; or . (b) Rulemaking The Commission shall revise the definition of accredited investor under Regulation D (17 C.F.R. 230.501 et seq.) to conform with the amendments made by subsection (a). F Fostering Innovation Act 909. Temporary exemption for low-revenue issuers Section 404 of the Sarbanes-Oxley Act of 2002 ( 15 U.S.C. 7262 ) is amended by adding at the end the following: (d) Temporary exemption for low-Revenue issuers (1) Low-revenue exemption Subsection (b) shall not apply with respect to an audit report prepared for an issuer that— (A) ceased to be an emerging growth company on the last day of the fiscal year of the issuer following the fifth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the Securities Act of 1933; (B) had average annual gross revenues of less than $50,000,000 as of its most recently completed fiscal year; and (C) is not a large accelerated filer. (2) Expiration of temporary exemption An issuer ceases to be eligible for the exemption described under paragraph (1) at the earliest of— (A) the last day of the fiscal year of the issuer following the tenth anniversary of the date of the first sale of common equity securities of the issuer pursuant to an effective registration statement under the Securities Act of 1933; (B) the last day of the fiscal year of the issuer during which the average annual gross revenues of the issuer exceed $50,000,000