SEC Adopts Disclosure Update And Simplification Rules

Last week, the Securities and Exchange Commission voted to amend disclosure requirements "that have become redundant, duplicative, overlapping, outdated, or superseded, in light of other Commission disclosure requirements, U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), or changes in the information environment." The final rule amendments, which primarily make fairly technical revisions to disclosure requirements under Regulations S-X and S-K, further the Division of Corporation Finance's initiative to improve disclosures for investors and issuers and were promulgated as part of the SEC's statutory mandate under the Fixing America's Surface Transportation (FAST) Act. As Chairman Clayton noted, the "amendments are an example of how thoughtful reviews can prompt changes for the benefit of investors, public companies, and our capital markets."