Type:Rule
Citation:86 FR 8686
Reading Time:less than a minute
The Securities and Exchange Commission (SEC) has issued a final rule to make technical corrections to prior amendments about auditor independence requirements. These amendments, originally adopted in October 2020, had certain errors that are being fixed. Specifically, the SEC is correcting a citation in their instructions regarding a section of the auditor independence requirements. These changes are set to become effective on June 9, 2021.
Simple Explanation
The Securities and Exchange Commission (SEC) found a small mistake in a rule they made about what makes someone an independent auditor. They are fixing this mistake so the rules are correct, and this fix will start being used in June 2021.