Document ID: SEC-2016-1730-0001
Agency: sec
Document Type: Proposed Rule
Title: Disclosure Update and Simplification
Posted Date: 2016-09-29T04:00Z

[Federal Register Volume 81, Number 189 (Thursday, September 29, 2016)]
[Proposed Rules]
[Pages 66898-66899]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-23489]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 210, 229, 230, 239, 240, 249, and 274

[Release No. 33-10220; 34-78926; IC-32281; File No. S7-15-16]
RIN 3235-AL82

Extension of Comment Period for Disclosure Update and 
Simplification

AGENCY: Securities and Exchange Commission.

ACTION: Extension of comment period.

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SUMMARY: The Securities and Exchange Commission is extending the 
comment period for a proposal to amend certain of its disclosure 
requirements that may have become redundant, duplicative, overlapping, 
outdated, or superseded, in light of other Commission disclosure 
requirements, U.S. Generally Accepted Accounting Principles (``U.S. 
GAAP''), International Financial Reporting Standards (``IFRS''), or 
changes in the information environment [Release No. 33-10110; 34-78310; 
IC-32175; 81 FR 51607 (July 13, 2016)]. The release also solicits 
comment on certain Commission disclosure requirements that overlap 
with, but require information incremental to, U.S. GAAP to determine 
whether to retain, modify, eliminate, or refer them to the Financial 
Accounting Standards Board for potential incorporation into U.S. GAAP. 
The original comment period is scheduled to end on October 3, 2016. The 
Commission is extending the time period in which to provide the 
Commission with comments until November 2, 2016. This action will allow 
interested persons additional time to analyze the issues and prepare 
their comments.

DATES: Comments should be received on or before November 2, 2016.

[[Page 66899]]

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment forms (http://www.sec.gov/rules/proposed.shtml);
     Send an email to rule-comments@sec.gov. Please include 
File Number S7-15-16 on the subject line; or
     Use the Federal Rulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments to Brent J. Fields, Secretary, 
Securities and Exchange Commission, 100 F Street NE., Washington, DC 
20549-1090.

All submissions should refer to File Number S7-15-16. This file number 
should be included on the subject line if email is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov/rules/proposed.shtml). Comments 
also are available for Web site viewing and printing in the 
Commission's Public Reference Room, 100 F Street NE., Washington, DC 
20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. All comments received will be posted without change; we do 
not edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.
    Studies, memoranda or other substantive items may be added by the 
Commission or staff to the comment file during this rulemaking. A 
notification of the inclusion in the comment file of any such materials 
will be made available on the SEC's Web site. To ensure direct 
electronic receipt of such notifications, sign up through the ``Stay 
Connected'' option at www.sec.gov to receive notifications by email.

FOR FURTHER INFORMATION CONTACT: Nili Shah, Deputy Chief Accountant, at 
(202) 551-3255, Division of Corporation Finance; Duc Dang, Senior 
Special Counsel, at (202) 551-3386, Office of the Chief Accountant; 
Matt Giordano, Chief Accountant, at (202) 551-6918, Division of 
Investment Management; Valentina Minak Deng, Special Counsel, at (202) 
551-5778 and Tim White, Special Counsel, at (202) 551-5777, Division of 
Trading and Markets; Harriet Orol, Branch Chief, at (212) 336-0554, 
Office of Credit Ratings; Securities and Exchange Commission, 100 F 
Street NE., Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The Commission has requested comment on a 
release proposing amendments to certain of its disclosure requirements 
that may have become redundant, duplicative, overlapping, outdated, or 
superseded, in light of other Commission disclosure requirements, U.S. 
GAAP, IFRS, or changes in the information environment. The release also 
solicited comment on certain disclosure requirements that overlap with, 
but require information incremental to, U.S. GAAP to determine whether 
to retain, modify, eliminate, or refer them to the Financial Accounting 
Standards Board (``FASB'') for potential incorporation into U.S. 
GAAP.\1\ The proposed amendments are intended to facilitate the 
disclosure of information to investors, while simplifying compliance 
efforts, without significantly altering the total mix of information 
provided to investors.
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    \1\ Specifically, the Commission proposed amendments to, or 
solicited comment on potential FASB referrals of, Rules 1-02, 2-01, 
2-02, 3-01, 3-02, 3-03, 3-04, 3-05, 3-12, 3-14, 3-15, 3-17, 3-20, 
3A-01, 3A-02, 3A-03, 3A-04, 4-01, 4-07, 4-08, 4-10, 5-02, 5-03, 5-
04, 6-03, 6-04, 6-07, 6-09, 6A-04, 6A-05, 7-02, 7-03, 7-04, 7-05, 8-
01, 8-02, 8-03, 8-04, 8-05, 8-06, 9-03, 9-04, 9-05, 9-06, 10-01, 11-
02, 11-03, 12-16, 12-17, 12-18, 12-28, and 12-29 of Regulation S-X 
under the Securities Act of 1933 (the ``Securities Act'') and the 
Securities Exchange Act of 1934 (the ``Exchange Act''), Items 10, 
101, 103, 201, 302, 303, 503, 512, and 601 of Regulation S-K under 
the Securities Act and the Exchange Act, Item 1010 of Regulation M-A 
under the Securities Act and the Exchange Act, and Item 1118 of 
Regulation AB under the Securities Act and the Exchange Act, Rule 
158 of the Securities Act, Rules 405 and 436 of Regulation C under 
the Securities Act, Forms S-1, S-3, S-11, S-4, F-1, F-3, F-4, F-6, 
F-7, F-8, F-10, F-80, SF-1, SF-3, 1-A, 1-K, and 1-SA under the 
Securities Act, Rules 3a51-1, 10A-1, 12b-2, 13a-10, 13b2-2, 14a-101, 
15c3-1g, 15d-2, 15d-10, 17a-5, 17a-12, 17g-3, and 17h-1T of the 
Exchange Act, Forms 20-F, 40-F, 10-K, 11-K, 10-D, and X-17A-5 under 
the Exchange Act, Forms N-5, N-1A, N-2, N-3, N-4, and N-6 under the 
Securities Act and the Investment Company Act of 1940 (the 
``Investment Company Act''), and Form N-8B-2 under the Investment 
Company Act.
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    The Commission originally requested that comments on the release be 
received by October 3, 2016. The Commission has received several 
requests for an extension of time for public comment on the proposal 
to, among other things, allow for adequate time to fully consider the 
proposals and to improve the quality of responses.\2\ The Commission 
believes that providing the public additional time to consider 
thoroughly the matters addressed by the release and to submit 
comprehensive responses to the release would benefit the Commission in 
its consideration of final rules. Therefore, the Commission is 
extending the comment period for Release No. 33-10110; 34-78310; IC-
32175 ``Disclosure Update and Simplification'' until November 2, 2016.
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    \2\ See Letters from Center for Audit Quality (Aug. 4, 2016), 
American Gas Association Accounting Advisory Council (Aug. 24, 
2016), Edison Electric Institute (Aug. 24, 2016) and the National 
Association of Real Estate Investment Trusts (Sept. 9, 2016). 
Comments are available on the Commission's Web site at https://www.sec.gov/comments/s7-15-16/s71516.htm.

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    By the Commission.

    Dated: September 23, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-23489 Filed 9-28-16; 8:45 am]
 BILLING CODE 8011-01-P