SEC Eliminates Rules and Forms as Part of Disclosure Simplification Effort
On May 30, 1996 the Securities and Exchange Commission issued a release pursuant to which it eliminated 49 rules and forms that its Task Force on Disclosure Simplification determined were duplicative or unnecessary. The Task Force was organized in August 1995 to consider ways to streamline filing and reporting requirements where consistent with the SEC's mission of investor protection. The Task Force presented its recommendations to the Commission in March 1996.
Among the rules and forms eliminated were:
- Regulation B of the Securities Act, along with its accompanying Schedules and Forms;
- Rule 148 of the Securities Act, made redundant by the Bankruptcy Code;
- Rules 445, 446, and 447 of the Securities Act, seldom used by issuers;
- Item 501(b) of Regulation S-K, a duplicative disclosure requirement;
- Exhibits 6,7,14, and 28 of Regulations S-K and S-B; and
- Rule 3-16 of Regulation S-X, a duplicative financial disclosure rule.
The Commission also proposed rescinding or amending more than 25 additional rules and forms which were also targeted by the Task Force. The Commission will take final action on this second phase of changes after a 45 day public comment period.