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H. Rept. 114-279 1 (2015-10-06)

handle is hein.congrecreports/crptxrdu0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP 114TH CONGRESS REPORT 1st Session HOUSE OF REPRESENTATIVES 114-279 DISCLOSURE MODERNIZATION AND SIMPLIFICATION ACT OF 2015 OCTOBER 6, 2015.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. HENSARLING, from the Committee on Financial Services, submitted the following REPORT [To accompany H.R. 1525] [Including cost estimate of the Congressional Budget Office] The Committee on Financial Services, to whom was referred the bill (H.R. 1525) to require the Securities and Exchange Commission to make certain improvements to form 10-K and regulation S-K, and for other purposes, having considered the same, report favor- ably thereon without amendment and recommend that the bill do pass. PURPOSE AND SUMMARY Introduced by Representative Scott Garrett, H.R. 1525, the Dis- closure Modernization and Simplification Act of 2015, directs the Securities and Exchange Commission to simplify its disclosure re- gime for issuers and investors by permitting issuers to submit a summary page on Form 10-K with cross-references to the content of the report. H.R. 1525 also directs the SEC to revise Regulation S-K to scale disclosure rules for emerging growth companies and smaller issuers, and to eliminate duplicative, outdated, or unneces- sary Regulation S-K disclosure requirements for all issuers. Fi- nally, H.R. 1525 directs the SEC to further study Regulation S-K and engage in rulemaking to implement additional reforms to sim- plify and modernize Regulation S-K disclosure rules within 360 days of enactment of the Act. BACKGROUND AND NEED FOR LEGISLATION H.R. 1525 directs the SEC to simplify its disclosure regime for issuers and investors by permitting issuers to submit a summary 59-006

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