Bill > HR4569

This bill, the Disclosure Modernization and Simplification Act of 2014, directs the Securities and Exchange Commission (SEC) to make significant changes to how companies report financial information. Specifically, it mandates that the SEC create rules allowing companies to include a summary page on their annual and transition report form 10-K, provided that each item on this summary page clearly links to the detailed information within the full 10-K. Furthermore, the SEC is required to revise Regulation S-K, which sets the disclosure requirements for companies, with the aim of reducing the reporting burden on smaller businesses, including emerging growth companies, accelerated filers, and smaller reporting companies, while still ensuring investors receive all essential information. The bill also instructs the SEC to eliminate any outdated, repetitive, or unnecessary provisions within Regulation S-K. Beyond these immediate actions, the SEC is also directed to conduct a study to explore ways to further modernize and simplify Regulation S-K, improve the clarity and ease of understanding of disclosure documents, and discourage the inclusion of redundant or unimportant information.