---
kind: "diff"
citation: "H.R. 4569"
bill: "113-hr-4569"
heading: "Disclosure Modernization and Simplification Act of 2014"
from: "rh"
from_label: "Reported in House"
to: "eh"
to_label: "Engrossed in House"
sections_amended: 3
sections_added: 0
sections_removed: 0
url: "https://uscodex.org/bills/113/hr/4569/changes/eh"
---

# H.R. 4569 — what changed

H.R. 4569, Disclosure Modernization and Simplification Act of 2014 — 3 sections amended between Reported in House and Engrossed in House.

Edits are marked `<del>struck</del>` and `<ins>inserted</ins>`.

## Sec. 2 Summary page for form 10-K

- 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 <del>C.F.R. </del><ins>CFR </ins>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

- 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 <ins>take all such actions to </ins>revise regulation S-K (17 <del>C.F.R. </del><ins>CFR </ins>229.10 et seq.)—
- (1) to further scale or eliminate requirements of regulation S-K, in order to reduce the burden on emerging growth companies, accelerated filers, <del>and </del>smaller reporting companies, and other smaller <del>issuers; and</del><ins>issuers, while still providing all material information to investors;</ins>
- (2) to eliminate provisions of regulation S-K, required for all issuers, that are duplicative, overlapping, outdated, or <del>unnecessary.</del><ins>unnecessary; and</ins>
- (3) <ins>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.</ins>

## Sec. 4 Study on modernization and simplification of regulation S-K

- (a) Study— The Securities and Exchange Commission shall carry out a study of the requirements contained in regulation S-K (17 <del>C.F.R. </del><ins>CFR </ins>229.10 et seq.). Such study shall—
  - (1) 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;
  - (2) 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
  - (3) evaluate methods of information delivery and presentation and explore methods for discouraging repetition and the disclosure of immaterial information.
- (b) <ins>Consultation—</ins> <ins>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.</ins>
- (c) [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—
  - (1) [was (3)(3)] all findings and determinations made in carrying out the study required under subsection (a);
  - (2) [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
  - (3) [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.
- (d) <ins>Rulemaking—</ins> <ins>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).</ins>
- (c) <del>Rulemaking—</del> <del>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).</del>
- (e) [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.