- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
The SEC has proposed a plan, as mandated by the FAST Act, to simplify and modernize the Regulation S-K disclosure regime. New rule amendments would also accelerate the use of Legal Entity Identifiers by public companies.
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SEC Commissioners Robert Jackson and Allison Herren Lee have expressed concerns about the move toward principles-based requirements with Regulation S-K and advocated for more requirements to disclose climate risk.
The SEC is seeking comment on proposed amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make under Regulation S-K.
Companies need to update their disclosure controls and procedures now that the SEC and FASB are starting to trim unnecessary bulk out of disclosure requirements.
