Disclosure Modernization and Simplification Act of 2014

Bill: 113-hr-4569
Sponsor: Rep. Garrett, Scott [R-NJ-5]
Introduced: 2014-05-06 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Business records
Congressional oversight
Corporate finance and management
Financial services and investments
Government information and archives
Government studies and investigations
Securities
Securities and Exchange Commission (SEC)
Small business

Summary:
action_date: 2014-05-06
text: 
Disclosure Modernization and Simplification Act of 2014 - Directs the Securities and Exchange Commission (SEC) to: (1) issue regulations permitting issuers to submit a summary page on annual and transition report form 10-K if each item on that page cross-references the material contained in form 10-K; (2) revise regulation S-K in order to reduce the burden on smaller issuers, including emerging growth companies, accelerated filers, and smaller reporting companies; and (3) eliminate duplicative, overlapping, outdated, or unnecessary provisions in regulation S-K. 
 
Directs the SEC to study ways to: (1) modernize and simplify the requirements in regulation S-K, (2) improve the readability and navigability of disclosure documents, and (3) discourage repetition and disclosure of immaterial information.

action_date: 2014-12-02
text: 
Disclosure Modernization and Simplification Act of 2014 - Directs the Securities and Exchange Commission (SEC) to issue regulations permitting issuers to submit a summary page on annual and transition report form 10-K if each item on that page cross-references electronically or otherwise the material contained in form 10-K to which the item relates.
 
Requires the SEC to revise regulation S-K (Standard Instructions for Filing Forms under the Securities Act of 1933, the Securities Exchange Act of 1934 and the Energy Policy and Conservation Act of 1975) in order to:
 
 
reduce the burden on smaller issuers, including emerging growth companies, accelerated filers, and smaller reporting companies (while still providing all material information to investors);
 
eliminate duplicative, overlapping, outdated, or unnecessary provisions; and 
 
for which o further study under this Act is necessary to determine the efficacy of such revisions.
 
 
Directs the SEC to study ways to: (1) modernize and simplify requirements in regulation S-K, and (2) evaluate information delivery and presentation methods as well as explore methods to discourage repetition and disclosure of immaterial information.
 
Requires the SEC to issue a proposed rule to implement any recommendations it makes to Congress based on the study.


Legislative actions:
action_date: 2014-12-03
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2014-12-02
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2014-12-02
text: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H8258)
action_date: 2014-12-02
text: Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H8258)
action_date: 2014-12-02
text: DEBATE - The House proceeded with forty minutes of debate on H.R. 4569.
action_date: 2014-12-02
text: Considered under suspension of the rules. (consideration: CR H8258-8260)
action_date: 2014-12-02
text: Mr. Garrett moved to suspend the rules and pass the bill, as amended.
action_date: 2014-12-02
text: Placed on the Union Calendar, Calendar No. 482.
action_date: 2014-12-02
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 113-642.
action_date: 2014-12-02
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 113-642.
action_date: 2014-05-22
text: Ordered to be Reported (Amended) by the Yeas and Nays: 59 - 0.
action_date: 2014-05-22
text: Committee Consideration and Mark-up Session Held.
action_date: 2014-05-06
text: Referred to the House Committee on Financial Services.
action_date: 2014-05-06
text: Introduced in House
action_date: 2014-05-06
text: Introduced in House
action_date: 2014-04-09
text: Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.