STUDY ON MODERNIZATION AND SIMPLIFICATION OF REGULATION S-K.

SEC. 72003. [15 U.S.C. 77s note] STUDY ON MODERNIZATION AND SIMPLIFICATION OF REGULATION S-K. (a) Study.—The Securities and Exchange Commission shall carry out a study of the requirements contained in regulation S-K (17 CFR 229.10 et seq.). Such study shall— (1) determine how best to modernize and simplify such requirements in a manner that reduces the costs and burdens on issuers while still providing all material information; (2) emphasize a company by company approach that allows relevant and material information to be disseminated to investors without boilerplate language or static requirements while preserving completeness and comparability of information across registrants; and (3) evaluate methods of information delivery and presentation and explore methods for discouraging repetition and the disclosure of immaterial information. (b) Consultation.—In conducting the study required under subsection (a), the Commission shall consult with the Investor Advisory Committee and the Advisory Committee on Small and Emerging Companies. (c) Report.—Not later than the end of the 360-day period beginning on the date of enactment of this Act, the Commission shall issue a report to the Congress containing— (1) all findings and determinations made in carrying out the study required under subsection (a); (2) specific and detailed recommendations on modernizing and simplifying the requirements in regulation S-K in a manner that reduces the costs and burdens on companies while still providing all material information; and (3) specific and detailed recommendations on ways to improve the readability and navigability of disclosure documents and to discourage repetition and the disclosure of immaterial information. (d) Rulemaking.—Not later than the end of the 360-day period beginning on the date that the report is issued to the Congress under subsection (c), the Commission shall issue a proposed rule to implement the recommendations of the report issued under subsection (c). (e) Rule of Construction.—Revisions made to regulation S-K by the Commission under section 202 shall not be construed as satisfying the rulemaking requirements under this section.