summary
Introduced
03/23/2015
03/23/2015
In Committee
05/20/2015
05/20/2015
Crossed Over
10/07/2015
10/07/2015
Passed
Dead
01/03/2017
01/03/2017
Introduced Session
114th Congress
Bill Summary
Disclosure Modernization and Simplification Act of 2015 (Sec. 2) Directs the Securities and Exchange Commission (SEC) to issue regulations permitting issuers to submit a summary page on annual and transition report form 10-K if each item on that page cross-references electronically or otherwise the material contained in form 10-K to which the item relates. (Sec. 3) Requires the SEC to revise regulation S-K (Standard Instructions for Filing Forms under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Energy Policy and Conservation Act of 1975) in order to: reduce the burden on smaller issuers, including emerging growth companies, accelerated filers, and smaller reporting companies (while still providing all material information to investors); and eliminate duplicative, overlapping, outdated, or unnecessary provisions. (Sec. 4) Directs the SEC to study ways to: (1) modernize and simplify requirements in regulation S-K, and (2) evaluate information delivery and presentation methods as well as explore methods to discourage repetition and disclosure of immaterial information. Requires the SEC to issue a proposed rule to implement any recommendations it makes to Congress based upon the study.
AI Summary
This bill, the Disclosure Modernization and Simplification Act of 2015, directs the Securities and Exchange Commission (SEC) to make several changes to how companies report financial information. Specifically, it requires the SEC to allow companies to submit a summary page on their annual and transition report, Form 10-K, as long as each item on that summary page links to the relevant detailed information within the full report. Additionally, the bill mandates that the SEC revise Regulation S-K, which provides standard instructions for filing various forms, to reduce the reporting burden on smaller companies, including emerging growth companies, accelerated filers, and smaller reporting companies, while still ensuring investors receive all necessary material information. The SEC is also instructed to eliminate any duplicative, overlapping, outdated, or unnecessary provisions within Regulation S-K. Furthermore, the bill requires the SEC to study ways to modernize and simplify Regulation S-K, evaluate how information is presented and delivered to investors, and explore methods to avoid repetitive or immaterial disclosures, with the ultimate goal of proposing new rules based on these findings.
Committee Categories
Business and Industry, Housing and Urban Affairs
Sponsors (1)
Last Action
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (on 10/07/2015)
Official Document
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