The SEC adopted an interim final amendment requiring companies filing their Form 10-K to provide the summaries of business and financial information that are contained in their annual reports to security holders. The interim final amendment implements Section 72001 of the Fixing America's Surface Transportation Act.
The SEC highlighted that each summary must include a hyperlink to the material contained in the Form 10-K to which such item relates, including to materials that are contained in any exhibits attached to the form. In addition, the SEC noted, the interim final rule will not require registrants to update their summaries to reflect information required by Part III of Form 10-K that the registrants incorporate by reference from proxies or information statements filed after the Form 10-K. However, the SEC also emphasized that registrants must state in their summaries that Part III information is disincluded because that information will be incorporated by reference from later filed proxies or information statements involving the election of directors.
The interim final amendment will become effective when it is published in the Federal Register. Comments on the interim final rule must be submitted within 30 days after its publication in the Federal Register.
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