(2) to eliminate provisions of regulation S-K, 
required for all issuers, that are duplicative, overlap-
ping, outdated, or unnecessary. 
SEC. 4. STUDY ON MODERNIZATION AND SIMPLIFICATION 
OF REGULATION S-K. 
(a) STUDY.—The Securities and Exchange Commis-
sion shall carry out a study of the requirements contained 
in regulation S-K (17 C.F.R. 229.10 et seq.). Such study 
shall— 
(1) determine how best to modernize and sim-
plify such requirements in a manner that reduces 
the costs and burdens on issuers while still providing 
all material information; 
(2) emphasize a company by company approach 
that allows relevant and material information to be 
disseminated to investors without boilerplate lan-
guage or static requirements while preserving com-
pleteness and comparability of information across 
registrants; and 
(3) evaluate methods of information delivery 
and presentation and explore methods for discour-
aging repetition and the disclosure of immaterial in-
formation. 
(b) REPORT.—Not later than the end of the 360-day 
period beginning on the date of enactment of this Act, the 
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Commission shall issue a report to the Congress con-
taining— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
(2) specific and detailed recommendations on 
modernizing and simplifying the requirements in 
regulation S-K in a manner that reduces the costs 
and burdens on companies while still providing all 
material information; and 
(3) specific and detailed recommendations on 
ways to improve the readability and navigability of 
disclosure documents and to discourage repetition 
and the disclosure of immaterial information. 
(c) RULEMAKING.—Not later than the end of the 
360-day period beginning on the date that the report is 
issued to the Congress under subsection (b), the Commis-
sion shall issue a proposed rule to implement the rec-
ommendations of the report issued under subsection (b). 
(d) RULE OF CONSTRUCTION.—Revisions made to 
regulation S-K by the Commission under section 3 shall 
not be construed as satisfying the rulemaking require-
ments under this section. 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Disclosure Moderniza-
tion and Simplification Act of 2014’’. 
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SEC. 2. SUMMARY PAGE FOR FORM 10-K. 
Not later than the end of the 180-day period beginning 
on the date of the enactment of this Act, the Securities and 
Exchange Commission shall issue regulations to permit 
issuers to submit a summary page on form 10-K (17 C.F.R. 
249.310), but only if each item on such summary page in-
cludes a cross-reference (by electronic link or otherwise) to 
the material contained in form 10-K to which such item 
relates. 
SEC. 3. IMPROVEMENT OF REGULATION S-K. 
Not later than the end of the 180-day period beginning 
on the date of the enactment of this Act, the Securities and 
Exchange Commission shall take all such actions to revise 
regulation S-K (17 C.F.R. 229.10 et seq.)— 
(1) to further scale or eliminate requirements of 
regulation S-K, in order to reduce the burden on 
emerging growth companies, accelerated filers, smaller 
reporting companies, and other smaller issuers, while 
still providing all material information to investors; 
(2) to eliminate provisions of regulation S-K, re-
quired for all issuers, that are duplicative, overlap-
ping, outdated, or unnecessary; and 
(3) for which the Commission determines that no 
further study under section 4 is necessary to deter-
mine the efficacy of such revisions to regulation S-K. 
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SEC. 4. STUDY ON MODERNIZATION AND SIMPLIFICATION 
OF REGULATION S-K. 
(a) STUDY.—The Securities and Exchange Commis-
sion shall carry out a study of the requirements contained 
in regulation S-K (17 C.F.R. 229.10 et seq.). Such study 
shall— 
(1) determine how best to modernize and sim-
plify such requirements in a manner that reduces the 
costs and burdens on issuers while still providing all 
material information; 
(2) emphasize a company by company approach 
that allows relevant and material information to be 
disseminated to investors without boilerplate language 
or static requirements while preserving completeness 
and comparability of information across registrants; 
and 
(3) evaluate methods of information delivery and 
presentation and explore methods for discouraging 
repetition and the disclosure of immaterial informa-
tion. 
(b) CONSULTATION.—In conducting the study required 
under subsection (a), the Commission shall consult with the 
Investor Advisory Committee and the Advisory Committee 
on Small and Emerging Companies. 
(c) REPORT.—Not later than the end of the 360-day 
period beginning on the date of enactment of this Act, the 
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Commission shall issue a report to the Congress con-
taining— 
(1) all findings and determinations made in car-
rying out the study required under subsection (a); 
(2) specific and detailed recommendations on 
modernizing and simplifying the requirements in reg-
ulation S-K in a manner that reduces the costs and 
burdens on companies while still providing all mate-
rial information; and 
(3) specific and detailed recommendations on 
ways to improve the readability and navigability of 
disclosure documents and to discourage repetition and 
the disclosure of immaterial information. 
(d) RULEMAKING.—Not later than the end of the 360- 
day period beginning on the date that the report is issued 
to the Congress under subsection (c), the Commission shall 
issue a proposed rule to implement the recommendations 
of the report issued under subsection (c). 
(e) RULE OF CONSTRUCTION.—Revisions made to reg-
ulation S-K by the Commission under section 3 shall not 
be construed as satisfying the rulemaking requirements 
under this section. 
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