Form 10-K

SEC、半期報告制度を提案

2026年5月5日、米国証券取引委員会（SEC）は、国内上場企業に対し、四半期報告から半期報告への移行を選択できるようにする、待望の規則案を発表しました。外国民間発行体は、この規則変更の影響を受けません。この提案は単なる技術的な調整ではなく、半世紀以上にわたり米国資本市場を支えてきた定期報告義務の根本的な見直しを意味するものです。

背景

現在の四半期報告制度は、主にフォーム10-Qを通じて運用されており、その起源は第二次世界大戦後の産業復興期にさかのぼります。当時の市場では、90日ごとの報告サイクルと比較的親和性の高い、安定的かつ予測可能な事業モデルを持つ製造業企業が中心を占めていました。しかし2026年現在、数兆ドル規模のテクノロジー大手から、収益化前のバイオテクノロジー企業に至るまで、上場企業の構成は大きく多様化しており、より柔軟で精緻なアプローチが求められています。この提案は、「一律適用」型の制度から脱却し、発行体がそれぞれの事業特性に応じて開示タイミングを選択できる柔軟な制度へ移行するという、実務重視の考え方を反映したものです。

技術的基盤：フォーム10-Sの創設

この移行の主な仕組みは、新しい提出手段であるフォーム10-Sの創設です。証券取引法の改正案、特に規則13a-13および15d-13の下では、セクション13(a)または15(d)の報告義務の対象となる企業は、フォーム10-Qによる3回の四半期報告書の代わりに、フォーム10-Sによる半期報告書を1回提出することで、中間報告要件を満たすことが認められます。

提出期限および提出者区分

この提案は、既存の定期報告の提出期限を踏襲することで、規模が大きく、システム上重要性の高い発行体における迅速な情報開示が維持されるようにしています。

提出者区分	フォーム10-S提出期限（上半期末からの経過日数）	年次フォーム10-K提出期限（事業年度末からの経過日数）
大規模加速提出会社	40日	60日
加速提出会社	40日	75日
非加速提出会社	45日	90日
小規模報告会社（SRC）	45日	90日

これらの期限は、S-3登録届出書の適格性を維持するために「最新かつ適時」の状態を保つための「明確なルール」であり、厳格に遵守する必要があります。S-3の適格性に関する詳細は、を参照してください。

技術的改正の詳細分析

この提案の核心は、Regulation S-KおよびRegulation S-Xに対する項目ごとの修正にあり、これにより「中間期間」が6か月の期間として再定義される点にあります。

Regulation S-K（非財務情報開示）に対する改正

Regulation S-Kについて、フォーム10-Sの半期サイクルに適合するよう、標準的な開示項目を調整することをSECは提案しています。

第I部：財務情報

項目1：財務諸表：登録企業は、直近6ヶ月間の財務諸表を、前年同期の6ヶ月間と比較した要約財務諸表を提出しなければなりません。
項目2：経営陣による経営成績の分析（項目303）：これが最も重要な変更点です。経営陣は、直近6ヶ月間の業績を、前年同期と比較して説明しなければなりません。SECは、企業は四半期ごとの比較を提供することは引き続き可能であるものの、必須ではなくなり、「短期主義」を軽減するために、年初来（YTD）の業績に重点を置くことを提案しています。
項目3：市場リスクに関する定量的および定性的な開示（項目305）：発行体は、直近6ヶ月間の市場リスク（金利、為替）に関する最新の分析を提供しなければなりません。これは、6ヶ月間の空白期間によってリスクプロファイルの大きな変化が隠蔽される可能性があるグローバル企業にとって特に重要です。
項目4：統制と手続き：経営陣は、開示統制および手続き（DCP）と財務報告に係る内部統制（ICFR）の有効性を、四半期ごとではなく6か月ごとに評価しなければならない。

第II部：その他の情報

項目1：訴訟手続き（項目103）：企業は、6ヶ月間の中間期間中に発生した訴訟手続きにおける重要な進展をすべて開示しなければなりません。
項目1A：リスク要因（項目105）：本提案では、前回の年次報告書以降に発生したすべての重要なリスクについて、包括的な更新を求めています。SECは、半期報告によって生じる「情報開示の空白期間」があるため、フォーム8-Kを用いてリスクの重要な変化をリアルタイムで開示することの重要性が高まっていると強調しています。
項目2：未登録株式売却および売却代金の使途：6ヶ月間に行われたすべての未登録株式売却について、表形式で開示する必要があります。
項目3：優先証券の債務不履行：半期期間中に発生した、支払不履行または30日以内に是正されないその他の重要な債務不履行について、開示する必要があります。
項目 6: 添付書類 (項目 601): この提案では、項目 601 の添付書類要件を、CEO および CFO による必須のセクション 302 および 906 の認証を含め、フォーム 10-S でカバーされる 6 か月の期間を反映するように変更します。

Regulation S-X（財務基盤）に対する改正

Regulation S-Xは財務諸表の様式および内容を規定するものであり、委員会は要約された半期財務諸表の表示を簡素化するため、規則10-01および8-03の修正を提案しています。

規則10-01(c)(2)：改正案では、四半期ごとの財務諸表の記載を任意としています。これにより、会計部門にとって大幅な簡素化が図られます。
監査人によるレビュー要件：提案では、独立した登録会計事務所が、PCAOB基準に従ってフォーム10-Sの中間財務諸表をレビューしなければならないという要件を維持しています。レビューの頻度は年1回（期末監査を除く）に減りますが、レビューの厳格さは変わりません。
規則3-12（陳腐化）：証券法と証券取引法の整合性を保つため、規則3-12は、登録届出書に記載される財務諸表の「経過期間」を調整するために改正される可能性があります。

資本市場およびディール実行への戦略的含意

シニア・ディール弁護士の観点から見ると、半期報告への移行は、取引のタイミングおよび情報の「陳腐化」に関する新たな変数をもたらすことになります。

引受募集における135日ルールの管理

SAS 72 / AU 634の下では、監査人はコンフォートレターにおいて、中間財務情報が135日以内である場合に限り「限定的保証」を提供することができます。半期報告制度の下では、企業はしばしば、直近のレビュー済み財務情報が135日を超過する「ブラックアウト期間」に直面することになります。ディールの実行可能性を維持するためには、Form 8-Kによる開示を伴う任意の四半期レビューによってこの期間をリセットする、あるいはシェルフ・テイクダウンのタイミングをより精緻に調整する必要が生じ得ます。

シェルフ登録および適格性

この提案は、フォーム10-Sを期限内に提出することで、Form S-3 Registration StatementおよびForm F-3 Registration Statementの適格性に関する「最新」要件を満たすことを確保するものです。しかし、義務付けられた報告書の提出間隔が長くなるため、Form 8-Kの「参照による将来への組み込み」が、シェルフ・プロスペクタスを重要な進展状況に合わせて最新の状態に保つための主要な手段となります。

コーポレート・ガバナンスおよびインサイダー取引コンプライアンス

6か月間の報告間隔は、重要な未公表情報（MNPI）が蓄積され得る「ダーク期間」を長期化させることになります。取締役会は、従来は四半期決算発表に連動して設計されてきたインサイダー取引規制および取引ウィンドウを再調整する必要があります。さらに、監査委員会は、半期ベースの監督体制および会議頻度を反映するため、委員会規程（チャーター）を修正する必要が生じる可能性があります。

ナショナル取引所の上場基準への影響

半期報告への移行には、SECの義務付けとナスダックおよびニューヨーク証券取引所の上場基準との慎重な調整が必要となる。従来、両取引所は上場継続資格の要として四半期報告を義務付けてきた。今回の提案は、これらの規則を調和させ、米国内の「標準的な」報告サイクルを、外国民間発行体（FPI）に既に認められている柔軟性と整合させることを目的としている。

定期開示要件の調和

現在、ナスダック規則5250(c)(1)およびニューヨーク証券取引所規則203.01では、上場企業はすべての「必要な定期財務報告書」を証券取引委員会（SEC）に期限内に提出することが義務付けられています。SECレベルでフォーム10-Qが任意提出となった場合、各取引所は内部規則を改定し、フォーム10-Sを「中間報告」要件を満たすものとして認める必要があります。

この調和プロセスは、既存のFPI（外国発行体）に関する枠組みに沿って進められると予想されます。例えば、ナスダック規則5250(c)(2)では、FPIが四半期報告書の代わりにフォーム6-Kを用いて半期ごとの未監査財務情報を提出することが既に認められています。同様に、ニューヨーク証券取引所は2016年にマニュアルを改訂し、FPIに対し半期ごとの財務情報の提供を義務付けました。これは、年1回のみの報告では現代の市場において頻度が低すぎることを認めたためです。今回の規則案は、各取引所がフォーム10-Sを準拠した報告手段として正式に採用することを条件として、この「国際基準」を国内発行体にも拡大するものです。

意思決定者のチェックリスト：移行の評価

取締役会にとって、半期報告への移行を選択する判断は、以下の要素に基づいて行われるべきです。

資金調達計画：135日ルールは、継続的な「シェルフ登録の機動性」を確保するために、実質的に四半期レビューを求めるものとなっています。
ステークホルダーの期待：市場が四半期データへの期待を「シグナル」として示している場合、半期報告への移行は流動性の低下につながる可能性があります。
オペレーションの成熟度：フォーム10-Qにおける期限管理のような「締切規律」がない状況でも、正確性を維持できる内部統制が整備されているかが重要です。
M&A対応力：買収側は最新かつレビュー済みの財務情報を求めるため、5か月間の「情報の空白期間」はデューデリジェンスの長期化につながる可能性があります。

結論：柔軟な環境における円滑な実行

半期報告への移行は、企業に対して長期戦略への集中を可能にし、事務的コストの削減をもたらす画期的な転換点です。しかし、「ディールメーカー」の視点では、この柔軟性は市場の信頼性およびディールの推進力を維持するために、より厳格な計画とForm 8-Kを通じたリアルタイムの情報開示を必要とすることを意味します。

著者

ローラ・アンソニー弁護士

設立パートナー

アンソニー、リンダー＆カコマノリス

企業法務および証券法務事務所

LAnthony@ALClaw.com

May 19, 2026

SEC Proposes Semi-Annual Reporting

On May 5, 2026, the SEC issued its much-anticipated proposed rule providing domestic public companies with the option to transition from a quarterly to a semi-annual reporting framework. Foreign Private Issuers are not impacted by the proposed rule change. This proposal is not merely a technical adjustment but a fundamental re-imagining of the periodic reporting obligations that have governed the American capital markets for over half a century.

Background

The current quarterly reporting regime, primarily executed through Form 10-Q, has its roots in the post-World War II industrial recovery period. At that time, the markets were dominated by manufacturing concerns with linear business models that aligned reasonably well with a 90-day reporting cycle. However, in 2026, the diversity of the public issuer base—ranging from trillion-dollar technology giants to pre-revenue biotechnology firms—demands a more nuanced approach. The proposal reflects a “deal maker” philosophy, moving away from the “one-size-fits-all” mandate toward a flexible, election-based model that allows issuers to

May 19, 2026

SECがATMおよびS-3ベビーシェルフ規則に関するC&DIを公表

2026年3月19日、米国証券取引委員会（SEC）の企業財務局は、市場価格連動型（ATM）募集プログラムを利用する小型株発行体に対して重要な救済措置となる、コンプライアンスおよび開示に関する解釈（C&DI 116.26）を公表しました。本解釈は、フルフォームS-3登録届出書の適格性から「ベビーシェルフ」制限への移行に関する従来のスタッフ実務からの大きな転換を意味します。

本件の核心は、Form S-3の適格性に関する年次再判定と、「ベビーシェルフ」規則が既存の有効な目論見書補遺に与える影響にあります。フルシェルフに関する一般指示I.B.1およびベビーシェルフに関する一般指示I.B.6の違いを含む、Form S-3適格性の基本的な整理については、以前のブログ記事（こちら）をご参照ください。

背景：「ベビーシェルフ」と第10条(a)(3)項の最新情報

Form S-3は、非関連者が保有する議決権および無議決権の普通株式の市場価値が7,500万ドル以上である会社による主たる募集に利用することができます。この基準を下回った場合でも、発行体は一般指示I.B.6（いわゆる「ベビーシェルフ」）に基づきForm S-3を利用できる場合があります。ただし、そのためには、①全国的な証券取引所に議決権付および無議決権付の普通株式が上場していること、②シェルカンパニーでないこと、③過去12か月間における公衆浮動株の3分の1を超える売却を行わないこと、という条件を満たす必要があります。

証券法第10条(a)(3)に基づき、会社はForm 10-Kを提出することにより、登録届出書を毎年更新しなければなりません。この更新の時点で、発行体はForm S-3の適格性について再評価を行う必要があります。従来の実務では、Form 10-K提出時に一般指示I.B.1の適格性からI.B.6の「ベビーシェルフ」へ移行した場合、発行体は直ちにATMプログラムの規模を縮小し、制限された「3分の1」の発行枠を反映させるために新たな目論見書補遺を提出しなければならないと広く理解されていました。

C&DI 116.26

新たに公表されたC&DI 116.26は、既に有効なATMプログラムに関する目論見書補遺を提出済みの会社について、この制約的な実務運用を覆すものです。

質問：発行体が、予想される発行・売却額に基づき、特定の売出代理人との間で市場価格連動型（ATM）募集に関する販売契約を締結したケース。発行体は有効なForm S-3登録届出書を有しており、一般指示I.B.1に基づく募集・売却の適格性を満たしていたため、本募集に関する目論見書補遺を提出していた。その後、次回の証券法第10条(a)(3)に基づく更新時点で、同社はI.B.1の要件である7,500万ドルの公衆浮動株基準を満たさなくなったが、引き続き一般指示I.B.6（いわゆる「ベビーシェルフ」）に基づきForm S-3を利用する資格は有している。この場合、一般指示I.B.6に基づく発行上限を超える可能性があったとしても、当該目論見書補遺に記載された全額について引き続き募集・売却を行うことについて、スタッフは異議を唱えるか。

回答： 本件の状況においては、証券法第10条(a)(3)に基づく更新前に提出された当該目論見書補遺に基づき、発行体がその補遺に記載された全額の証券の募集・売却を継続することについて、スタッフは異議を唱えません。［2026年3月19日］

変更の意義： 従来のスタッフ実務では、第10条(a)(3)に基づく更新が発行能力に対する「強制的なリセット」として機能していました。例えば、ある会社が非関連者の浮動株が1億ドルの時点（I.B.1適格）で5,000万ドルのATM目論見書補遺を提出していた場合でも、その後の10-K提出時点で浮動株が6,000万ドルまで減少していれば、I.B.6の制限により、当該ATMでは最大2,000万ドル（浮動株の3分の1）しか売却できず、さらに過去12か月にS-3に基づき実施された他の売却分も考慮して制限されることになります。

これに対し、今回SECは、発行体がI.B.1適格であった時点で提出された目論見書補遺について、その発行枠を「既得権（グランドファーザー）」として扱う方針を示しています。すなわち、当該補遺が10-K更新前に有効に提出されている限り、発行体はその補遺に基づき残存する発行枠の全額について、ベビーシェルフの3分の1制限を超える場合であっても、引き続き募集・売却を行うことが可能となります。

パートナー向けアドバイザリー：ディールメーカーの戦略

本C&DIは、流動性計画における戦略的な機会を提供するものです。ディールを適切かつ円滑に完了させることが常に目的であり、本ガイダンスはATM管理にさらなる効率性の層を加えるものとなります。

ATM目論見書補遺の戦略的タイミング： 非関連者浮動株が7,500万ドル付近で推移している場合、Form 10-K提出前にATM目論見書補遺を提出または増額しておくことには明確な「ディールメイカー」としての優位性があります。I.B.1適格の状態で発行枠を確保しておくことで、市場変動により10-K提出時点で「ベビーシェルフ」状態へ移行した場合でも、当該補遺に基づく全額の資金調達能力を維持することが可能となります。
コンプライアンスおよび開示： スタッフは売却金額自体には異議を唱えないものの、発行体は引き続き適時かつ適切な開示を行う必要があります。浮動株の減少およびI.B.6への移行は重要事象であり、その後の提出書類において明確に開示されるべき事項です。
効率性およびコスト削減： 本変更により、従来I.B.1適格性喪失時に必要とされていたATMプログラムの縮小に伴う「修正的」目論見書補遺の提出、およびそれに関連する法務・会計コストが不要となり、ATM運用の効率性が向上します。

著者

ローラ・アンソニー弁護士

設立パートナー

アンソニー、リンダー＆カコマノリス

企業法務および証券法務事務所

LAnthony@ALClaw.com

証券弁護士ローラ・アンソニー氏とその経験豊富な法律チームは、中小規模の非公開企業、上場企業、そして上場予定の非公開企業に対して継続的な企業顧問サービスを提供しています。ナスダック、NYSEアメリカン、または店頭市場（例えばOTCQBやOTCQX）で上場を目指す企業も対象です。20年以上にわたり、Anthony, Linder & Cacomanolis, PLLC（ALC）は、迅速でパーソナライズされた最先端の法的サービスをクライアントに提供してきました。当事務所の評判と人脈は、投資銀行、証券会社、機関投資家、その他の戦略的提携先への紹介など、クライアントにとって非常に貴重なリソースとなっています。当事務所の専門分野には、1933年証券法の募集・販売および登録要件の遵守（レギュレーションDおよびレギュレーションSに基づく私募取引、PIPE取引、証券トークン・オファリング、イニシャル・コイン・オファリングを含む）が含まれますが、これに限定されません。規制A/A+オファリング、S-1、S-3、S-8フォームの登録申請、S-4フォームによる合併登録、1934年証券取引法の遵守（フォーム10による登録、フォーム10-Q、10-K、8-Kおよび14C情報・14A委任状報告書）、あらゆる形態の株式公開取引、合併・買収（リバースマージャーおよびフォワードマージャーを含む）、ナスダックやNYSEアメリカンを含む証券取引所のコーポレートガバナンス要件への申請および遵守、一般企業取引、一般契約および事業取引が含まれます。アンソニー氏と当事務所は、合併・買収取引において、買収対象企業と買収企業の双方を代理し、合併契約、株式交換契約、株式購入契約、資産購入契約、組織再編契約などの取引文書を作成します。ALC法務チームは、公開企業が連邦および州の証券法やSROs要件に準拠することを支援しており、15c2-11申請、社名変更、リバース・フォワードスプリット、本拠地変更などにも対応しています。アンソニー氏はまた、中堅・中小企業向けの業界ニュースのトップ情報源であるSecuritiesLawBlog.comの著者であり、企業財務に特化したポッドキャスト『LawCast.com: Corporate Finance in Focus』のプロデューサー兼ホストでもあります。当事務所は、ニューヨーク、ロサンゼルス、マイアミ、ボカラトン、ウェストパームビーチ、アトランタ、フェニックス、スコッツデール、シャーロット、シンシナティ、クリーブランド、ワシントンD.C.、デンバー、タンパ、デトロイト、ダラスなど、多くの主要都市でクライアントを代理しています。

アンソニー氏は、Crowdfunding Professional Association（CfPA）、パームビーチ郡弁護士会、フロリダ州弁護士会、アメリカ弁護士会（ABA）および連邦証券規制やプライベート・エクイティ・ベンチャーキャピタルに関するABA委員会など、さまざまな専門団体のメンバーです。パームビーチ郡およびマーティン郡のアメリカ赤十字社、スーザン・コーメン財団、オポチュニティ社（Opportunity, Inc.）、ニュー・ホープ・チャリティーズ、フォー・アーツ協会（Society of the Four Arts）、ノートン美術館、パームビーチ郡動物園協会、クラヴィス・パフォーミング・アーツ・センターなど、複数の地域社会慈善団体を支援しています。

アンソニー氏はフロリダ州立大学ロースクールを優秀な成績で卒業しており、1993年から弁護士として活動しています。

Anthony, Linder & Cacomanolis, PLLC にお問い合わせください。技術的な内容に関するご質問もいつでも歓迎いたします。

Anthony, Linder & Cacomanolis, PLLC を Facebook、LinkedIn、YouTube、Pinterest、Twitter でフォローしてください。

Anthony, Linder & Cacomanolis, PLLCは、本情報を教育目的の一般情報として提供しています。本情報は一般的な内容であり、法的助言を構成するものではありません。さらに、本情報の利用や送受信は、当事務所との弁護士–依頼者関係を成立させるものではありません。したがって、本情報を通じて当事務所と行ういかなる通信も、特権または機密として扱われることはありません。

May 5, 2026

SEC Publishes C&DI On ATMs And The S-3 Baby Shelf Rule

On March 19, 2026, the SEC’s Division of Corporation Finance issued a pivotal new Compliance and Disclosure Interpretation (C&DI 116.26) that provides substantial relief to small-cap issuers utilizing at-the-market (ATM) offering programs. This interpretation represents a significant departure from previous staff practice regarding the transition from full Form S-3 eligibility to “baby shelf” limitations.

The core of the issue involves the annual re-testing of Form S-3 eligibility and the impact of the “baby shelf” rules on existing, effective prospectus supplements. For a comprehensive review of foundational Form S-3 eligibility, including the distinction between full shelf general instruction I.B.1 and baby shelf general instruction I.B.6, see my previous blog HERE.

Background: The “Baby Shelf” and Section 10(a)(3) Updates

Form S-3 can be used for primary offerings of a company whose market value of voting and non-voting common equity held by non-affiliates is $75 million or more. If an issuer’s float falls below this threshold, it may still use Form

May 5, 2026

SECが規則S-Kに関するパブリックコメントの受付を開始

2026年1月13日、SEC（米国証券取引委員会）のポール・S・アトキンス委員長は、上場企業の提出書類における記述情報開示の中核的枠組みであるレギュレーションS-Kの近代化に向け、広く意見募集（パブリックコメント）を行いました。今回の動きは、近年で最も重要な開示改革の取り組みの一つとなる可能性を示しており、同氏のリーダーシップの下で進められているSECの優先事項の見直しの一環でもあります。アトキンス委員長の優先事項（開示改革を含む）についての詳細は、以下をご覧ください。を参照。

背景：レギュレーションS-K

米国の証券関連開示における定性的開示要件を定める規則S-Kは、1980年代初頭の制定以来、その枠組みを提供してきました。規則S-Kは、証券取引法に基づく定期報告書（例えば、フォーム10-Q、10-K、8-K、20-F、委任状説明書など）および証券法に基づく登録届出書（例えば、S-1、S-3、S-4、F-1、F-3、F-4など）における開示事項を規定しています。対象は、企業の事業内容やリスク要因から、経営陣による経営分析（MD&A）や役員報酬の開示に至るまで、多岐にわたります。

規則S-Kは、サイバーセキュリティ、人的資本管理、気候関連開示といった新たな規制テーマに対応するための段階的な規則制定や解釈指針の蓄積により、その複雑さと分量の両面で着実に拡大してきました。その結果、投資家にとって有用で意思決定に資する情報と、定型的な規制文言との境界が次第に曖昧になり、現行の枠組みが本来の目的を引き続き果たしているのかについて、正当な疑問が生じています。

こうした懸念は新しいものではありません。議会は2014年に開示近代化・簡素化法を可決しました。この法律は、開示要件を合理化することで、新興成長企業や小規模報告企業の報告負担を軽減することを目的としていました（を参照）。この取り組みは、公開報告のコストと複雑さに関する業界の長年の懸念を浮き彫りにし、開示規則は網羅的なチェックリストではなく、重要な情報に焦点を当てるべきだという考え方を改めて強調しました。

過去10年（およびそれ以前）にわたり、規則S-Kの報告要件には数多くの改正が行われてきました。主な例としては、(i) 経営陣による討議および分析（MD&A）の改正 (を参照）、(ii) 事業内容、リスク要因および法的手続の改正 (を参照）、(iii) サイバーセキュリティに関する開示要件 (を参照）です。

また、改正案や提案された改正の中には、幸いにも実現しなかったものもあります。例としては、実現しなかった気候関連開示規則の提案（詳細) や、一度可決されたものの、その後停止された自社株買い開示規則（詳細) などがあります。

重要性：確立された法理と継続中の議論

情報開示に関するすべての規制は理論上、重要性の原則に基づいていますが、実際に何が「重要」とみなされるかは依然として議論の的となっています。

重要性の概念自体には争いはありません。米国最高裁判所は、合理的な投資家が入手可能な情報全体の構成を大きく変えると考える可能性が高い情報は、重要であると定義しています（TSC Industries, Inc. v. Northway, Inc.参照）。重要性は、投資判断に影響を与える可能性が高い情報と、それ以外の情報を区別する線として意図されています。

課題は常にその適用方法にあり、適用基準は時代とともに変化してきました。

幸いなことに、アトキンス委員長は実務的かつ原則に基づくアプローチを取っています。最近の声明では、SECは「投資家にとって重要な情報を引き出すために必要な最小限の有効な規制」のみにとどめ、投資家にとって有用な追加情報の開示は市場原理に委ねるべきだと強調しています。

アトキンス委員長のパブリックコメント要請：検討課題は何か

アトキンス委員長の1月13日の声明では、SECがパブリックコメントを通じて、投資家にとって重要な情報を引き出す開示を促進しつつ、重要でない情報の強制的開示を避けるために、規則S-Kをどのように改訂できるかについて意見を求めていることが明確に示されています。アトキンス委員長の指示のもと、SECのコーポレーション・ファイナンス部門は規則S-Kをレビューし、現行規則が合理的な投資家の意思決定に実質的な影響を与えない開示を強制している可能性のある箇所を特定します。

企業、法律事務所、投資家団体、学術関係者などのステークホルダーは、規則の再設計に関するコメントを2026年4月13日までに提出することができます。このパブリックコメント期間は、SECの次のステップを形作るための参考となり、対象を絞った質問を含むコンセプト・リリースの発行や、最終的には正式な規則提案につながる可能性があります。

なぜ重要か：開示を重要性に立ち返らせる

この取り組みの核心は、基本原則への立ち返りにあります。開示規制の目的は、投資家を誤解させる重要な虚偽記載や情報の欠落を防ぐことであり、周辺的な情報や政治的に流行している情報で投資家を圧倒することではありません。

ここ数年、環境・社会・ガバナンス（ESG）開示の概念が、規制当局の行動や議論の中心にあるかのように見えることがありました（例)。ESG課題の文脈においては、常に中心となる問いは、ESG開示の拡張的な義務が投資家の理解を深めるのか、それとも分析的価値を伴わずに開示量を増やすだけにとどまるのか、という点です。

ESG開示の拡張的義務を支持する立場では、規則S-Kが重要性の原則から逸脱し、投資家保護の枠組みではなく、広範な社会政策の手段としてナラティブ開示要件が利用される可能性があると指摘されています。アトキンス委員長の下にある現在のSECは、SECの報告義務から社会的トレンドに基づく非財務的情報の循環的な開示を削減または排除する方向で前進しています。私はこの立場を支持します。

重要性の観点から規則S-Kへのコメントを求めることによって、SECは開示要件を合理的な投資家の視点に沿ったものに調整しようとしているように見えます。これは、従来の重要性基準に基づくアプローチであり、企業にその基準を満たさない情報を開示させる可能性のある規則を見直すことを目指しています。

注目される具体的領域

パブリックコメント通知では具体的な改正項目は明示されていませんが、アナリストや開示に関する顧問弁護士の間では、規則S-Kの中で改訂や近代化の対象となる可能性がある部分がいくつか挙げられています。

役員報酬に関する記述（項目402）

役員報酬の開示は、特に新興企業や小規模な報告企業において、冗長かつ複雑すぎると長年批判されてきました。アトキンス氏の発表以前から、SECの円卓会議では、報酬開示が規制上の負担に見合うだけの投資家への情報提供を行っているかどうかが検討されており、規則S-Kのこの部分が改善の余地があることを示唆しています。

リスク要因と経営陣による分析・説明（MD&A）

リスク要因の開示は数十ページに及ぶことが多く、定型文に陥りがちです。MD&Aも同様に、分析よりも記述の長さを優先する傾向があります。どちらも、投資家の理解を深めるどころか、意味のある情報を希釈しているとして批判されています。

非財務およびESG関連のナラティブ開示

最近の気候関連開示をめぐる議論は、ESGの概念を財務上の重要性に基づく開示枠組みに統合することの難しさを浮き彫りにしています。特定の環境リスクや業務上のリスクは重要性を有する場合もありますが、義務付けられたナラティブ開示は、投資家の意思決定との明確かつ客観的な関連性を欠くことが多いのが現状です。

ステークホルダーの反応

アトキンス委員長の取り組みに対する初期の反応は、従来から見られる対立構造を反映しています。

発行体や業界団体は、投資家に有益な洞察を提供せずコストだけを増やすチェックリスト型開示の削減を一般的に支持しており、資本形成や効率性の向上を重視しています。
投資家擁護団体やガバナンス関連団体は、特にガバナンス、報酬、リスク管理に関する分野での大幅な削減に抵抗する可能性が高いと見られています。

今後の見通し

コメント期間が4月に終了すると、SECは提出された意見を精査し、概念リリース（潜在的改正に関する詳細な質問を提示する、正式な規則制定の前段階）を発行する可能性があります。その後、フィードバックや規制上の優先事項に応じて、規則S-Kを近代化・明確化する具体的な規則改正案が提示されることになります。

このプロセスは数か月かかる可能性があり、実質的な変更はSECが最終規則を採択するまで実現しません。しかし、アトキンス委員長のパブリックコメント要請は、規模や重要性に基づく開示への大きな転換としてすでに注目されており、米国の上場企業開示の進化における新たな章を示すものと見なされています。

著者

ローラ・アンソニー弁護士

設立パートナー

アンソニー、リンダー＆カコマノリス

企業法務および証券法務事務所

LAnthony@ALClaw.com

アンソニー氏はフロリダ州立大学ロースクールを優秀な成績で卒業しており、1993年から弁護士として活動しています。

Anthony, Linder & Cacomanolis, PLLC にお問い合わせください。技術的な内容に関するご質問もいつでも歓迎いたします。

Anthony, Linder & Cacomanolis, PLLC を Facebook、LinkedIn、YouTube、Pinterest、Twitter でフォローしてください。

March 24, 2026

SEC Opens Public Comment On Regulation S-K

On January 13, 2026, SEC Chair Paul S. Atkins issued a high-profile request for public comment on modernizing Regulation S-K, the SEC’s central framework for narrative disclosures in public company filings. This move signals one of the most consequential disclosure reform efforts in years and comes as part of a broader recalibration of SEC priorities under his leadership. For more on Chair Atkins priorities, including disclosure reform, see HERE.

Background – Regulation S-K

Regulation S-K has governed the qualitative disclosure requirements in U.S. securities filings since it was first adopted in the early 1980s. Regulation S-K governs the disclosures made in periodic reports under the Exchange Act (for example Forms 10-Q, 10-K, 8-K, 20-F, proxy statements…) and registration statements filed under the Securities Act (for example, S-1, S-3, S-4, F-1, F-3, F-4, etc..). Regulation S-K encompasses items ranging from a company’s business description and risk factors to management’s discussion and analysis (MD&A) and executive compensation disclosures.

Over time, Regulation

March 24, 2026

SEC Publishes CD&I On Form S-3, Regulation S-K, Form 20-F, And Section 13

On March 20, 2025, the SEC published several updates to its compliance and disclosure interpretations (“CD&I”) related to Forms S-3 and 20-F, and Regulation S-K. The new CD&I importantly allow all issuers, not just well-known seasoned issuers (“WKSIs”) to go effective on Form S-3 registration statements between the filing of a Form 10-K and the filing of the proxy statement containing Form 10-K Part III disclosures.

Earlier, on February 11, 2025, the SEC published one revised and one new CD&I related to Section 13 filings on Schedules 13D and 13G.

Form S-3/Securities Act Rules

Revised CD&Is 114.05 and 198.05 confirm that a Form S-3 ASR and a non-automatically effective Form S-3 may be filed and declared effective after a company files its Form 10-K but prior to filing its Part III information in either a proxy statement or amended Form 10-K. However, the SEC notes that companies are responsible for ensuring that any prospectus used in connection with

April 29, 2025

The New 10-K Requirements For Annual Report Season

As 2023 has come to a close it is time to prepare for the upcoming annual report season and this year there are multiple new requirements to be cognizant of. With annual reports being followed by proxies and first quarter 10-Q’s in rapid succession, it is important to get ahead of all the new disclosures. This blog will summarize each of the new disclosures and include some practice tips.

First, though is what is suddenly not a new requirement and in particular the share repurchase disclosures. Adopted on May 3, 2023 (see HERE) the new disclosure requirements would have taken effect for inclusion in the upcoming 10-K season. Following a successful court challenge, on November 22, 2023, the SEC issued an order postponing the effective date of the new rules pending further SEC action (see HERE). However, the SEC may not get the opportunity to resurrect the rules. The U.S. Chamber of Commerce is doubling down and

January 2, 2024

SEC Publishes Sample Comment Letter Regarding XBRL Disclosure

Back in June, 2018, the SEC adopted the Inline XBRL requirements (see HERE) and since that time almost all new disclosure rules require either XBRL tagging or Inline XBRL. In December 2022 a new law was passed requiring the SEC to “establish a program to improve the quality of the corporate financial data filed or furnished by issuers under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”),” causing the SEC to focus even more on XBRL use. As a result, in September 2023, the SEC published a sample letter to companies regarding their XBRL disclosures.

The sample letter consists of six comments, which I have included in full below followed by a short commentary on the point.

Your filing does not include the required Inline XBRL presentation in accordance with Item 405 of Regulation S-T. Please file an amendment to the filing to include the required Inline XBRL presentation.

November 21, 2023

SEC Publishes New C&DI On Rule 10b5-1

On August 25, 2023, the SEC published five new Compliance and Disclosure Interpretations (C&DI) on the recently effective Rule 10b5-1 amendments. The new rules were adopted on December 14, 2022 (see HERE) to enhance disclosure requirements and investor protections against insider trading. The amendments include updates to Rule 10b5-1(c)(1), which provides an affirmative defense to insider trading liability under Section 10(b) and Rule 10b-5. This is the second time the SEC has published guidance on the rules having issued three C&DI in May – see HERE.

The rule amendments updated the conditions to satisfy the 10b5-1 affirmative defense, including adding cooling-off periods before trading can commence under a Rule 10b5-1 plan and a condition that all persons entering into a Rule 10b5-1 plan must act in good faith with respect to the plan. The amendments also require directors and officers to include representations in their plans certifying at the time of the adoption of

September 12, 2023

SEC Adopts Final New Rules On Cybersecurity Disclosures

On July 26, 2023, the SEC adopted final new rules requiring disclosures for both domestic and foreign companies related to cybersecurity incidents, risk management, strategy and governance. The proposed rules were published in March 2022 (see HERE). In response to numerous comments, the final rules made several changes to the proposal, including narrowing the disclosures in both the Form 8-K/6-K and annual reports on Form 10-K and 20-F.

The final rules add new Item 1.05 to Form 8-K requiring disclosure of a material cybersecurity incident including the incident’s nature, scope, timing, and material impact or reasonably likely impact on the company. An Item 1.05 Form 8-K will be due within four business days following determination that a cybersecurity incident is material. Given the sensitive nature of cybersecurity crimes, the SEC has added a provision allowing an 8-K to be delayed if it is informed by the United States Attorney General, in writing, that immediate disclosure would pose a substantial

August 29, 2023

SEC Adopts Amendments To Rule 10b5-1 Insider Trading Plans

On December 14, 2022, the SEC adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 (“Exchange Act”) to enhance disclosure requirements and investor protections against insider trading. The amendments include updates to Rule 10b5-1(c)(1), which provides an affirmative defense to insider trading liability under Section 10(b) and Rule 10b-5. The proposed rules were published in HERE. Although there is a statutory framework, the laws surrounding insider trading are largely based on judicial precedence and are difficult to navigate. The rule amendments are intended to provide clarity to the marketplace.

Since the adoption of Rule 10b5-1, courts, commentators, and members of Congress have expressed concern that the affirmative defense under Rule 10b5-1(c)(1)(i) has allowed traders to take advantage of the liability protections provided by the rule to opportunistically trade securities on the basis of material nonpublic information. Furthermore, some academic studies of Rule 10b5-1 trading arrangements have shown that corporate insiders trading pursuant to

January 24, 2023

Human Capital Disclosures

In August 2020, the SEC adopted final amendments to Item 101 of Regulation S-K including adding a requirement for disclosures related to “human capital” (see HERE). The new rule applies to Form 10-Ks and registration statements filed after November 8, 2020. This blog will not only discuss how companies are navigating their human capital disclosures, but also the push to add more prescriptive disclosure requirements to the rules, which the SEC is considering. Amendments to the rule are currently included on the SEC’s regulatory agenda although as of now, the SEC has not published a proposal.

Drill Down on Human Capital Disclosure

Item 101(c)(2) of Regulation S-K now requires that a company discuss, in its Form 10-K and in registration statements, the following information to the extent material to an understanding of the business: “[A] description of the registrant’s human capital resources, including the number of persons employed by the registrant, and any human capital measures or objectives that

December 27, 2022

Disclosure Considerations Related To The Conflict In The Ukraine

In addition to being a tragedy, the Russian attack on the Ukraine has disrupted businesses around the world, caused a spike in oil prices and raised disclosure issues for public companies as we are firmly in 10-K and proxy season.. In addition to the obvious disruption of business in both the Ukraine and Russia, the U.S. and many other European countries have imposed significant sanctions against Russia that may also impact companies and U.S. capital market participants. No fewer than three of my clients have been directly affected by the conflict from the extreme of having to close an entire division to the less impactful certain non-collectability of receivables.

Disclosure requirements will depend upon the specific facts and circumstances of a particular company, but key areas that may need attention are risk factors, description of business and management’s discussion and analysis (MD&A).

Risk Factors

In August 2020, the SEC adopted final amendments to Item 105 – Risk Factors

March 8, 2022

A Resolution For SPAC Warrant Accounting

On April 12, 2021, the SEC effectively chilled SPAC activity by announcing that it had examined warrant accounting in several SPACs and found that the warrants were being erroneously classified as an asset. The SEC identified two accounting issues, one related to the private placement warrants and the other related to both the private placement and public warrants. These companies were required to restate previously issued financial statements to reclassify warrants as liabilities, and the ripple effect began. Overnight SPAC management teams, accountants and auditors were scrambling to determine if a restatement was required (in most cases it was) and in-process SPACs were put on hold or at least delayed while market participants tried to figure out the meaning of the SEC guidance and how to address it.

The timing of the statement was interesting as well; most calendar year end SPACs had just filed their Form 10-K for FYE 2020 requiring a slew of 8-Ks to disclose non-reliance on

June 22, 2021

SEC Issues Transitional FAQ On Regulation S-K Amendments

The recent amendments to Items 101, 103 and 105 of Regulation S-K (see HERE) went into effect on November 9, 2020, raising many questions as to the transition to the new requirements. In response to what I am sure were many inquiries to the Division of Corporation Finance, the SEC has issued three transitional FAQs.

The amendments made changes to Item 101 – description of business, Item 103 – legal proceedings, and Item 105 – Risk Factors of Regulation S-K.

FAQ – Form S-3 Prospectus Supplement

The first question relates to the impact on Form S-3 and in particular the current use of prospectus supplements for an S-3 that went into effect prior to November 9, 2020. In general, a Form S-3 is used as a shelf registration statement and a company files a prospectus supplement each time it takes shares down off that shelf (see HERE).

The prospectus supplement must meet the requirements of Securities Act Rule

November 24, 2020

SEC Adopts Amendments To Disclosures Related To Acquisitions And Dispositions Of Businesses

One year after proposing amendments to the financial statements and other disclosure requirements related to the acquisitions and dispositions of businesses, in May 2020 the SEC adopted final amendments (see here for my blog on the proposed amendments HERE). The amendments involved a long process; years earlier, in September 2015, the SEC issued a request for public comment related to disclosure requirements for entities other than the reporting company itself, including subsidiaries, acquired businesses, issuers of guaranteed securities and affiliates which was the first step culminating in the final rules (see HERE).

The amendments make changes to Rules 3-05 and 3-14, 8-04, 8-05, and 8-06 of Regulation S-x, as well as Article 11. The SEC also amended the significance tests in the “significant subsidiary” definition in Rule 1-02(w), Securities Act Rule 405, and Exchange Act Rule 12b-2. Like all recent disclosure changes, the proposed rules are designed to improve the information for investors while reducing complexity

October 27, 2020

SEC Adopts Amendments To Accelerated And Large Accelerated Filer Definitions

In March, 2020 the SEC adopted amendments to the definitions of an “accelerated filer” and “large accelerated filer.” The amendments were adopted largely as proposed in May 2019 (see HERE).

A company that is classified as an accelerated or large accelerated filer is subject to, among other things, the requirement that its outside auditor attest to, and report on, management’s assessment of the effectiveness of the issuer’s internal control over financial reporting (ICFR) as required by Section 404(b) of the Sarbanes-Oxley Act (SOX). The JOBS Act exempted emerging growth companies (EGCs) from this requirement. Moreover, historically the definition of a smaller reporting company (SRC) was set such that an SRC could never be an accelerated or large accelerated filer, and as such would never be subject to Section 404(b) of SOX.

In June 2018, the SEC amended the definition of an SRC to include companies with less than a $250 million public float (increased

July 14, 2020

SEC Publishes FAQ On COVID-19 Effect On S-3 Registration Statements

The SEC has issued FAQ on Covid-19 issues, including the impact on S-3 shelf registration statements. The SEC issued 4 questions and answers consisting of one question related to disclosure and three questions related to S-3 shelf registrations.

SEC FAQ

Disclosure

Confirming prior guidance, the SEC FAQ sets forth the required disclosures in the Form 8-K or 6-K filed by a company to take advantage of a Covid-19 extension for the filing of periodic reports. In particular, in the Form 8-K or Form 6-K, the company must disclose (i) that it is relying on the COVID-19 Order (for more information on the Order, see HERE); (ii) a brief description of the reasons why the company could not file the subject report, schedule or form on a timely basis; (iii) the estimated date by which the report, schedule or form is expected to be filed; and (iv) a company-specific risk factor or factors explaining the impact, if material, of

May 12, 2020

Small Business Advocate Urges Capital Raising Relief

On March 4, 2020, the SEC published proposed rule changes to harmonize, simplify and improve the exempt offering framework. The proposed rule changes indicate that the SEC has been listening to capital markets participants and is supporting increased access to private offerings for both businesses and a larger class of investors. Together with the proposed amendments to the accredited investor definition (see HERE), the new rules could have as much of an impact on the capital markets as the JOBS Act has had since its enactment in 2012.

I’ve written a five-part series detailing the rule changes, the first of which can be read HERE. My plan to publish the five parts in five consecutive weeks was derailed by the coronavirus and more time-sensitive articles on relief for SEC filers and disclosure guidance, but will resume in weeks that do not have more pressing Covid-19 topics.

On April 2, 2020, the SEC Small Business Capital Formation Advisory Committee

April 7, 2020

Relief For Persons Affected By The Coronavirus

Last week I published a blog summarizing the relief granted by the SEC for public companies and capital markets participants impacted by the coronavirus (Covid-19) (see HERE). Just as Covid-19 rapidly evolves, so have the regulators response. The SEC has now expanded the relief and issued guidance on public company disclosures related to Covid-19.

While we work to complete the usual filings while in quarantine, a new conversation is starting to develop at a rapid pace. That is, the conversation of opportunity and the accelerating of a more technologically driven economy than ever before. Businesses and service providers must stay nimble and ready to serve the ever changing needs of entrepreneurs and the capital markets – I know we are!

Extension in SEC Reporting Filing Deadlines

On March 25, 2020, the SEC extended its prior conditional relief order such that periodic filings that would have been due from between March 1 and July 1, 2020 can avail themselves of

March 31, 2020

Conditional Relief For Persons Affected By Coronavirus

As the whole world faces unprecedented personal and business challenges, our duty to continue to run our businesses, meet regulatory filing obligations and support our capital markets continues unabated. While we stay inside and practice social distancing, we also need to work each day navigating the new normal. Thankfully many in the capital markets, including our firm, were already set up to continue without any interruption, working virtually in our homes relying on the same technology we have relied on for years.

We all need to remember that the panic selling frenzy will end. Emotions with even out and the daily good news that comes with the bad (for example, the number of cases in China is falling dramatically; some drugs are working to help and the FDA is speeding up review times for others; early signs China’s economy is starting to recover already; scientists around the world are making breakthroughs on a vaccine; etc.) will begin to quell the

March 24, 2020

Terminating Section 15(d) Reporting; Determining Voluntary Reporting Status

A public company with a class of securities registered under Section 12 or which is subject to Section 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) must file Section 13 reports with the SEC (10-K, 10-Q and 8-K). A company becomes subject to Section 15(d) by filing a registration statement under the Securities Act of 1933, as amended (“Securities Act”) such as a Form S-1. A company registers securities under Section 12 by filing an Exchange Act registration statement such as on Form 10, Form 20-F or Form 8-A.

The Section 15(d) reporting requirements are scaled down from the Exchange Act reporting requirements for a company with a class of securities registered under Section 12. In particular, a company that is only subject to Section 15(d) need only comply with the Section 13 reporting obligations and need not comply with the federal proxy rules and third-party tender offer rules in Section 14, the officer/director and

January 21, 2020

Incorporation By Reference

During lulls in the very active rule changes and blog-worthy news coming from the SEC and related regulators, it is great to step back and write about basics that affect SEC attorneys and market participants on a daily basis. In the realm of securities laws, the concept of “incorporation by reference” is simple enough – information from another document, registration statement or filing is included in a current document, registration statement or filing by referring to the other without repeating its contents. Similarly, “forward incorporation by reference” means that a document is automatically updated with information contained in a future SEC filing.

Although the concepts are relatively straight forward, their application is complex with differing rules for different classes of companies (such as an emerging growth company, smaller reporting company, or well-known seasoned issuer) and different filings such as a registration statement filed under the Securities Act of 1933 (“Securities Act”) or a periodic report filed under the Securities

October 29, 2019

SEC Adopts Rules to Amend Regulation S-K

On March 20, 2019 the SEC adopted amendments to Regulation S-K as required by the Fixing America’s Surface Transportation Act (“FAST Act”). The proposed amendments were first published on October 11, 2017 (see HERE). A majority of the amendments were adopted as proposed. As part of the SEC’s ongoing Disclosure Effectiveness Initiative, the amendments are designed to modernize and simplify disclosure requirements for public companies, investment advisers, and investment companies. For a detailed list of actions that have been taken by the SEC as part of its Disclosure Effectiveness Initiative, see my summary at the end of this blog.

The FAST Act, passed in December 2015, contained two sections requiring the SEC to modernize and simplify the requirements in Regulation S-K. Section 72002 required the SEC to amend Regulation S-K to “further scale or eliminate requirements… to reduce the burden on emerging growth companies, accelerated filers, smaller reporting companies, and other smaller issuers, while still providing all material

April 2, 2019

SEC Solicits Comment On Earnings Releases And Quarterly Reports

On December 18, 2018, the SEC published a request for comment soliciting input on the nature, content, and timing of earnings releases and quarterly reports made by reporting companies. The comment period remains open for 90 days from publication. The request is not surprising as earnings releases and quarterly reports were included in the pre-rule stage in the Fall 2018 SEC semiannual regulatory agenda and plans for rulemaking.

The request for comment seek input on how the SEC can reduce burdens on publicly reporting companies associated with quarterly reports while maintaining disclosure effectiveness and investor protections. The SEC also seeks comment on how the existing reporting system, earnings releases and earnings guidance may foster an overly short-term focus by companies and market participants. In addition, the SEC is looking for input on how to make the reporting process less cumbersome to investors, such as by having to compare an earnings release and Form 10-Q for differences.

This has been a

January 15, 2019

SEC Fall 2018 Regulatory Agenda

In October 2018, the SEC posted its latest version of its semiannual regulatory agenda and plans for rulemaking with the U.S. Office of Information and Regulatory Affairs. The Office of Information and Regulatory Affairs, which is an executive office of the President, publishes a Unified Agenda of Regulatory and Deregulatory Actions (“Agenda”) with actions that 60 departments, administrative agencies and commissions plan to issue in the near and long term. The Agenda is published twice a year.

Like the Spring 2018 Agenda, the fall Agenda is broken down by (i) “Prerule Stage”; (ii) Proposed Rule Stage; (iii) Final Rule Stage; and (iv) Long-term Actions. The Proposed and Final Rule Stages are intended to be completed within the next 12 months and Long-term Actions are anything beyond that. The number of items to be completed in a 12-month time frame has jumped up with 36 items compared to 21 on the spring list.

Interestingly, following President Trump’s recent call to eliminate

November 27, 2018

Financial Statement Disclosure Relief Under Rule 3-13

Rule 3-13 of Regulation S-X allows a company to request relief from the SEC from the financial statement disclosure requirements if they believe that the financial information is burdensome and would result in disclosure of information that goes beyond what is material to investors. Consistent with the ongoing message of open communication and cooperation, the current SEC regime has been actively encouraging companies to avail themselves of this relief and has updated the CorpFin Financial Reporting Manual to include contact information for staff members that can assist.

As part of its ongoing disclosure effectiveness initiative, the SEC is also considering amendments to the financial statement disclosure process and the publication of further staff guidance. In addition to advancing disclosure changes, allowing for relief from financial statement requirements could help encourage smaller companies to access public markets, an ongoing goal of the SEC and other financial regulators. For a review of the October 2017 Treasury Department report to President Trump, including

November 6, 2018

SEC Amends Definition of “A Smaller Reporting Company”

On June 28, 2018, the SEC adopted the much-anticipated amendments to the definition of a “smaller reporting company” as contained in Securities Act Rule 405, Exchange Act Rule 12b-2 and Item 10(f) of Regulation S-K. The amendments come almost two years to the day since the initial publication of proposed rule changes (see HERE).

Among other benefits, it is hoped that the change will help encourage smaller companies to access US public markets. The amendment expands the number of companies that qualify as a smaller reporting company (SRC) and thus qualify for the scaled disclosure requirements in Regulation S-K and Regulation S-X. The SEC estimates that an additional 966 companies will be eligible for SRC status in the first year under the new definition.

As proposed, and as recommended by various market participants, the new definition of a SRC will now include companies with less than a $250 million public float as compared to the $75 million

July 17, 2018

The SEC’s 2018 Flex Regulatory Agenda

In December 2017, the SEC posted its latest version of its semiannual regulatory agenda and plans for rulemaking with the U.S. Office of Information and Regulatory Affairs. Prior to issuing the agenda, SEC Chair Jay Clayton had promised that the SEC’s regulatory agenda’s would be “more realistic” and he seems to have been true to his word.

The agenda is separated into two categories: (i) Existing Proposed and Final Rule Stages; and (ii) Long-term Actions. The Existing Proposed and Final Rule Stages are intended to be completed within the next 12 months and Long-term Actions are anything beyond that. The semiannual list published in July 2017 only contained 33 legislative action items to be completed in a 12-month time frame, and the newest list is down to 26 items, whereas the prior fall 2016 list had 62 items.

The Unified Agenda of Regulatory and Deregulatory Actions

The Office of Information and Regulatory Affairs, which is an executive office of the

April 3, 2018

Guidance On New Exhibit Rules In SEC Filings

On March 1, 2017, the SEC passed a final rule requiring companies to include hyperlinks to exhibits in filings made with the SEC. The amendments require any company filing registration statements or reports with the SEC to include a hyperlink to all exhibits listed on the exhibit list. In addition, because ASCII cannot support hyperlinks, the amendment also requires that all exhibits be filed in HTML format. The rule change was made to make it easier for investors and other market participants to find and access exhibits listed in current reports, but that were originally provided in previous filings. A summary of the rule can be read HERE.

The new Rule went into effect on September 1, 2017, provided however that non-accelerated filers and smaller reporting companies that submit filings in ASCII may delay compliance through September 1, 2018.

In addition to the filing of exhibits and schedules, Item 601 of Regulation S-K requires each company to include an

November 14, 2017

SEC Proposes Rules To Modernize And Simplify Disclosures

On October 11, 2017, as part of the ongoing SEC Disclosure Effectiveness Initiative, the SEC published proposed rule amendments to modernize and simplify disclosure requirements for public companies, investment advisers, and investment companies. The proposed rule amendments implement a mandate under the Fixing America’s Surface Transportation Act (“FAST Act”).

The FAST Act, passed in December 2015, contains two sections requiring the SEC to modernize and simplify the requirements in Regulation S-K. Section 72002 requires the SEC to amend Regulation S-K to “further scale or eliminate requirements… 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.” In addition, the SEC was directed to “eliminate provisions… that are duplicative, overlapping, outdated or unnecessary.” In accordance with that requirement, On July 13, 2016, the SEC issued proposed rule change on Regulation S-K and Regulation S-X to amend disclosures that are redundant, duplicative, overlapping, outdated

October 31, 2017

NASDAQ Issues Report Advocating for The U.S. Public Markets

Before SEC Commissioner Michael Piwowar’s May 16, 2017, speech at the SEC-NYU Dialogue on Securities Market Regulation regarding the U.S. IPO Market (see summary HERE), and SEC Chair Jay Clayton’s July 12, 2017, speech to the Economic Club of New York (see summary HERE), the topic of the U.S. IPO market had already gained significant market attention. Earlier this year, NASDAQ issued a paper titled “The Promise of Market Reform: Reigniting American’s Economic Engine” with its views and position on how to revitalize the U.S. equities and IPO market (the “NASDAQ Paper”). This blog summarizes the NASDAQ Paper.

The NASDAQ Paper begins with a statement by Adena Friedman, President and CEO of NASDAQ. The statement begins with a decidedly positive outlook, noting that “The U.S. equities markets exist to facilitate job creation and wealth creation for millions of people, ultimately driving economic growth for our country.” Ms. Friedman adds that “[E]xceptional market returns in recent years

October 24, 2017

SEC Provides Regulatory Relief To Hurricane Victims

On September 28, 2017, the SEC announced interim final temporary rules (“Exemptive Order”) to provide relief to publicly trading companies, investment companies, accountants, transfer agents, municipal advisors and others affected the Hurricanes Harvey, Irma and Maria. In addition to the interim rules, the SEC urges others not covered by the relief but affected in their ability to provide information to the SEC or shareholders to contact the SEC to seek relief on a case-by-case basis.

Interim Final Temporary Rules

Generally the due date for Exchange Act reports for companies relying on the Exemptive Order shall be October 10, 2017 for those affected by Hurricane Harvey, October 19, 2017 for those affected by Hurricane Irma, and November 2, 2017 for those affected by Hurricane Irma. As such, companies with such extended due dates may also file an additional extension on Form 12b-25 on those dates, and benefit from an additional five days for a Form 10-Q and 15 days for a

October 3, 2017

SEC Announces Regulatory Agenda

In July 2017 the SEC posted its latest version of its semi-annual regulatory agenda and plans for rulemaking with the U.S. Office of Information and Regulatory Affairs. The agenda is as interesting for what’s on it, as for what isn’t. The semi-annual list only contains 33 legislative action items that the SEC intends to propose or finalize in the next 12 months. The fall 2016 list contained 62 items. As further discussed in this blog, the list does not include proposals on executive compensation, or many other Dodd-Frank mandated rules.

In the preamble to the list it indicates that it was completed in March, when Michael Piwowar was acting Chair of the SEC. Chair Jay Clayton and now Commissioner Michael Piwowar have been publicly like-minded, with a goal of directing the SEC towards assisting in small and emerging business growth and capital raise activities, while remaining tough on fraud. A summary of Chair Clayton’s first public speech as head of

September 12, 2017

SEC Issues Final Rules Requiring Links To Exhibits

The SEC first proposed the rule change on August 31, 2016, as discussed in my blog HERE. The new rule continues the SEC’s Division of Corporation Finance’s ongoing Disclosure Effectiveness Initiative. I anticipate that this initiative will not only continue but gain traction in the coming years under the new administration as, hopefully, more duplicative, antiquated and immaterial requirements come

April 11, 2017

What Does The SEC Do And What Is Its Purpose?

As I write about the myriad of constantly changing and progressing securities law-related policies, rules, regulations, guidance and issues, I am reminded that sometimes it is important to go back and explain certain key facts to lay a proper foundation for an understanding of the topics which layer on this foundation. In this blog, I am doing just that by explaining what the Securities and Exchange Commission (SEC) is and its purpose. Most of information in this blog comes from the SEC website, which is an extremely useful resource for practitioners, issuers, investors and all market participants.

Introduction

The mission of the SEC is to protect investors, maintain fair, orderly and efficient markets and facilitate capital formation. Although each mission should be a priority, the reality is that the focus of the SEC changes based on its Chair and Commissioners and political pressure. Outgoing Chair Mary Jo White viewed the SEC enforcement division and task of investor protection as her

February 14, 2017

Yahoo Hacking Scandal And Obligations Related To Cybersecurity

On September 26, 2016, Senator Mark R. Warner (D-VA), a member of the Senate Intelligence and Banking Committees and cofounder of the bipartisan Senate Cybersecurity Caucus, wrote a letter to the SEC requesting that they investigate whether Yahoo, Inc., fulfilled its disclosure obligations under the federal securities laws related to a security breach that affected more than 500 million accounts. Senator Warner also requested that the SEC re-examine its guidance and requirements related to the disclosure of cybersecurity matters in general.

The letter was precipitated by a September 22, 2016, 8-K and press release issued by Yahoo disclosing the theft of certain user account information that occurred in late 2014. The press release referred to a “recent investigation” confirming the theft of user account information associated with at least 500 million accounts that was stolen in late 2014. Just 13 days prior to the 8-K and press release, on September 9, 2016, Yahoo filed a preliminary 14A filing with

December 6, 2016

SEC Small Business Advisory Committee Public Company Disclosure Recommendations

On September 23, 2015, the SEC Advisory Committee on Small and Emerging Companies (the “Advisory Committee”) met and finalized its recommendation to the SEC regarding changes to the disclosure requirements for smaller publicly traded companies.

By way of reminder, the Committee was organized by the SEC to provide advice on SEC rules, regulations and policies regarding “its mission of protecting investors, maintaining fair, orderly and efficient markets and facilitating capital formation” as related to “(i) capital raising by emerging privately held small businesses and publicly traded companies with less than $250 million in public market capitalization; (ii) trading in the securities of such businesses and companies; and (iii) public reporting and corporate governance requirements to which such businesses and companies are subject.”

The topic of disclosure requirements for smaller public companies under the Securities Exchange Act of 1934 (“Exchange Act”) has come to the forefront over the past year. In early December the House passed the Disclosure Modernization and

October 27, 2015

SEC Proposed Pay Versus Performance

On April 29, 2015, the SEC published the anticipated pay versus performance proposed rules. The rules are in the comment period and will not be effective until the SEC publishes final rules. Although timing is unclear, some commentators believe the new rules will be implemented as soon as the 2016 proxy season.

The proposed rules require companies to clearly and concisely disclose the relationship between executive compensation actually paid and the financial performance of the company, taking into account any change in the value of the shares of stock and dividends of the registrant and any distributions. The new proposed disclosure requirements will not apply to emerging growth companies or foreign private issuers. In addition, smaller public companies will have a scaled back disclosure requirement.

The proposed new rules implement Section 14(i) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) and as added by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”)

May 19, 2015

Will the Disclosure Modernization and Simplification Act of 2014 Simplify Reporting Requirements for ECG’s and Smaller Reporting Companies?

ABA Journal’s 10th Annual Blawg 100

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In early December the House passed the Disclosure Modernization and Simplification Act of 2014, which will now go to the Senate for action—or inaction, as the case may be.

The bill joins a string of legislative and political pressure on the SEC to review and modernize Regulation S-K to eliminate burdensome, unnecessary disclosure with the dual purpose of reducing the costs to the disclosing issuer and ensure readable, material information for the investing public.

The Disclosure Modernization and Simplification Act of 2014, if passed, would require the SEC to adopt or amend rules to: (i) allow issuers to include a summary page to Form 10-K; and (ii) scale or eliminate duplicative, antiquated or unnecessary requirements in Regulation S-K. In addition, the SEC would be required to conduct yet another study on all Regulation S-K disclosure requirements to determine how best to amend and modernize the rules to reduce costs and burdens while

December 23, 2014

CEO and CFO Certifications for Forms 10-Q and 10-K

ABA Journal’s 10th Annual Blawg 100

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A public company with a class of securities registered under Section 12 or which is subject to Section 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) must file reports with the SEC. The underlying basis of the reporting requirements is to keep shareholders and the markets informed on a regular basis in a transparent manner. Reports filed with the SEC can be viewed by the public on the SEC EDGAR website. The required reports include an annual Form 10-K, quarterly Form 10Q’s and current periodic Form 8-K as well as proxy reports and certain shareholder and affiliate reporting requirements.

These reports are signed by company officers and directors. Moreover, the Sarbanes-Oxley Act of 2002 (“SOX”) implemented a requirement that the company principal executive officer or officers and principal financial officer or officers execute certain personal certifications included with each Form 10-Q and 10-K. Certifications are not required on a

August 26, 2014

Section 16 Insider Reporting and Potential Liability for Short-Swing Trading Practices

A public company with a class of securities registered under Section 12 or which is subject to Section 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) must file reports with the SEC (“Reporting Requirements”). The required reports include an annual Form 10-K, quarterly Form 10Q’s and current periodic Form 8-K as well as proxy reports and certain shareholder and affiliate reporting requirements.

Last week, I wrote about the “certain shareholder” filing requirements under Sections 13d and 13g of the Exchange Act, Regulation 13D-G beneficial ownership reporting and related Schedules 13D and 13G. This blog is a summary of the “certain shareholder and affiliate” reporting and related requirements under Section 16 of the Exchange Act. In particular, all directors, executive officers and 10% stockholders (“Insiders”) of reporting companies are subject to the reporting and insider trading provisions of Section 16 of the Exchange Act. At the end of the blog is a reference chart related to the

June 30, 2014

An Overview of MD&A

Management’s discussion and analysis of financial condition and results of operation, commonly referred to as MD&A, is an integral part of annual (Form 10-K) and quarterly (Form 10-Q) reports filed with the Securities and Exchange Commission (SEC). MD&A is also included in registration statements filed under both the Securities Exchange Act of 1934 (Form 10) and Securities Act of 1933 (Form S-1). MD&A requires the most input and effort from officers and directors of a company and, due to the many components of required information, often generates SEC review and comments. Item 303 of Regulation S-K sets forth the required content for MD&A. This discussion will be limited to the requirements for small public companies (i.e., those with revenues of less than $75 million).

A MD&A discussion for quarterly reports on Form 10-Q is abbreviated from the requirements for annual reports on Form 10-K and registration statements and should concentrate on updating and supplementing the annual report discussion. Although

June 10, 2014

Public Company SEC Reporting Requirements

A public company with a class of securities registered under either Section 12 or which is subject to Section 15(d) of the Securities Exchange Act of 1934, as amended (“Exchange Act”) must file reports with the SEC (“Reporting Requirements”). The underlying basis of the Reporting Requirements is to keep shareholders and the markets informed on a regular basis in a transparent manner. Reports filed with the SEC can be viewed by the public on the SEC EDGAR website. The required reports include an annual Form 10-K, quarterly Form 10Q’s and current periodic Form 8-K as well as proxy reports and certain shareholder and affiliate reporting requirements.

A company becomes subject to the Reporting Requirements by filing an

April 15, 2014

SEC Guidance On Social Media And Websites For Company Announcements And Communications- Part I

On April 2, 2013, the Securities Exchange Commission (“SEC”) issued a report confirming that companies can use social media, such as Facebook and Twitter, to make company announcements in compliance with Regulation Fair Disclosure (Regulation FD) as long as investors are alerted as to which social media outlet is being used by the company. The report was issued following an investigation into a Facebook posting made by Reed Hastings, CEO of Netflix. In the report the SEC stated that previously published guidance on the use of Company websites was applicable to the use of social media. Accordingly, a review of the SEC guidance on the use of company websites is in order.

Background

Regulation FD requires that companies take steps to ensure that material information is disclosed to the general public in a fair and fully accessible manner such that the public as a whole has simultaneous access to the information. Regulation FD is designed to ensure that

April 25, 2013

How To Bring A Delinquent Exchange Act Reporting Company Current

SEC Delinquent Filers Program

In 2004 the Securities and Exchange Commission (“SEC”) instituted the Delinquent Filers Program and created the Delinquent Filers Branch as part of its Division of Enforcement. The Delinquent Filers Branch was instituted to encourage publicly traded companies that are delinquent in the filing of their required periodic reports (Forms 10-K and 10-Q) under the Securities Exchange Act of 1934 (“Exchange Act”) to provide investors with accurate financial information upon which to make informed investment decisions. The securities registrations of issuers that fail to make their required periodic filings are subject to suspension or revocation by the SEC and other enforcement proceedings.

Since it was instituted, the SEC Delinquent Filers Branch has suspended the trading and/or revoked the registration of hundreds of companies, often in sweeps of large groups of filers in a single day. Generally, a delinquent filer would receive a letter from the SEC giving the Company 10 days in which to make the

January 25, 2013

Regulation A+; A Brief History

Title IV of the JOBS Act – Small Capital Formation – is quickly being called the new Regulation A+. Title IV of the JOBS Act technically amends Section 3(b) of the Securities Act of 1933, which up to now has been a general provision allowing the Securities and Exchange Commission (SEC) to fashion exemptions from registration, up to a total offering amount of $5,000,000. The new provision will be Section 3(b)(2) with the old statutory language remaining and being relabeled as Section 3(b)(1).

Technically speaking Regulation D, Rule 504 and 505 offerings and Regulation A offerings are promulgated under Section 3(b) and Rule 506 is promulgated under Section 4(2). This is important because federal law does not pre-empt state law for Section 3(b) offerings but it does so for Section 4(2) offerings. The cost of compliance with the various and varied state laws can be prohibitive with an offering limit of $5,000,000. Moreover, although Regulation A is technically

July 30, 2012

The JOBS Act IPO On-Ramp

I’ve written extensively on the Crowdfunding Act, or Title III of the Jobs Act, and much less extensively on the other five titles of the Act. Today’s blog will focus on Title I of the Jobs Act – Reopening American Capital Markets to Emerging Growth Companies. Several industry types have been referring to Title I as the IPO On Ramp and so will I.

The Jobs Act

The JOBS Act created a new category of companies defined as “Emerging Growth Companies” (EGC). An EGC is defined as a company with annual gross revenues of less than $1 billion that first sells equity in a registered offering after December 8, 2011. In addition, an EGC loses its EGC status on the earlier of (i) the last day of the fiscal year in which it exceeds $1 billion in revenues; (ii) the last day of the fiscal year following the fifth year after its IPO; (iii) the date on which it

June 4, 2012

Filing Deadlines for Exchange Act Quarterly and Annual Reports

It should be noted that this article focuses specifically on non-accelerated filers.

Companies subject to the reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) are required to file quarterly reports on Form 10-Q and annual reports on Form 10-K. In additional articles, I will discuss in depth the contents and specific disclosure requirements of both forms. However, in summary, the quarterly report on 10-Q contains unaudited reviewed quarterly financial statements together with management discussion and analysis of those statements.

Form 10-K

The annual report on Form 10-K contains audited annual financial statements, together with management discussion and analysis of those statements as well as other disclosures including but not limited to management bios, management compensation, unregistered issuances of stock, generally background on the registrant, internal control reports, litigation matters and more.

Quarterly reports on form 10-Q are due 45 days from the end of the quarter and annual reports on Form 10-K are due

June 1, 2011

MAKE VALUED ALLIANCES

Form 10-K

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