or regulatory considerations applicable to owning, storing, using, or trading the ancillary asset, including any legal proceeding that may impact the value of the ancillary asset. (Q) Any other material factor or information that may impact the value of the ancillary asset and about which the issuer is reasonably aware. (d) Application to successor entities and certain affiliates (1) In general If an issuer would otherwise be subject to specified periodic disclosure requirements under subsection (c) and is no longer in operation, any successor entity that directly or indirectly received not less than 50 percent of the remaining proceeds raised by the sale of the related securities of that issuer shall file, or cause to be filed, with the Commission the information required under that subsection. (2) Certain affiliates If an entity controlled by an issuer is subject to specified periodic disclosure requirements under subsection (c) and is engaged in entrepreneurial or managerial efforts that primarily determine the value of an ancillary asset, the entity may file with the Commission the information required under that subsection. (e) Voluntary disclosure An issuer that is not subject to the specified periodic disclosure requirements under subsection (c) and that offers or sells a security through an arrangement or scheme that constitutes an investment contract, as that term is used in section 2(a)(1) of the Securities Act of 1933 ( 15 U.S.C. 77b(a)(1) ), and that provides the holder of that security with an ancillary asset in connection with the acquisition of the security may voluntarily file with the Commission the information required under that subsection if the issuer believes that it is reasonably likely that the issuer will become subject to those requirements in the future. (f) Exemptions The Commission may, by order, exempt an ancillary asset from the specified periodic disclosure requirements under subsection (c) if the Commission determines that the public policy goals of disclosure and consumer