FAST Act Modernization and Simplification of Regulation S-K

The Securities and Exchange Commission previously amended Regulation S-K back in 2019. Since then, the world has gone through a pandemic, economies have churned, and businesses operate differently. A new set of amendments have been introduced to modernize and simplify disclosure requirements under the Fixing America’s Surface Transportation (FAST) Act.

Modernization and Simplification of Regulation S-K

Consistent with the Commission’s mandate, these changes to Regulation S-K affect U.S. registrants, foreign private issuers, and investment companies and what they disclose to public companies, investment advisors, and investment companies. The SEC aims to improve the readability of filed documents and simplify registrants’ compliance efforts while ensuring that all material information is provided to investors.

The most significant changes and their impact on businesses are related to the following:

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These new elements of rulemaking signify the SEC’s interconnected goals of facilitating capital formation and improving disclosure effectiveness. Still on the horizon, as economies and companies evolve in tune with a new post-pandemic world, are more rules and further disclosure requirements. Stay tuned for further developments.

To know how we can simplify your compliance requirements, schedule a call with an XBRL expert.