SEC Adopts Rules to Modernize and Simplify Disclosure
Publication Date: March 28, 2019 

The SEC approved changes designed to modernize and simplify their disclosure rules, including eliminating several duplicative disclosures.  The changes will also allow management more flexibility in drafting the historical discussion in the MD&A. The review that led to these changes was mandated by the FAST Act. Nasdaq submitted a comment letter supporting the SEC efforts to reduce and simplify disclosure and in favor of most of the proposed change. 

Among other things, the amendments: simplify disclosure, including changes that would allow registrants to omit confidential information from most exhibits without filing a confidential treatment request; revise rules or forms to update, streamline or otherwise improve the Commission’s disclosure framework, including by eliminating the risk factor examples listed in the disclosure requirement; and, incorporate technology to improve access to information.