The Long and Winding Road to Modernization and Simplification of SEC Rules and Forms

Section 72003 of the Fixing America’s Surface Transportation Act (the “FAST Act”), enacted in December 2015, directed the Securities and Exchange Commission (the “SEC”) to carry out a study of the SEC’s disclosure requirements, with a view toward modernizing and simplifying certain requirements in Regulation S-K and related rules and forms. Regulation S-K is the “central repository” for most of the SEC’s disclosure requirements, and is referred to in forms regarding registration of securities, annual, quarterly and other reports required to be filed and proxy statements.