registration statement and, in pursuant to Section 7(a) of the directors are to be elected and for which
subsequent registered offerings, to Securities Act, provides audited compensation disclosure is required to
present selected financial data for no financial statements for two years in a be provided pursuant to Item 402 of
period earlier than that presented in its Securities Act registration statement for Regulation S–K, or to registrants making
IPO registration statement, we interpret the initial public offering of its common a solicitation in connection with a
amended Section 7(a) to mean that an equity securities, it may provide the meeting at which shareholders are asked
EGC need not present selected financial discussion required by Item 303(a) for to approve a merger, acquisition or sale
data for any period prior to the earliest its two most recent fiscal years. of all or substantially all of the assets of
audited period presented in its IPO B. Auditor Attestation of Management’s an issuer.
registration statement.53 Otherwise, the Report on Internal Control Over Section 102(a) of the JOBS Act
intended relief of Section 7(a) with Financial Reporting amended Section 14A(e) of the
respect to selected financial data would Exchange Act to exempt EGCs from say-
Section 103 of the JOBS Act amended on-pay, say-on-frequency votes, golden
not be available in an IPO registration Section 404(b) of the Sarbanes-Oxley
statement, as it is with subsequent parachute compensation votes and the
Act to provide that the auditor of an related disclosure provisions. We are
registration statements. Accordingly, we EGC does not need to attest to, and
are adopting amendments to Item 301 of adopting conforming amendments to
report on, management’s assessment of Exchange Act Rule 14a–21 and Item
Regulation S–K to reflect this statutory the effectiveness of the EGC’s internal
interpretation. 402(t) and Instruction 1 to Item 1011(b)
control over financial reporting of Regulation S–K that specify that an
Exchange Act Registration Statements (‘‘ICFR’’). An EGC, however, is still EGC is not required to conduct
and Periodic Reports required to establish and maintain shareholder advisory votes on say-on-
internal control over financial reporting pay, say-on-frequency, and golden
Section 102(b)(2) of the JOBS Act and, when applicable, to include a parachute compensation, or provide the
amended Section 13(a) of the Exchange management’s report on ICFR in its related disclosures. In addition, Section
Act to provide that an EGC need not annual report. To conform our rules and 102(a) of the JOBS Act amended Section
present selected financial data in an forms to amended Section 404(b), we 14A of the Exchange Act to provide for
Exchange Act registration statement or are adopting amendments to Article 2– a transition period when an EGC exits
periodic report for any period prior to 02 of Regulation S–X, Item 308 of EGC status before it has to seek a
the earliest audited period presented in Regulation S–K, and Forms 20–F and shareholder advisory vote on say-on-
the EGC’s first effective registration 40–F to specify that the auditor of an pay. We are adding a new instruction to
statement under either the Exchange Act EGC does not need to attest to, and Rule 14a–21 to reflect the transition
or Securities Act. We are adopting report on, management’s report on ICFR period set forth in the JOBS Act.
amendments to Item 301 of Regulation and that management does not need to
S–K to conform that provision to include the auditor’s attestation report 54 Item 402(a)(3) of Regulation S–K [17 CFR

amended Section 13(a). on ICFR in an annual report required by 229.402(a)(3)] defines named executive officers as
Section 13(a) or 15(d) of the Exchange (1) all individuals serving as the registrant’s
Act. principal executive officer or acting in a similar
52 See 15 U.S.C. 77g(a)(2). capacity during the last completed fiscal year
53 In 2012, the Division of Corporation Finance (‘‘PEO’’), regardless of compensation level, (2) all
C. Executive Compensation Disclosure
provided guidance on the JOBS Act, including that individuals serving as the registrant’s principal
the Division would not object if an emerging growth
and Shareholder Advisory Voting financial officer or acting in a similar capacity
company presenting two years of audited financial Section 102(c) of the JOBS Act during the last completed fiscal year (‘‘PFO’’),
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statements in its initial public offering registration regardless of compensation level, (3) the registrant’s
statement in accordance with Securities Act Section
provides in part that an EGC shall only three most highly compensated executive officers
7(a)(2)(A) were to limit the number of years of be required to provide executive other than the PEO and PFO who were serving as
selected financial data under Item 301 of Regulation compensation disclosure pursuant to executive officers at the end of the last completed
S–K to two years. See Frequently Asked Questions Item 402 of Regulation S–K to the same fiscal year, and (4) up to two additional individuals
of General Applicability on Title I of the JOBS Act for whom Item 402 disclosure would have been
(Dec. 21, 2015 revised), Question 11, available at
extent as a registrant ‘‘with a market provided but for the fact that the individual was not
http://www.sec.gov/divisions/corpfin/guidance/ value of outstanding voting and serving as an executive officer of the registrant at
cfjjobsactfaq-title-i-general.htm. nonvoting common equity held by non- the end of the last completed fiscal year.

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Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Rules and Regulations 17549

year before the EGC definition was $1,000,000,000). Under the statutory Commission has adopted Regulation
established by the JOBS Act, which was rounding convention, the threshold is Crowdfunding to implement that
2011. We thus use the CPI–U for set to the nearest $1,000,000. Therefore, exemption.64 Sections 4(a)(6) and 4A of
December 2011, which was 225.672 the rounded increase in the EGC gross the Securities Act set forth dollar
(‘‘2011 CPI–U’’). revenue threshold is $70,000,000. amounts used in connection with the
Second, we calculate the cost-of- Fifth, we add the rounded increase to crowdfunding exemption,65 and Section
living adjustment or inflation factor. To the current EGC revenue threshold (i.e., 4A(h)(1) 66 states that those dollar
do this we divide the 2016 CPI–U by the $1,000,000,000). The inflation-adjusted amounts shall be adjusted by the
2011 CPI–U. The resulting inflation EGC gross revenue threshold is Commission not less frequently than
factor is 1.06984. $1,000,000,000 plus $70,000,000, which once every five years to reflect any
Third, we calculate the raw inflation yields a maximum inflation-adjusted changes in the CPI–U. Pursuant to this
adjustment, which is the inflation EGC revenue threshold of directive, we are amending Rules 100
adjustment before rounding. To do this, $1,070,000,000. The ‘‘emerging growth and 201(t) of Regulation Crowdfunding
we multiply the current EGC gross company’’ definitions being adopted in and Securities Act Form C to adjust the
revenue threshold, $1,000,000,000, by Securities Act Rule 405 and Exchange dollar amounts set forth in these rules
the inflation factor 1.06984, which Act Rule 12b–2 reflect this adjusted to inflation.
equals $1,069,840,000. threshold, and will henceforth be
Fourth, we round the raw inflation amended every five years to account for To determine the adjusted dollar
amounts according to the convention set future inflation adjustments. amounts, we use the same process as
forth in the statutory definition.63 Since described above in connection with the
we round only the increase amount, we B. Regulation Crowdfunding EGC adjustment to determine the raw
calculate the increased amount by Amendments inflation amounts.67 Then we round up
subtracting the current EGC gross Title III of the JOBS Act amended the the raw inflation amounts to the nearest
revenue threshold from the raw Securities Act to add Section 4(a)(6), $100 for amounts under $100,000 and to
maximum inflation adjustments. which provides an exemption from the the nearest $1,000 for amounts that
Accordingly, the increase in the EGC registration requirements of Section 5 of equal or exceed $100,000. Tables 1 and
gross revenue threshold is $69,840,000 the Securities Act for certain 2 show the inflation-adjusted amounts
(i.e., $1,069,840,000 less crowdfunding transactions. The for Rules 100 and 201(t).68

TABLE 1—INFLATION-ADJUSTED AMOUNTS IN RULE 100 OF REGULATION CROWDFUNDING (OFFERING MAXIMUM AND
INVESTMENT LIMITS)
Rounded
Original inflation-
Regulation crowdfunding rule amount adjusted
($) amount
($)

Maximum aggregate amount an issuer can sell under Regulation Crowdfunding in a 12-month period (Rule
100(a)(1)) ............................................................................................................................................................. 1,000,000 1,070,000
Threshold for assessing investor’s annual income or net worth to determine investment limits (Rule 100(a)(2)(i)
and (ii)) ................................................................................................................................................................. 100,000 107,000
Lower threshold of Regulation Crowdfunding securities permitted to be sold to an investor if annual income or
net worth is less than $107,000 (Rule 100(a)(2)(i)) ............................................................................................ 2,000 2,200
Maximum amount that can be sold to an investor under Regulation Crowdfunding in a 12-month period (Rule
100(a)(2)(ii)) ......................................................................................................................................................... 100,000 107,000

TABLE 2—INFLATION-ADJUSTED AMOUNTS IN RULE 201(t) OF REGULATION CROWDFUNDING (FINANCIAL STATEMENT
REQUIREMENTS)
Original Rounded
offering inflation-
Regulation crowdfunding rule threshold adjusted
amount amount
($) ($)

Rule 201(t)(1) ........................................................................................................................................................... 100,000 107,000
Rule 201(t)(2) ........................................................................................................................................................... 500,000 535,000
Rule 201(t)(3) ........................................................................................................................................................... 1,000,000 1,070,000
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63 See Section 2(a)(19) of the Securities Act and that may be sold to any investor by an issuer in 67 The 2016 CPI–U is divided by the 2011 CPI–

Section 3(a)(80) of the Exchange Act, which require reliance on the crowdfunding exemption. These U to derive the inflation factor of 1.06984. Each
the amount to be set to the nearest $1,000,000. amounts are reflected in Rule 100 of Regulation dollar amount is then multiplied by the inflation
64 Crowdfunding, Release No. 33–9974 (Oct. 30, Crowdfunding (17 CFR 227.100). Section factor to determine the raw inflation adjusted
2015) [80 FR 71388]. 4A(b)(1)(D) sets forth thresholds for determining the amount.
65 Section 4(a)(6)(A) sets forth the maximum level of financial statements required, and those 68 We have reflected the adjusted amounts for the

amount an issuer may sell in reliance on the thresholds are reflected in Rule 201(t) of Regulation financial statement thresholds where those are
crowdfunding exemption in a 12-month period, and Crowdfunding (17 CFR 227.201(t)). referenced in Question 29 of the ‘‘Optional
Section 4(a)(6)(B) sets limits on the dollar amount 66 15 U.S.C. 77d–1(h)(1). Question & Answer Format’’ portion of Form C.

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17552 Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Rules and Regulations

in Rule 405 of the Securities Act 78m, 78n, 78n–1, 78o, 78u–5, 78w, 78ll, 78 year comparisons or any other formats
(§ 230.405 of this chapter) or Rule 12b– mm, 80a–8, 80a–9, 80a–20, 80a–29, 80a–30, that in the registrant’s judgment
2 of the Exchange Act (§ 240.12b–2 of 80a–31(c), 80a–37, 80a–38(a), 80a–39, 80b–11 enhance a reader’s understanding. An
this chapter), may, in a Securities Act and 7201 et seq.; 18 U.S.C. 1350; sec. 953(b), emerging growth company, as defined
Pub. L. 111–203, 124 Stat. 1904 (2010); and
registration statement for the initial sec. 102(c), Pub. L. 112–106, 126 Stat. 310
in Rule 405 of the Securities Act
public offering of the emerging growth (2012). (§ 230.405 of this chapter) or Rule 12b–
company’s equity securities, provide 2 of the Exchange Act (§ 240.12b–2 of
■ 8. Amend § 229.301 by adding
audited statements of income and cash this chapter), may provide the
paragraph (d) before the Instructions to
flows for each of the two fiscal years discussion required in paragraph (a) of
Item 301 to read as follows:
preceding the date of the most recent this Item for its two most recent fiscal
audited balance sheet (or such shorter § 229.301 (Item 301) Selected financial years if, pursuant to Section 7(a) of the
period as the registrant has been in data. Securities Act of 1933 (15 U.S.C 77g(a)),
existence). * * * * * it provides audited financial statements
* * * * * (d) Emerging growth company. An for two years in a Securities Act
emerging growth company, as defined registration statement for the initial
PART 227—REGULATION in Rule 405 of the Securities Act of 1933 public offering of the emerging growth
CROWDFUNDING, GENERAL RULES (§ 230.405 of this chapter) or Rule 12b– company’s common equity securities.
AND REGULATIONS 2 of the Securities Exchange Act of 1934 * * * * *
(§ 240.12b–2 of this chapter), that is ■ 10. Amend § 229.308 by revising
■ 4. The authority citation for part 227 providing the information called for by
continues to read as follows: paragraph (b) to read as follows:
this Item in:
Authority: 15 U.S.C. 77d, 77d–1, 77s, 78c, (1) A Securities Act registration § 229.308 (Item 308) Internal control over
78o, 78q, 78w, 78mm, and Pub. L. 112–106, statement, need not present selected financial reporting.
secs. 301–305, 126 Stat. 306 (2012). financial data for any period prior to the * * * * *
§ 227.100 [Amended] earliest audited financial statements (b) Attestation report of the registered
presented in connection with the public accounting firm. If the registrant,
■ 5. Amend § 227.100 by: registrant’s initial public offering of its other than a registrant that is an
■ a. In paragraph (a)(1), removing common equity securities; or emerging growth company, as defined
reference to ‘‘$1,000,000’’ and adding in (2) A registration statement, periodic in Rule 405 of the Securities Act of 1933
its place ‘‘$1,070,000’’; report, or other report filed under the (§ 230.405 of this chapter) or Rule 12b–
■ b. In paragraph (a)(2)(i), removing 2 of the Securities Exchange Act of 1934
Exchange Act, need not present selected
reference to ‘‘$2,000’’ and adding in its financial data for any period prior to the (§ 240.12b–2 of this chapter), is an
place ‘‘$2,200’’; and removing earliest audited financial statements accelerated filer or a large accelerated
‘‘$100,000’’ and adding in its place presented in connection with its first filer (as defined in § 240.12b–2 of this
‘‘$107,000’’; registration statement that became chapter), provide the registered public
■ c. In paragraph (a)(2)(ii), removing the accounting firm’s attestation report on
effective under the Exchange Act or the
two references to ‘‘$100,000’’ and Securities Act. the registrant’s internal control over
adding in their place ‘‘$107,000.’’ financial reporting in the registrant’s
* * * * *
§ 227.201 [Amended] annual report containing the disclosure
■ 9. Amend § 229.303 by revising
required by this Item.
■ 6. Amend § 227.201 by: instruction 1 of the Instructions to
Paragraph 303(a) to read as follows: * * * * *
■ a. In paragraph (t)(1), removing
reference to ‘‘$100,000’’ and adding in ■ 11. Amend § 229.402 by revising
§ 229.303 (Item 303) Management’s paragraph (l) and the introductory text
its place ‘‘$107,000’’; discussion and analysis of financial
■ b. In paragraph (t)(2), removing to paragraph (t)(1) to read as follows:
condition and results of operations.
reference to ‘‘$100,000’’ and adding in § 229.402 (Item 402) Executive
* * * * *
its place ‘‘$107,000’’; and removing compensation.
Instructions to paragraph 303(a): 1.
reference to ‘‘$500,000’’ and adding in * * * * *
The registrant’s discussion and analysis
its place ‘‘$535,000’’; (l) Smaller reporting companies and
■ c. In paragraph (t)(3), removing the
shall be of the financial statements and
other statistical data that the registrant emerging growth companies. A
two references to ‘‘$500,000’’ and registrant that qualifies as a ‘‘smaller
adding in their place ‘‘$535,000’’; and believes will enhance a reader’s
understanding of its financial condition, reporting company,’’ as defined by Item
removing reference to ‘‘$1,000,000’’ and 10(f) (§ 229.10(f)(1)), or is an ‘‘emerging
adding in its place ‘‘$1,070,000.’’ changes in financial condition and
results of operations. Generally, the growth company,’’ as defined in Rule
PART 229—STANDARD discussion shall cover the three-year 405 of the Securities Act (§ 230.405 of
INSTRUCTIONS FOR FILING FORMS period covered by the financial this chapter) or Rule 12b–2 of the
UNDER SECURITIES ACT OF 1933, statements and shall use year-to-year Exchange Act (§ 240.12b–2 of this
SECURITIES EXCHANGE ACT OF 1934 comparisons or any other formats that in chapter), may provide the scaled
AND ENERGY POLICY AND the registrant’s judgment enhance a disclosure in paragraphs (m) through (r)
CONSERVATION ACT OF 1975— reader’s understanding. However, where instead of paragraphs (a) through (k), (s),
REGULATION S–K trend information is relevant, reference and (u) of this Item.
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to the five-year selected financial data * * * * *
■ 7. The authority citation for part 229 appearing pursuant to Item 301 of (t) Golden parachute compensation.
is revised to read as follows: Regulation S–K (§ 229.301) may be (1) In connection with any proxy or
Authority: 15 U.S.C. 77e, 77f, 77g, 77h, necessary. A smaller reporting consent solicitation material providing
77j, 77k, 77s, 77z–2, 77z–3, 77aa(25), company’s discussion shall cover the the disclosure required by section
77aa(26), 77ddd, 77eee, 77ggg, 77hhh, 77iii, two-year period required in Article 8 of 14A(b)(1) of the Exchange Act (15 U.S.C.
77jjj, 77nnn, 77sss, 78c, 78i, 78j, 78j–3, 78l, Regulation S–X and shall use year-to- 78n–1(b)(1)) or any proxy or consent

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Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Rules and Regulations 17553

solicitation that includes disclosure Sections 230.400 to 230.499 issued under UNITED STATES SECURITIES AND
under Item 14 of Schedule 14A 15 U.S.C. 77f, 77h, 77j, 77s, unless otherwise EXCHANGE COMMISSION
(§ 240.14a–101 of this chapter) pursuant noted.
Section 230.502 is also issued under 15
Washington, DC 20549
to Note A of Schedule 14A (excluding
any proxy or consent solicitation of an U.S.C. 80a–8, 80a–29, 80a–30. FORM S–1
‘‘emerging growth company,’’ as defined ■ 14. Amend § 230.405 by adding the REGISTRATION STATEMENT UNDER
in Rule 405 of the Securities Act definition ‘‘Emerging growth company’’ THE SECURITIES ACT OF 1933
(§ 230.405 of this chapter) or Rule 12b– in alphabetical order to read as follows:
2 of the Exchange Act (§ 240.12b–2 of * * * * *
this chapter)), with respect to each Indicate by check mark whether the
§ 230.405 Definitions of terms.
named executive officer of the acquiring registrant is a large accelerated filer, an
* * * * * accelerated filer, a non-accelerated filer,
company and the target company,
provide the information specified in Emerging growth company. (1) The smaller reporting company, or an
paragraphs (t)(2) and (3) of this section term emerging growth company means emerging growth company. See the
regarding any agreement or an issuer that had total annual gross definitions of ‘‘large accelerated filer,’’
understanding, whether written or revenues of less than $1,070,000,000 ‘‘accelerated filer,’’ ‘‘smaller reporting
unwritten, between such named during its most recently completed company,’’ and ‘‘emerging growth
executive officer and the acquiring fiscal year. company’’ in Rule 12b–2 of the
company or target company, concerning (2) An issuer that is an emerging Exchange Act.
any type of compensation, whether Large accelerated filer b
growth company as of the first day of
Accelerated filer b
present, deferred or contingent, that is that fiscal year shall continue to be
Non-accelerated filer b (Do not
based on or otherwise relates to an deemed an emerging growth company
check if a smaller reporting company)
acquisition, merger, consolidation, sale until the earliest of:
Smaller reporting company b
or other disposition of all or (i) The last day of the fiscal year of the Emerging growth company b
substantially all assets of the issuer, as issuer during which it had total annual If an emerging growth company,
follows: gross revenues of $1,070,000,000 or indicate by check mark if the registrant
* * * * * more; has elected not to use the extended
■ 12. Amend § 229.1011 by revising transition period for complying with
(ii) The last day of the fiscal year of
instruction 1 of the Instructions to Item the issuer following the fifth any new or revised financial accounting
1011(b) to read as follows: anniversary of the date of the first sale standards provided pursuant to Section
§ 229.1011 (Item 1011) Additional of common equity securities of the 7(a)(2)(B) of the Securities Act. b
information. issuer pursuant to an effective * * * * *
* * * * * registration statement under the ■ 17. Amend Form S–3 (referenced in
Securities Act of 1933; § 239.13) by revising the text and check
Instructions to Item 1011(b). boxes on the cover page immediately
(iii) The date on which such issuer
1. The obligation to provide the has, during the previous three year before the ‘‘Calculation of Registration
information in paragraph (b) of this period, issued more than $1,000,000,000 Fee’’ table to read as follows:
section shall not apply where the issuer in non-convertible debt; or Note: The text of Form S–3 does not, and
whose securities are the subject of the this amendment will not, appear in the Code
Rule 13e–3 transaction or tender offer is (iv) The date on which such issuer is of Federal Regulations.
a foreign private issuer, as defined in deemed to be a large accelerated filer, as
§ 240.3b–4 of this chapter, or an defined in Rule 12b–2 of the Exchange UNITED STATES SECURITIES AND
emerging growth company, as defined Act (§ 240.12b–2 of this chapter). EXCHANGE COMMISSION
in Rule 405 of the Securities Act * * * * * Washington, DC 20549
(§ 230.405 of this chapter) or Rule 12b–
2 of the Exchange Act (§ 240.12b–2 of PART 239—FORMS PRESCRIBED FORM S–3
this chapter). UNDER THE SECURITIES ACT OF 1933 REGISTRATION STATEMENT UNDER
* * * * * THE SECURITIES ACT OF 1933
■ 15. The authority citation for part 239
PART 230—GENERAL RULES AND * * * * *
is revised to read in part as follows:
Indicate by check mark whether the
REGULATIONS, SECURITIES ACT OF Authority: 15 U.S.C. 77c, 77f, 77g, 77h, 77j, registrant is a large accelerated filer, an
1933 77s, 77z–2, 77z–3, 77sss, 78c, 78l, 78m,78n, accelerated filer, a non-accelerated filer,
■ 13. The authority citation for part 230 78o(d), 78o–7 note, 78u–5, 78w(a), 78ll, smaller reporting company, or an
continues to read as follows: 78mm, 80a–2(a), 80a–3, 80a–8, 80a–9, 80a– emerging growth company. See the
10, 80a–13, 80a–24, 80a–26, 80a–29, 80a–30, definitions of ‘‘large accelerated filer,’’
Authority: 15 U.S.C. 77b, 77b note, 77c, and 80a–37; and sec. 107, Pub. L. 112–106,
77d, 77f, 77g, 77h, 77j, 77r, 77s, 77z–3, 77sss, ‘‘accelerated filer,’’ ‘‘smaller reporting
126 Stat. 312, unless otherwise noted. company,’’ and ‘‘emerging growth
78c, 78d, 78j, 78l, 78m, 78n, 78o, 78o–7 note,
78t, 78w, 78ll(d), 78mm, 80a–8, 80a–24, 80a– * * * * * company’’ in Rule 12b–2 of the
28, 80a–29, 80a–30, and 80a–37, and Public Exchange Act.
Law 112–106, sec. 201(a), sec. 401, 126 Stat. ■ 16. Amend Form S–1 (referenced in Large accelerated filer b
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313 (2012), unless otherwise noted. § 239.11) by revising the text and check Accelerated filer b
Section 230.151 is also issued under 15 boxes on the cover page immediately Non-accelerated filer b (Do not
U.S.C. 77s(a). before the ‘‘Calculation of Registration
Section 230.160 is also issued under
check if a smaller reporting company)
Fee’’ table to read as follows: Smaller reporting company b
Section 104(d) of the Electronic Signatures
Act. Note: The text of Form S–1 does not, and Emerging growth company b
Section 230.193 is also issued under sec. this amendment will not, appear in the Code If an emerging growth company,
943, Public Law 111–203, 124 Stat. 1376. of Federal Regulations. indicate by check mark if the registrant

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17554 Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Rules and Regulations

has elected not to use the extended smaller reporting company, or an Note: The text of Form F–1 does not, and
transition period for complying with emerging growth company. See the this amendment will not, appear in the Code
any new or revised financial accounting definitions of ‘‘large accelerated filer,’’ of Federal Regulations.
standards provided pursuant to Section ‘‘accelerated filer,’’ ‘‘smaller reporting
7(a)(2)(B) of the Securities Act. b company,’’ and ‘‘emerging growth UNITED STATES SECURITIES AND
company’’ in Rule 12b–2 of the EXCHANGE COMMISSION
* * * * *
■ 18. Amend Form S–8 (referenced in Exchange Act. Washington, DC 20549
§ 239.16b) by revising the text and check Large accelerated filer b FORM F–1
boxes on the cover page immediately Accelerated filer b
before the ‘‘Calculation of Registration Non-accelerated filer b (Do not REGISTRATION STATEMENT UNDER
check if a smaller reporting company) THE SECURITIES ACT OF 1933
Fee’’ table to read as follows:
Smaller reporting company b * * * * *
Note: The text of Form S–8 does not, and Emerging growth company b
this amendment will not, appear in the Code Indicate by check mark whether the
If an emerging growth company, registrant is an emerging growth
of Federal Regulations.
indicate by check mark if the registrant company as defined in Rule 405 of the
UNITED STATES SECURITIES AND has elected not to use the extended Securities Act of 1933.
EXCHANGE COMMISSION transition period for complying with Emerging growth company b
any new or revised financial accounting If an emerging growth company that
Washington, DC 20549 standards provided pursuant to Section prepares its financial statements in
FORM S–8 7(a)(2)(B) of the Securities Act. b accordance with U.S. GAAP, indicate by
REGISTRATION STATEMENT UNDER * * * * * check mark if the registrant has elected
THE SECURITIES ACT OF 1933 ■ 20. Amend Form S–4 (referenced in not to use the extended transition
§ 239.25) by revising the text and check period for complying with any new or
* * * * * boxes on the cover page immediately revised financial accounting standards †
Indicate by check mark whether the before the ‘‘Calculation of Registration provided pursuant to Section 7(a)(2)(B)
registrant is a large accelerated filer, an Fee’’ table to read as follows: of the Securities Act. b
accelerated filer, a non-accelerated filer, † The term ‘‘new or revised financial
smaller reporting company, or an Note: The text of Form S–4 does not, and
this amendment will not, appear in the Code accounting standard’’ refers to any
emerging growth company. See the update issued by the Financial
of Federal Regulations.
definitions of ‘‘large accelerated filer,’’ Accounting Standards Board to its
‘‘accelerated filer,’’ ‘‘smaller reporting UNITED STATES SECURITIES AND Accounting Standards Codification after
company,’’ and ‘‘emerging growth EXCHANGE COMMISSION April 5, 2012.
company’’ in Rule 12b–2 of the
Exchange Act. Washington, DC 20549 * * * * *
Large accelerated filer b FORM S–4
■ 22. Amend Form F–3 (referenced in
Accelerated filer b § 239.33) by adding text and two check
Non-accelerated filer b (Do not REGISTRATION STATEMENT UNDER boxes to the cover page immediately
check if a smaller reporting company) THE SECURITIES ACT OF 1933 before the ‘‘Calculation of Registration
Smaller reporting company b * * * * * Fee’’ table to read as follows:
Emerging growth company b Indicate by check mark whether the Note: The text of Form F–3 does not, and
If an emerging growth company,
registrant is a large accelerated filer, an this amendment will not, appear in the Code
indicate by check mark if the registrant of Federal Regulations.
accelerated filer, a non-accelerated filer,
has elected not to use the extended
smaller reporting company, or an
transition period for complying with UNITED STATES SECURITIES AND
emerging growth company. See the
any new or revised financial accounting EXCHANGE COMMISSION
definitions of ‘‘large accelerated filer,’’
standards provided pursuant to Section
‘‘accelerated filer,’’ ‘‘smaller reporting Washington, DC 20549
7(a)(2)(B) of the Securities Act. b
company,’’ and ‘‘emerging growth
* * * * * FORM F–3
company’’ in Rule 12b–2 of the
■ 19. Amend Form S–11 (referenced in Exchange Act. REGISTRATION STATEMENT UNDER
§ 239.18) by revising the text and check Large accelerated filer b THE SECURITIES ACT OF 1933
boxes on the cover page immediately Accelerated filer b * * * * *
before the ‘‘Calculation of Registration Non-accelerated filer b (Do not Indicate by check mark whether the
Fee’’ table to read as follows: check if a smaller reporting company) registrant is an emerging growth
Note: The text of Form S–11 does not, and Smaller reporting company b company as defined in Rule 405 of the
this amendment will not, appear in the Code Emerging growth company b Securities Act of 1933.
of Federal Regulations. If an emerging growth company, Emerging growth company b
indicate by check mark if the registrant If an emerging growth company that
UNITED STATES SECURITIES AND has elected not to use the extended prepares its financial statements in
EXCHANGE COMMISSION transition period for complying with accordance with U.S. GAAP, indicate by
Washington, DC 20549 any new or revised financial accounting check mark if the registrant has elected
standards provided pursuant to Section not to use the extended transition
FORM S–11
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7(a)(2)(B) of the Securities Act. b period for complying with any new or
REGISTRATION STATEMENT UNDER * * * * * revised financial accounting standards †
THE SECURITIES ACT OF 1933 ■ 21. Amend Form F–1 (referenced in provided pursuant to Section 7(a)(2)(B)
* * * * * § 239.31) by adding text and two check of the Securities Act. b
Indicate by check mark whether the boxes to the cover page immediately † The term ‘‘new or revised financial
registrant is a large accelerated filer, an before the ‘‘Calculation of Registration accounting standard’’ refers to any
accelerated filer, a non-accelerated filer, Fee’’ table to read as follows: update issued by the Financial

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Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Rules and Regulations 17555

Accounting Standards Board to its Authority: 15 U.S.C. 77c, 77d, 77g, 77j, require executive compensation
Accounting Standards Codification after 77s, 77z–2, 77z–3, 77eee, 77ggg, 77nnn, disclosure pursuant to Item 402 of
April 5, 2012. 77sss, 77ttt, 78c, 78c–3, 78c–5, 78d, 78e, 78f, Regulation S–K (§ 229.402 of this
78g, 78i, 78j, 78j–1, 78k, 78k–1, 78l, 78m, chapter)’’;
* * * * * 78n, 78n–1, 78o, 78o–4, 78o–10, 78p, 78q,
■ b. In paragraph (c), removing ‘‘If a
■ 23. Amend Form F–4 (referenced in 78q–1, 78s, 78u–5, 78w, 78x, 78ll, 78mm,
80a–20, 80a–23, 80a–29, 80a–37, 80b–3, 80b– solicitation is made by a registrant for a
§ 239.34) by adding text and two check
4, 80b–11, 7201 et seq.; and 8302; 7 U.S.C. meeting of shareholders at which
boxes to the cover page immediately
2(c)(2)(E); 12 U.S.C. 5221(e)(3); 18 U.S.C. shareholders are asked to approve an
before the ‘‘Calculation of Registration
1350; and Pub. L. 111–203, 939A, 124 Stat. acquisition, merger, consolidation or
Fee:’’ table to read as follows: 1887 (2010); and secs. 503 and 602, Pub. L. proposed sale or other disposition of all
Note: The text of Form F–4 does not, and 112–106, 126 Stat. 326 (2012), unless or substantially all the assets of the
this amendment will not, appear in the Code otherwise noted. registrant, the registrant shall include a
of Federal Regulations. * * * * * separate resolution subject to
■ 26. Amend § 240.12b–2 by adding the shareholder advisory vote to approve
UNITED STATES SECURITIES AND
definition ‘‘Emerging growth company’’ any agreements or understandings and
EXCHANGE COMMISSION
in alphabetical order to read as follows: compensation disclosed pursuant to
Washington, DC 20549 Item 402(t) of Regulation S–K
§ 240.12b–2 Definitions. (§ 229.402(t) of this chapter)’’ and
FORM F–4
* * * * * adding in its place ‘‘If a solicitation is
REGISTRATION STATEMENT UNDER Emerging growth company. (1) The made by a registrant, other than an
THE SECURITIES ACT OF 1933 term emerging growth company means emerging growth company as defined in
* * * * * an issuer that had total annual gross Rule 12b–2 (§ 240.12b–2), for a meeting
Indicate by check mark whether the revenues of less than $1,070,000,000 of shareholders at which shareholders
registrant is an emerging growth during its most recently completed are asked to approve an acquisition,
company as defined in Rule 405 of the fiscal year. merger, consolidation or proposed sale
Securities Act of 1933. (2) An issuer that is an emerging or other disposition of all or
Emerging growth company b growth company as of the first day of substantially all the assets of the
If an emerging growth company that that fiscal year shall continue to be registrant, the registrant shall include a
prepares its financial statements in deemed an emerging growth company separate resolution subject to
accordance with U.S. GAAP, indicate by until the earliest of: shareholder advisory vote to approve
check mark if the registrant has elected (i) The last day of the fiscal year of the any agreements or understandings and
not to use the extended transition issuer during which it had total annual compensation disclosed pursuant to
period for complying with any new or gross revenues of $1,070,000,000 or Item 402(t) of Regulation S–K
revised financial accounting standards † more; (§ 229.402(t) of this chapter)’’; and
provided pursuant to Section 7(a)(2)(B) (ii) The last day of the fiscal year of ■ c. Add item 4 to the Instructions to
of the Securities Act. b the issuer following the fifth § 240.14a–21.
anniversary of the date of the first sale The addition reads as follows:
† The term ‘‘new or revised financial
of common equity securities of the
accounting standard’’ refers to any § 240.14a–21 Shareholder approval of
issuer pursuant to an effective
update issued by the Financial executive compensation, frequency of
registration statement under the
Accounting Standards Board to its votes for approval of executive
Securities Act of 1933;
Accounting Standards Codification after compensation and shareholder approval of
(iii) The date on which such issuer golden parachute compensation.
April 5, 2012.
has, during the previous three year
* * * * * period, issued more than $1,000,000,000 * * * * *
■ 24. Amend Form C (referenced in in non-convertible debt; or Instructions to § 240.14a–21: * * *
§ 239.900) by revising the dollar (iv) The date on which such issuer is 4. A registrant that has ceased being
amounts in Question 29 of the deemed to be a large accelerated filer, as an emerging growth company shall
‘‘OPTIONAL QUESTION & ANSWER defined in Rule 12b–2 (§ 240.12b–2 of include the first separate resolution
FORMAT FOR AN OFFERING this chapter). described under § 240.14a–21(a) not
STATEMENT’’ as follows: later than the end of (i) in the case of
* * * * * a registrant that was an emerging growth
Note: The text of Form C does not, and this ■ 27. Amend § 240.14a–21 by: company for less than two years after
amendment will not, appear in the Code of ■ a. In paragraphs (a) and (b), removing the date of first sale of common equity
Federal Regulations. ‘‘If a solicitation is made by a registrant securities of the registrant pursuant to
■ a. Removing all references to and the solicitation relates to an annual an effective registration statement under
‘‘$100,000’’ and adding in their place or other meeting of shareholders at the Securities Act of 1933 (15 U.S.C 77a
‘‘$107,000’’; which directors will be elected and for et seq.), the three-year period beginning
■ b. Removing all references to which the rules of the Commission on such date; and (ii) in the case of any
‘‘$500,000’’ and adding in their place require executive compensation other registrant, the one-year period
‘‘$535,000’’; and disclosure pursuant to Item 402 of beginning on the date the registrant is
■ c. Removing reference to ‘‘$1,000,000’’ Regulation S–K (§ 229.402 of this no longer an emerging growth company.
and adding in its place ‘‘$1,070,000.’’ chapter)’’ and adding in its place ‘‘If a
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solicitation is made by a registrant, PART 249—FORMS, SECURITIES
PART 240—GENERAL RULES AND other than an emerging growth company EXCHANGE ACT OF 1934
REGULATIONS, SECURITIES as defined in Rule 12b–2 (§ 240.12b–2),
EXCHANGE ACT OF 1934 and the solicitation relates to an annual ■ 28. The authority citation for part 249
or other meeting of shareholders at continues to read in part as follows:
■ 25. The general authority citation for which directors will be elected and for Authority: 15 U.S.C. 78a et seq. and 7201
part 240 is revised to read as follows: which the rules of the Commission et seq.; 12 U.S.C. 5461 et seq.; 18 U.S.C. 1350;

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17556 Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Rules and Regulations

Sec. 953(b) Pub. L. 111–203, 124 Stat. 1904; FORM 20–F registration statement for an initial
Sec. 102(a)(3) Pub. L. 112–106, 126 Stat. 309 public offering of your common equity
(2012), Sec. 107 Pub. L. 112–106, 126 Stat. * * * * *
Indicate by check mark whether the securities.
313 (2012), and Sec. 72001 Pub. L. 114–94,
129 Stat. 1312 (2015), unless otherwise registrant is a large accelerated filer, an * * * * *
noted. accelerated filer, a non-accelerated filer, Item 15. Controls and Procedures
* * * * * or an emerging growth company. See
the definitions of ‘‘large accelerated * * * * *
■ 29. Amend Form 10 (referenced in
filer,’’ ‘‘accelerated filer,’’ and (4) If an issuer is an accelerated filer
§ 249.210) by revising the text and check or a large accelerated filer (as defined in
boxes on the cover page immediately ‘‘emerging growth company’’ in Rule
12b–2 of the Exchange Act. § 240.12b–2 of this chapter), other than
before the text ‘‘Information Required in an emerging growth company (as
the Registration Statement’’ to read as Large accelerated filer b
Accelerated filer b defined in § 240.12b–2 of this chapter),
follows: Non-accelerated filer b or otherwise includes in its annual
Note: The text of Form 10 does not, and Emerging growth company b report a registered public accounting
this amendment will not, appear in the Code If an emerging growth company that firm’s attestation report on internal
of Federal Regulations. prepares its financial statements in control over financial reporting, a
accordance with U.S. GAAP, indicate by statement that the registered public
UNITED STATES SECURITIES AND check mark if the registrant has elected accounting firm that audited the
EXCHANGE COMMISSION not to use the extended transition financial statements included in the
Washington, DC 20549 period for complying with any new or annual report containing the disclosure
revised financial accounting standards † required by this Item has issued an
FORM 10
provided pursuant to Section 13(a) of attestation report on management’s
GENERAL FORM FOR the Exchange Act. b assessment of the issuer’s internal
REGISTRATION OF SECURITIES † The term ‘‘new or revised financial control over financial reporting.
Pursuant to Section 12(b) or (g) of the accounting standard’’ refers to any (c) Attestation report of the registered
Securities Exchange Act of 1934 update issued by the Financial public accounting firm. If an issuer is an
Accounting Standards Board to its accelerated filer or a large accelerated
* * * * * Accounting Standards Codification after filer (as defined in § 240.12b–2 of this
Indicate by check mark whether the April 5, 2012. chapter), other than an emerging growth
registrant is a large accelerated filer, an company (as defined in § 240.12b–2 of
* * * * *
accelerated filer, a non-accelerated filer, this chapter), and where the Form is
smaller reporting company, or an Item 3. Key Information being used as an annual report filed
emerging growth company. See the * * * * * under Section 13(a) or 15(d) of the
definitions of ‘‘large accelerated filer,’’ Instructions to Item 3A: Exchange Act, provide the registered
‘‘accelerated filer,’’ ‘‘smaller reporting public accounting firm’s attestation
* * * * *
company,’’ and ‘‘emerging growth report on management’s assessment of
3. If you are an emerging growth
company’’ in Rule 12b–2 of the the issuer’s internal control over
company, as defined in Rule 12b–2 of
Exchange Act. financial reporting in the issuer’s annual
the Exchange Act (§ 240.12b–2 of this
Large accelerated filer b report containing the disclosure
Accelerated filer b chapter), that is providing the
Non-accelerated filer b (Do not information called for by Item 3.A.1 in: required by this Item.
check if a smaller reporting company) (1) A Securities Act registration * * * * *
Smaller reporting company b statement, you do not need to present ■ 31. Amend Form 40–F (referenced in
Emerging growth company b selected financial data for any period § 249.240f) by:
If an emerging growth company, prior to the earliest audited financial ■ a. Adding text and two check boxes to
indicate by check mark if the registrant statements presented in connection with the cover page immediately before the
has elected not to use the extended the initial public offering of your General Instructions;
transition period for complying with common equity securities; or (2) a ■ b. Revising paragraph (6)(c)(4) and (d)
any new or revised financial accounting registration statement, periodic report, to General Instruction B.
standards provided pursuant to Section or other report filed under the Exchange The additions and revisions read as
13(a) of the Exchange Act. b Act, you do not need to present selected follows.
* * * * * financial data in accordance with this Note: The text of Form 40–F does not, and
■ 30. Amend Form 20–F (referenced in
Item for any period prior to the earliest this amendment will not, appear in the Code
§ 249.220f) by: audited financial statements presented of Federal Regulations.
■ a. Revising the text and check boxes in connection with your first
on the cover page immediately before registration statement that became FORM 40–F
the text ‘‘Indicate by check mark which effective under the Exchange Act or the * * * * *
basis of accounting the registrant has Securities Act. Indicate by check mark whether the
used to prepare the financial statements * * * * * registrant is an emerging growth
included in this filing’’; Item 8. Financial Information company as defined in Rule 12b–2 of
■ b. Adding new Instruction 3 to ‘‘Item the Exchange Act.
3.A’’; * * * * * Emerging growth company b
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■ c. Adding new Instruction 4 to ‘‘Item Instructions to Item 8.A.2: If an emerging growth company that
8.A.2’’; and * * * * * prepares its financial statements in
The additions and revisions read as 4. If you are an emerging growth accordance with U.S. GAAP, indicate by
follows. company, as defined in Rule 12b–2 check mark if the registrant has elected
Note: The text of Form 20–F does not, and (§ 240.12b–2 of this chapter), you do not not to use the extended transition
this amendment will not, appear in the Code need to present more than two years of period for complying with any new or
of Federal Regulations. audited financial statements in your revised financial accounting standards †

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Federal Register / Vol. 82, No. 69 / Wednesday, April 12, 2017 / Rules and Regulations 17557

provided pursuant to Section 13(a) of Emerging growth company b Indicate by check mark whether the
the Exchange Act. b If an emerging growth company, registrant is a large accelerated filer, an
† The term ‘‘new or revised financial indicate by check mark if the registrant accelerated filer, a non-accelerated filer,
accounting standard’’ refers to any has elected not to use the extended smaller reporting company, or an
update issued by the Financial transition period for complying with emerging growth company. See the
Accounting Standards Board to its any new or revised financial accounting definitions of ‘‘large accelerated filer,’’
Accounting Standards Codification after standards provided pursuant to Section ‘‘accelerated filer,’’ ‘‘smaller reporting
April 5, 2012. 13(a) of the Exchange Act. b company,’’ and ‘‘emerging growth
* * * * * * * * * * company’’ in Rule 12b–2 of the
■ 33. Amend Form 10–Q (referenced in Exchange Act.
B. Information To Be Filed on This Large accelerated filer b
§ 249.308a) by revising the text and
Form Accelerated filer b
check boxes on the cover page
* * * * * immediately before the text ‘‘Indicate by Non-accelerated filer b (Do not
(6) * * * check mark whether the registrant is a check if a smaller reporting company)
(c) Management’s annual report on shell company (as defined in Rule 12b– Smaller reporting company b
internal control over financial reporting. 2 of the Exchange Act).’’ to read as Emerging growth company b
* * * follows: If an emerging growth company,
(4) If an issuer, other than an indicate by check mark if the registrant
Note: The text of Form 10–Q does not, and has elected not to use the extended
emerging growth company, as defined this amendment will not, appear in the Code
in Rule 12b–2 of the Exchange Act, a of Federal Regulations.
transition period for complying with
statement that the registered public any new or revised financial accounting
accounting firm that audited the UNITED STATES SECURITIES AND standards provided pursuant to Section
financial statements included in the EXCHANGE COMMISSION 13(a) of the Exchange Act. b
annual report containing the disclosure * * * * *
Washington, DC 20549
required by this Item has issued an By the Commission.
attestation report on management’s FORM 10–Q
Dated: March 31, 2017.
assessment of the issuer’s internal * * * * * Brent J. Fields,
control over financial reporting. Indicate by check mark whether the Secretary.
(d) Attestation report of the registered registrant is a large accelerated filer, an
public accounting firm. Where the Form [FR Doc. 2017–06797 Filed 4–11–17; 8:45 am]
accelerated filer, a non-accelerated filer,
is being used as an annual report filed smaller reporting company, or an BILLING CODE 8011–01–P

under Section 13(a) or 15(d) of the emerging growth company. See the
Exchange Act, the issuer, other than an definitions of ‘‘large accelerated filer,’’
emerging growth company, as defined ‘‘accelerated filer,’’ ‘‘smaller reporting DEPARTMENT OF HOMELAND
in Rule 12b–2 of the Exchange Act, must company,’’ and ‘‘emerging growth SECURITY
provide the registered public accounting company’’ in Rule 12b–2 of the
firm’s attestation report on Coast Guard
Exchange Act.
management’s assessment of internal Large accelerated filer b
control over financial reporting in the Accelerated filer b 33 CFR Part 100
annual report containing the disclosure Non-accelerated filer b (Do not [Docket Number USCG–2016–1086]
required by this Item. check if a smaller reporting company)
Smaller reporting company b RIN 1625–AA08
* * * * *
Emerging growth company b
■ 32. Amend Form 8–K (referenced in If an emerging growth company, Special Local Regulation; Chesapeake
§ 249.308) by adding text and two check indicate by check mark if the registrant Bay, Between Sandy Point and Kent
boxes to the cover page immediately has elected not to use the extended Island, MD
before the General Instructions to read transition period for complying with AGENCY: Coast Guard, DHS.
as follows: any new or revised financial accounting ACTION: Temporary final rule.
Note: The text of Form 8–K does not, and standards provided pursuant to Section
this amendment will not, appear in the Code 13(a) of the Exchange Act. b SUMMARY: The Coast Guard is
of Federal Regulations. establishing special local regulations for
* * * * *
■ 34. Amend Form 10–K (referenced in certain waters of the Chesapeake Bay.
UNITED STATES SECURITIES AND This action is necessary to provide for
EXCHANGE COMMISSION § 249.310) by revising the text and check
boxes on the cover page immediately the safety of life on the navigable waters
Washington, DC 20549 before the text ‘‘Indicate by check mark located between Sandy Point, Anne
FORM 8–K whether the registrant is a shell Arundel County, MD and Kent Island,
company (as defined in Rule 12b–2 of Queen Anne’s County, MD, during a
CURRENT REPORT the Exchange Act).’’ to read as follows: paddling event on April 29, 2017. This
Pursuant to Section 13 or 15(d) of the rulemaking will prohibit persons and
Note: The text of Form 10–K does not, and
Securities Exchange Act of 1934 this amendment will not, appear in the Code
vessels from entering the regulated area
* * * * * of Federal Regulations. unless authorized by the Captain of the
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Indicate by check mark whether the Port Maryland-National Capital Region
registrant is an emerging growth UNITED STATES SECURITIES AND or Coast Guard Patrol Commander.
company as defined in as defined in EXCHANGE COMMISSION DATES: This rule is effective from 7 a.m.
Rule 405 of the Securities Act of 1933 Washington, DC 20549 on April 29, 2017 through 1 p.m. on
(§ 230.405 of this chapter) or Rule 12b– April 30, 2017.
2 of the Securities Exchange Act of 1934 FORM 10–K ADDRESSES: To view documents
(§ 240.12b–2 of this chapter). * * * * * mentioned in this preamble as being

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Document Created: 2017-04-12 00:23:33
Document Modified: 2017-04-12 00:23:33

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Rules and Regulations
Action		Final rule; technical amendments; interpretation.
Dates		Effective April 12, 2017.
Contact		With regard to the amendments to Regulation Crowdfunding, Julie Davis at (202) 551-3460, in the Office of Small Business Policy, Division of Corporation Finance, and with regard to the other amendments, N. Sean Harrison at (202) 551-3430, in the Office of Rulemaking, Division of Corporation Finance, U.S. Securities and Exchange Commission, 100 F Street NE., Washington, DC 20549.
FR Citation		82 FR 17545
RIN Number		3235-AL38
CFR Citation		17 CFR 210 17 CFR 227 17 CFR 229 17 CFR 230 17 CFR 239 17 CFR 240 17 CFR 249
CFR Associated		Accountants; Accounting; Reporting and Recordkeeping Requirements and Securities