Several portions of Regulation S-X, S-K, and Form 20-F will be eliminated, in order to eliminate redundancies resulting from similar US GAAP, IFRS, and other SEC disclosure requirements. The amendments also align with the Fixing America’s Surface Transportation Act (FAST), which require the SEC eliminate duplicative, outdated, or otherwise unnecessary provisions. These amendments are part of a broader initiative from the Division of Corporation Finance, a branch of the SEC, to review and update disclosure requirements in an attempt to improve them to benefit both investors and issuers. The amendments became effective on November 5 2018. These amendments are designed to ease regulatory burdens on issuers, while facilitating disclosure to investors. These amendments were aimed to get rid of disclosure requirements that appeared to be duplicative, overlapping, or outdated.
The Securities and Exchange Commission (SEC) voted in August to adopt amendments designed to simplify and update disclosure requirements.
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