Federal Register: SEC Requests Comments on Amendments to Disclosure Requirements

The SEC proposed amendments related to disclosure requirements that "may have become redundant, duplicative, overlapping, outdated, or superseded, in light of other SEC [and US GAAP and International Reporting Standards] disclosure requirements...."

The SEC will hold an open meeting in order to decide whether to (i) adopt amendments and issue guidance concerning its regulation on reporting security-based swaps, (ii) propose amendments regarding the disclosure of order-handling information, and (iii) propose amendments that would address redundant, duplicative and superseded disclosure requirements.

Senator Elizabeth Warren argued that "the SEC has spent precious agency resources on a voluntary effort to reduce disclosure that appears to be aimed at addressing a problem – investor 'information overload' – that does not exist."

SEC Chair Mary Jo White reviewed the development of SEC disclosure in corporate governance. She focused on board diversity, non-generally accepted accounting principles and sustainability reporting.

The SEC Investor Advisory Committee approved (i) recommendations by the Market Structure Subcommittee to enhance information for bond market investors, and (ii) the SEC concept release on business and financial disclosure that is required by Regulation S-K.

The SEC solicited comment on a concept release intended to assess: (i) whether business and financial disclosure requirements in Regulation S-K continue to provide the information necessary for investors to make informed voting and investment decisions, and (ii) whether any of the rules have become outdated or unnecessary.

President Obama signed the "Surface Transportation and Reauthorization and Reform Act of 2015" (H.R. 22) (the "FAST Act") into law. The act includes a number of financial services provisions in Titles LXXI to LXXXVI (Titles 71-86).