The Fostering Innovation Act of 2013 (H. R. 2629) would direct the Securities and
Exchange Commission (SEC) to redefine "accelerated filer" with respect
to issuers of securities required to meet accelerated deadlines for
filing their Form 10-Q quarterly reports. Also, it would require the SEC to
include among accelerated filers any issuers of securities that have:
(1) annual revenues in excess of $100 million, and (2) an aggregated
worldwide market value between $250 million and $700 million of the
voting and non-voting common equity held by non-affiliates.
In short, this bill would amend the filing status classifications in SEC Rule 12b-2 would reduce the regulatory burden for emerging bioscience companies, and allow them to spend valuable innovation capital on R&D.
MichBio supports enactment of H.R. 2629 to institute a commonsense regulatory burden for small companies and stop diversion of valuable capital from science to compliance.