SEC Streamlines Regulations with FAST Act Rules
Accordingly, the SEC has adopted final amendments to its rules which are intended to modernize and simplify certain disclosure requirements in Regulation S-K and related rules and forms, in a manner that reduces the costs and burdens on registrants while continuing to provide all material information to investors. The amendments are also intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information. The new rules will generally be effective 30 days after publication in the Federal Register with special transition provisions for certain items. In addition, amendments to the rules governing redaction of confidential information in material contracts are effective upon publication in the Federal Register.
Among other things, the amendments:
- Allow registrants to omit confidential information from most exhibits without filing a confidential treatment request
- Require data tagging of items on the cover page of certain filings and the use of hyperlinks for information that is incorporated by reference and available on EDGAR
- Revise the description of property requirement to emphasize application of the materiality threshold for disclosure
Eliminate certain requirements for undertakings in registration statements
You can find our complete analysis of the FAST Act amendments at Dodd-Frank.com.