On July 13, 2016, the Securities and Exchange Commission (SEC) proposed amendments to its disclosure requirements to eliminate redundant, overlapping, outdated or superseded provisions that have resulted over time due to changes in SEC disclosure requirements, generally accepted accounting principles (GAAP), International Financial Reporting Standards (IFRS) and technology. These amendments are part of the SEC staff ’s Disclosure Effectiveness Initiative, which is a broad-based review of the SEC’s disclosure and related presentation and delivery requirements for public companies. The review is intended to modernize disclosure requirements for the benefit of both investors and issuers. The proposed changes could potentially impact the location and prominence of impacted disclosure, including the applicability of the safe harbor provided by the Private Securities Litigation Reform Act of 1995 (PSLRA), and could result in additional disclosure for smaller reporting companies (SRCs) and other issuers.
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