The Securities and Exchange Commission (SEC) announced that they are adopting the final rule for Special Purpose Acquisition Companies, Shell Companies, and Projections, which calls for Inline XBRL tagging for information in Subpart 1600 of Regulation S-K. In the XBRL US comment letter submitted in response to this rule in proposal stage, we suggested that the Commission consider giving smaller entities a phase-in period given more limited resources. In the final rule, the Commission has adopted a one-year phase-in for the tagging portion of the new requirements for all issuers.
Read the rule.
Read Chair Gensler’s statement on the rule.
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