To require the Securities and Exchange Commission to revise certain thresholds related to smaller reporting companies, accelerated filers, and large accelerated filers, and for other purposes.

This bill requires the Securities and Exchange Commission (SEC) to increase threshold amounts that qualify companies as smaller reporting companies, accelerated filers, and large accelerated filers for purposes of SEC reporting requirements. The bill (1) increases the revenue and public float amounts under which a company qualifies as a smaller reporting company, (2) changes threshold requirements for smaller reporting companies from annual revenues to three-year rolling average revenues, (3) increases the aggregate worldwide market value of equity for a company to qualify as a large accelerated filer, (4) increases the market values below which a company exits accelerated filer or large accelerated filer status, and (5) excludes smaller reporting companies from status as accelerated filers or large accelerated filers. 

Bill 118 hr 2603, also known as the "SEC Small Business Advocate Act of 2021," aims to require the Securities and Exchange Commission (SEC) to make changes to certain thresholds that apply to smaller reporting companies, accelerated filers, and large accelerated filers. The bill seeks to provide more flexibility and support for smaller businesses in complying with SEC regulations.

Specifically, the bill calls for the SEC to revise the thresholds that determine which companies qualify as smaller reporting companies, accelerated filers, and large accelerated filers. These revisions are intended to better reflect the current market conditions and the needs of smaller businesses.

The bill also aims to enhance the role of the SEC's Small Business Advocate, who is responsible for assisting small businesses in navigating SEC regulations and advocating on their behalf. The Small Business Advocate will be tasked with providing guidance and support to smaller reporting companies, accelerated filers, and large accelerated filers. Overall, Bill 118 hr 2603 seeks to promote a more inclusive and supportive regulatory environment for smaller businesses in the US. It aims to ensure that SEC regulations are tailored to the needs of smaller companies and provide them with the necessary resources to comply with regulatory requirements.