Yesterday, SEC Chairman Paul Atkins issued this statement soliciting comments on the entirety of Regulation S-K, “with the goal of revising the requirements to focus on eliciting disclosure of material information and avoid compelling the disclosure of immaterial information.” While receiving comments by the deadline of April 13th, Corp Fin is conducting a comprehensive review of Regulation S-K.
Not sure what the end result will be from these combined efforts, meaning I’m not sure we will see a concept release before proposed rules. Or maybe a roundtable like we did last year on Item 402 of S-K regarding executive compensation disclosures. Corp Fin is processing the 70 comments letters that the Staff received on last year’s solicitation of comment on Item 402.
This falls in line with the theme of Chairman Atkins’ October speech in which he stated that one of his top priorities is to make being a public company an attractive proposition and that he was hoping to simplify and scale the SEC’s disclosure requirements to reduce the costs of preparing SEC filings and, at the same time, make them more comprehensible. This also follows a number of other S-K reform efforts in recent years ranging from 2020’s “Disclosure Effectiveness” project to 2008’s “21st Century Disclosure Initiative”…
Authored by
Broc Romanek