“The amendments represent an incremental, but meaningful, change that builds on the benefits of the JOBS Act for smaller public companies,” said SEC Chairman Jay Clayton. “The JOBS Act provided a well-reasoned exemption from the ICFR attestation requirement for emerging growth companies during the first five years after an IPO. These amendments would allow smaller reporting companies that have made it to that five-year point, but have not yet reached $100 million in revenues, to continue to benefit from that exemption as they build their businesses, while still subjecting those companies to important investor protection requirements.”

The final amendments will become effective 30 days after publication in the Federal Register and apply to an annual report filing due on or after the effective date.