In May 2026, the SEC proposed amendments that would replace the current three filer categories with two, large accelerated filers (LAFs) and non-accelerated filers (NAFs), and eliminate smaller reporting company (SRC) status. The public float threshold for LAF status would rise from $700 million to $2 billion, the minimum reporting period would increase from 12 months to 60 months, and transitions would require meeting the threshold for two consecutive years. NAFs would be exempt from the Section 404(b) auditor attestation requirement and the advisory vote on executive compensation. The SEC estimates that about 81% of reporting companies would qualify as NAFs, though they represent roughly 6.5% of total public float. Commenters disagreed on balancing reduced costs against investor protections, focusing on the $2 billion threshold, the 404(b) exemption, the seasoning period and the broader scaled disclosure.
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- Indonesia Could Lose Emerging Market Status
On 15 October 2026 MSCI opened a consultation on reclassifying Indonesia from Emerging Market to Standalone Market status, citing opaque shareholding structures and suspected coordinated trading. Indonesia's weight in the MSCI Emerging Markets Index fell to 0.43% on 30 September 2026 from 1.16% at the end of 2025, as the free-float-adjusted value of the MSCI Indonesia Index dropped about 55%, from US$119.1 billion to US$53.4 billion. Feedback is open until 30 April 2027, with a decision due by 30 June 2027, and the freeze on Indonesian index changes remains. MSCI said it could proceed unless the consultation shows clear evidence of better governance, noting that Indonesia's reforms, including a roadmap to a 15% minimum free float, have seen little enforcement. If the reclassification goes ahead, funds tracking emerging-market indexes could be forced to sell Indonesian shares regardless of company fundamentals.
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