The SEC solicited comment on a concept release intended to assess: (i) whether business and financial disclosure requirements in Regulation S-K continue to provide the information necessary for investors to make informed voting and investment decisions, and (ii) whether any of the rules have become outdated or unnecessary. The request for comment was published in the Federal Register.

The SEC specified that it is reviewing and seeking comment on whether and, if so, how:

  • specific disclosures are an important or useful part in investment and voting decisions, and whether more, less or different information might be needed;
  • the SEC could revise current requirements in order to enhance the information provided to investors while considering whether the revised requirements promote efficiency, competition and capital formation;
  • the SEC could revise the requirements to enhance the protection of investors;
  • current requirements appropriately  balance the costs of disclosure with the benefits;
  • the SEC could lower the cost to registrants of providing information to investors, including considerations such as advancements in technology and communications;
  • the SEC could increase investors' benefits and facilitate their access to disclosure by modernizing the methods used to present, aggregate and disseminate disclosure; and
  • any challenges of current disclosure requirements and those that may result from possible regulatory responses explored in this release or from responses suggested by commenters.

The SEC emphasized that it will "consider any input from investor focus group studies or surveys, the Investor Advisory Committee and the Advisory Committee on Small and Emerging Companies."

Comments on the concept release must be submitted by July 21, 2016.

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