• SEC Proposes Amendments to Disclosure Rules and Forms
  • November 21, 2017 | Author: Dionne M. Rousseau
  • Law Firm: Jones Walker LLP - Baton Rouge Office
  • Seeks to Reduce Burdens on Registrants and Improve Readability of Disclosure Documents

    On October 11, 2017, the U.S. Securities and Exchange Commission (“SEC”) proposed amendments to Regulation S-K that are designed to reduce burdens on registrants and improve readability of disclosure documents. Among the proposed changes:

    • Registrants could omit the earliest of the three years in Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) when not material and included in the prior year’s Form 10-K.

    • Confidential information could be omitted from material contracts filed as exhibits, without submitting a confidential treatment request to the SEC, if the information is not material and would be competitively harmful if publicly disclosed.

    • The required description of properties would be revised to emphasize materiality.

    • Descriptions of securities registered under the Securities Exchange Act of 1934, currently required only in registrations statements, would be required to be filed as exhibits to Form 10-K.

    • Registrants could use their own headings and captions in Forms 10, 10-K and 20-F, instead of the item numbers and captions in the disclosure forms.

    • Disclosure form cover pages would be modified to improve their usefulness to investors.