{"abstract":"The Securities and Exchange Commission (\"Commission\") is adopting amendments to modernize the description of business, legal proceedings, and risk factor disclosures that registrants are required to make pursuant to Regulation S-K. These disclosure items have not undergone significant revisions in over 30 years. The amendments update these rules to account for developments since their adoption or last revision, to improve disclosure for investors, and to simplify compliance for registrants. Specifically, the amendments are intended to improve the readability of disclosure documents, as well as discourage repetition and the disclosure of information that is not material.","action":"Final rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2020/10/08/2020-19182.html","cfr_references":[{"chapter":null,"citation_url":null,"part":"229","title":17},{"chapter":null,"citation_url":null,"part":"239","title":17},{"chapter":null,"citation_url":null,"part":"240","title":17}],"citation":"85 FR 63726","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"The final rules are effective on November 9, 2020.","disposition_notes":null,"docket_ids":["Release Nos. 33-10825","34-89670","File No. S7-11-19"],"dockets":[],"document_number":"2020-19182","effective_on":"2020-11-09","end_page":63761,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2020/10/08/2020-19182.xml","html_url":"https://www.federalregister.gov/documents/2020/10/08/2020-19182/modernization-of-regulation-s-k-items-101-103-and-105","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2020-19182?publication_date=2020-10-08","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2020-10-08/2020-19182/mods.xml","not_received_for_publication":null,"page_length":36,"page_views":{"count":11631,"last_updated":"2026-10-24 14:15:04 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2020-10-08/pdf/2020-19182.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-19182.pdf?1602074716","publication_date":"2020-10-08","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2020/10/08/2020-19182.txt","regulation_id_number_info":{"3235-AL78":{"issue":"202004","html_url":"https://www.federalregister.gov/regulations/3235-AL78/modernization-and-simplification-of-disclosures-of-regulation-s-k-items-101-103-and-105","title":"Modernization and Simplification of Disclosures of Regulation S-K Items 101, 103, and 105","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202004&RIN=3235-AL78&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AL78"],"regulations_dot_gov_info":{"comments_count":0,"agency_id":"SEC","document_id":"SEC-2020-1586-0001","checked_regulationsdotgov_at":"2020-10-11T08:00:12Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":63726,"subtype":null,"title":"Modernization of Regulation S-K Items 101, 103, and 105","toc_doc":"Modernization of Regulation SK Items 101, 103, and 105","toc_subject":null,"topics":["Reporting and recordkeeping requirements","Securities"],"type":"Rule","volume":85}