H.R. 4569 — what changed
Disclosure Modernization and Simplification Act of 2014
From Reported in House to Engrossed in House. 3 sections amended between Reported in House and Engrossed in House.
Sec. 2 Summary page for form 10-K
changed
Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall issue regulations to permit issuers to submit a summary page on form 10-K (17 C.F.R. CFR 249.310), but only if each item on such summary page includes a cross-reference (by electronic link or otherwise) to the material contained in form 10-K to which such item relates.
Sec. 3 Improvement of regulation S-K
changed
Not later than the end of the 180-day period beginning on the date of the enactment of this Act, the Securities and Exchange Commission shall take all such actions to revise regulation S-K (17 C.F.R. CFR 229.10 et seq.)—
changed
to further scale or eliminate requirements of regulation S-K, in order to reduce the burden on emerging growth companies, accelerated filers, and smaller reporting companies, and other smaller issuers; andissuers, while still providing all material information to investors;
changed
to eliminate provisions of regulation S-K, required for all issuers, that are duplicative, overlapping, outdated, or unnecessary.unnecessary; and
added
for which the Commission determines that no further study under section 4 is necessary to determine the efficacy of such revisions to regulation S-K.
Sec. 4 Study on modernization and simplification of regulation S-K
changed
Study— The Securities and Exchange Commission shall carry out a study of the requirements contained in regulation S-K (17 C.F.R. CFR 229.10 et seq.). Such study shall—
determine how best to modernize and simplify such requirements in a manner that reduces the costs and burdens on issuers while still providing all material information;
emphasize a company by company approach that allows relevant and material information to be disseminated to investors without boilerplate language or static requirements while preserving completeness and comparability of information across registrants; and
evaluate methods of information delivery and presentation and explore methods for discouraging repetition and the disclosure of immaterial information.
added
Consultation— In conducting the study required under subsection (a), the Commission shall consult with the Investor Advisory Committee and the Advisory Committee on Small and Emerging Companies.
renumbered
was (3)
Report— Not later than the end of the 360-day period beginning on the date of enactment of this Act, the Commission shall issue a report to the Congress containing—
renumbered
was (3)(3)
all findings and determinations made in carrying out the study required under subsection (a);
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was (3)(4)
specific and detailed recommendations on modernizing and simplifying the requirements in regulation S-K in a manner that reduces the costs and burdens on companies while still providing all material information; and
renumbered
was (3)(5)
specific and detailed recommendations on ways to improve the readability and navigability of disclosure documents and to discourage repetition and the disclosure of immaterial information.
added
Rulemaking— Not later than the end of the 360-day period beginning on the date that the report is issued to the Congress under subsection (c), the Commission shall issue a proposed rule to implement the recommendations of the report issued under subsection (c).
removed
Rulemaking— Not later than the end of the 360-day period beginning on the date that the report is issued to the Congress under subsection (b), the Commission shall issue a proposed rule to implement the recommendations of the report issued under subsection (b).
renumbered
was (5)
Rule of construction— Revisions made to regulation S-K by the Commission under section 3 shall not be construed as satisfying the rulemaking requirements under this section.