Form 10-K Summary: SEC Approves Interim Final Rule That Amends Form 10-K to Expressly Allow Issuers to Provide a Summary of Business and Financial Information Contained in the Annual Report

Sullivan & Cromwell LLP - June 3, 2016

The Securities and Exchange Commission (“SEC”) announced on June 1, 2016 that it has approved an interim final amendment to Form 10-K, implementing Section 72001 of the Fixing America’s Surface Transportation (“FAST”) Act, to expressly permit issuers to provide a summary of business and financial information contained in the annual report, provided that each item in the summary includes a cross-reference by hyperlink to the material in the report to which the item relates.  This amendment will take effect immediately upon publication in the Federal Register.  The SEC also requests comments on the amendment within 30 days after publication, including on whether it should be revised to include specific requirements as to the form of the summary and whether other annual reporting forms should be similarly amended.