SEC Takes Next Step on S-K

The Securities & Exchange Commission (SEC) has taken its next step in investigating potential changes in disclosure requirements under Regulation S-K. Congress wrote the Fixing America’s Surface Transportation Act (FAST Act) to task the SEC with determining how best to modernize and simplify the regulation requirements in a manner that reduces the costs and burdens on issuers. But it can’t achieve that simplification by providing information without boilerplate language or compromising completeness and comparability of information across registrants. The SEC’s August 25 request for comments focuses on one section of S-K, subpart 400, which requires certain disclosures about a registrant’s management, certain security holders, and corporate governance matters.