On March 20, the SEC adopted a number of disclosure reforms under the 2015 Fixing America’s Surface Transportation Act, or “FAST” Act. Despite the questionable connection between disclosure and surface transportation, the reforms reflect the SEC’s commitment to making disclosures simpler and more meaningful. Among other things, the reforms will enable companies to:
- exclude the first of three years in Management’s Discussion and Analysis if that year has been discussed in a prior filing;
- omit certain confidential information in some exhibits without having to file a confidential treatment request;
- limit property disclosures to material properties; and
- limit attachments to material agreements filed as exhibits, so long as the attachment does not contain material information and is not otherwise disclosed.
Further details on the reforms will be available shortly in The Securities Edge, our securities and governance blog. If you have any questions in the meantime, please contact Gunster securities law and corporate governance practice leader Bob Lamm.
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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.
Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 13 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Boca Raton, Fort Lauderdale, Jacksonville, Miami, Orlando, Palm Beach, Stuart, Tallahassee, Tampa, The Florida Keys, Vero Beach, Winter Park, and its headquarters in West Palm Beach. With nearly 200 attorneys and 200 committed support staff, Gunster is ranked among the National Law Journal’s list of the 500 largest law firms and has been recognized as one of the Top 100 Diverse Law Firms by Law360. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com.