On June 1, 2016, the Securities and Exchange Commission (SEC) approved an interim final rule implementing Section 72001 of the Fixing America’s Surface Transportation (FAST) Act. The rule allows Form 10-K registrants to provide a summary of business and financial information contained in the annual report, provided that each item in the summary includes a cross-reference by hyperlink to the material contained in the Form 10-K to which such item relates. The rule will become effective once published in the Federal Register. Rule. Press Release.
Fixing America’s Surface Transportation Act
SEC Approves Interim Final Rules Implementing Two Provisions of the FAST Act
On January 13, the Securities and Exchange Commission announced that it approved interim final rules implementing two provisions of the Fixing America’s Surface Transportation (FAST) Act, adopted by Congress in December, that revise financial reporting forms for emerging growth companies and smaller reporting companies.
The Congressionally mandated rules revise Forms S-1 and F-1 to provide that as long as emerging growth companies’ registration statements include all required financial information at the time of the offering, they will be allowed to omit certain historical period financial information prior to the offering. In addition, the rules revise Form S-1 to allow smaller reporting companies to use incorporation by reference for future filings the companies make under the federal securities laws after the registration statement becomes effective.
The interim final rules also include a request for comment on whether the rules should be expanded to include other registrants or forms.
The rules will become effective when published in the Federal Register and the public comment period will remain open for 30 days following their publication.