Top Summary
H.R.3382, the Small Entity Update Act, mandates the Securities and Exchange Commission (SEC) to evaluate and revise its rules to reduce burdens on small businesses and other small entities. The bill requires the SEC to study the current definition of a "small entity," propose adjustments to align with statutory goals such as minimizing regulatory burdens and expanding coverage, and update inflation-adjusted dollar thresholds every five years. Additionally, the SEC must implement these recommendations through rule revisions, ensuring compliance with the bill's objectives of easing compliance challenges for small entities while maintaining regulatory effectiveness.