SEC Proposes Rules To Modernize and Simplify Disclosure

On Oct. 11, the Securities and Exchange Commission, based on the recommendations made in the staff's Report on Modernization and Simplification of Regulation S-K (as required by Section 72003 of the Fixing America's Surface Transportation Act), proposed amendments to modernize and simplify certain disclosure requirements in Regulation S-K, and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to investors. The amendments are also intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information.

The proposed amendments are briefly described below. Set forth in Annex A hereto are the Commission's requests for comments related to the proposed amendments.