I 
113TH CONGRESS 
2D SESSION 
H. R. 4569 
To require the Securities and Exchange Commission to make certain 
improvements to form 10-K and regulation S-K, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 6, 2014 
Mr. GARRETT (for himself and Mr. HURT) introduced the following bill; which 
was referred to the Committee on Financial Services 
A BILL 
To require the Securities and Exchange Commission to make 
certain improvements to form 10-K and regulation S- 
K, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Disclosure Moderniza-
tion and Simplification Act of 2014’’. 
SEC. 2. SUMMARY PAGE FOR FORM 10-K. 
Not later than the end of the 180-day period begin-
ning on the date of the enactment of this Act, the Securi-
ties and Exchange Commission shall issue regulations to 
permit issuers to submit a summary page on form 10-K 
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(17 C.F.R. 249.310), but only if each item on such sum-
mary page includes 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 begin-
ning on the date of the enactment of this Act, the Securi-
ties and Exchange Commission shall 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, and 
smaller reporting companies, and other smaller 
issuers; and 
(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ping, outdated, or unnecessary.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 
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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 
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 
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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. 
Æ 
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