“The proposed rules build on the JOBS Act of 2012 and are aimed at a subset of smaller companies where the additional requirement of an ICFR [internal control over financial reporting] auditor attestation may not be an efficient way of benefiting and protecting investors,” said SEC Chairman Jay Clayton. “Investors in these lower-revenue companies will benefit from more tailored control requirements. Many of these smaller companies—including biotech and health care companies—will be able to redirect the savings into growing their companies by investing in research and human capital.”