In order to remove outdated, overlapping, and duplicative disclosure requirements, the SEC has adopted amendments to reduce the compliance burdens for companies without altering the mix of information available to investors.
These amendments apply primarily to public reporting companies as well as Regulation A issuers, investment advisers, investment companies, broker dealers, and nationally recognized statistical rating organizations.
The amendments would eliminate:
- Redundant and duplicative requirements, which require substantially similar disclosures as GAAP, International Financial Reporting Standards (IFRS), or other Commission disclosure requirements.
- Overlapping requirements, which are related to, but not the same as GAAP, IFRS, or other Commission disclosure requirements.
- Outdated requirements, which have become obsolete as a result of the passage of time or changes in the regulatory, business, or technological environment.
- Superseded requirements, which are inconsistent with recent legislation, more recently updated Commission disclosure requirements, or more recently updated GAAP.
The amendments will be effective 30 days from publication in the Federal Register.