On September 25, the U.S. Securities and Exchange Commission (the “SEC”) announced that it is seeking public comment on the effectiveness of financial disclosure requirements in Regulation S-X. The request for comments specifically focuses on requirements for the form and content of financial disclosures that companies must file with the SEC regarding acquired businesses, affiliated entities and guarantors and issuers of guaranteed securities. The comment period will remain open for 60 days following publication of the comment request in the Federal Register. Press Release.
Securities and Exchange Commission (the “SEC”)
SEC Proposes to Amend Rules Governing Its Administrative Proceedings
On September 24, the U.S. Securities and Exchange Commission (the “SEC”) proposed to amend rules governing its administrative proceedings. Key changes to the SEC’s rules of practice include: adjustment of timing of the proceedings; permitting parties to take depositions of witnesses as part of discovery; and requiring parties to submit filings and serve each other electronically. The SEC will seek public comment for a period that will remain open for 60 days following each proposal’s publication in the Federal Register. Press Release.