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B-332485 1 (2020-09-14)

handle is hein.gao/gaobaebuo0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-332485 September 14, 2020 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Securities Exchange Commission: Amendments to Financial Disclosures About Acquired and Disposed Businesses Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities Exchange Commission (Commission) entitled Amendments to Financial Disclosures About Acquired and Disposed Businesses (RIN: 3235-AL77). We received the rule on May 22, 2020. It was published in the Federal Register as a final rule on August 31, 2020. 85 Fed. Reg. 54002. The effective date of the final rule is January 1,2021. According to the Commission, the final rule adopts amendments to the Commission's rules and forms to improve their application, assist registrants in making more meaningful determinations of whether a subsidiary or an acquired or disposed business is significant, and to improve the disclosure requirements for financial statements relating to acquisitions and dispositions of businesses, including real estate operations and investment companies. The Commission stated the changes are intended to improve, for investors, the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure Enclosed is our assessment of the Commission's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the subject matter of the rule, please contact Shari Brewster, Assistant General Counsel, at (202) 512-6398. Shirley A. Jones Managing Associate General Counsel Enclosure cc: Vanessa A. Countryman Secretary Securities and Exchange Commission

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