(Article from Registered Funds Regulatory Update, April 2026)
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On January 13, 2026, SEC Chair Paul Atkins issued a statement on reforming Regulation S-K and soliciting public feedback on its amendment. He stated that he has instructed the Division of Corporation Finance to engage in a comprehensive review of Regulation S-K, noting that the information that it is currently designed to extract does not always reflect what a reasonable investor would deem important in making investments or voting decisions. Regulation S-K sets out the requirements for non-financial, qualitative disclosures in public company filings and is intended to ensure that investors receive material, standardized information regarding, among other things, business operations, risk factors, legal proceedings, and executive compensation.
Atkins stated that Regulation S-K “elicits both material and a plethora of undisputably immaterial information” and that any revisions should be to promote disclosure of material information and ensure that a reasonable investor can “separate the wheat from the chaff” when reviewing public filings. He added that the first step in the SEC’s review process began last May, when the SEC requested public comments and held a roundtable on the executive compensation disclosure requirements contained in Item 402 of Regulation S-K, and that the Staff is in the process of evaluating the related comment letters and preparing recommendations to the SEC. Atkins requested public comments on Regulation S-K by April 13, 2026, with the goal of revising the requirements to focus on eliciting disclosure of material information and avoid disclosure of immaterial information.
Paul S. Atkins, SEC Chair, Statement, Statement on Reforming Regulation S-K
(Jan. 13, 2026), available at: https://www.sec.gov/newsroom/speeches-statements/atkins-statement-reforming-regulation-s-k-011326.