On Oct. 4, the Securities and Exchange Commission (the SEC) published final rules adopting amendments to certain disclosure requirements that have become redundant, overlapping or outdated in light of other SEC disclosure requirements, U.S. generally accepted accounting principles (GAAP), international financial reporting standards (IFRS) and changes in the information environment. The SEC sought to simplify compliance for disclosures “without significantly altering the total mix of information provided by investors.” The final rules became effective on Nov. 5.

These amendments are part of an ongoing effort by the SEC to evaluate disclosure requirements with the goal of reducing compliance costs for companies and improving investors’ ability to make investment decisions efficiently. Most changes are technical, but they are considerable. In total, the SEC’s final release changes 102 rules and 17 forms that impact disclosure requirements. This article summarizes some of the major highlights and items to consider in preparing disclosure for future filings with the SEC.

Overlapping Requirements

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