On October 11, 2017, the SEC unanimously voted to propose amendments
to streamline and improve its disclosure requirements applicable to public companies, investment advisers and investment companies.1
The proposal would implement several of the recommendations in the SEC Staff’s Report on Modernization and Simplification of Regulation S-K
mandated by Section 72003 of the Fixing America’s Surface Transportation (FAST) Act, which the SEC Staff issued to Congress in November 2016. The proposed amendments also reflect the SEC Staff’s broader review of the SEC’s disclosure framework and comments received in connection with the SEC’s ongoing Disclosure Effectiveness initiative. The proposed amendments are intended to (i) reduce the costs and burdens on registrants while still providing material information to investors, (ii) improve investors’ ability to read and navigate public filings and (iii) discourage repetition and the disclosure of immaterial information. The comment period for the proposed amendments will end 60 days after the proposing release is published in the Federal Register.