金融号

　　美国证券交易委员会(Securities and Exchange Commission)昨日宣布，已投票通过修正案，以使根据S-K法规要求注册人进行的业务描述(项目101)，法律程序(项目103)和风险因素披露(项目105)现代化。这些披露要求在过去30多年中没有经过重大修订。

　　美国SEC主席杰伊·克莱顿(Jay Clayton)表示：“今天(美东时间8月26日)，我们基本上是30年来第一次对上市公司业务披露规则进行了现代化。” “在我们久经思考，基于原则的披露框架的基础上，和我们今天所采用的新规则的重要性，力求获取有用信息，帮助投资者能够做出更明智的投资决策。我特别支持投资者关注信息披露，这对于各个行业和公司而言都是长期价值的重要驱动力。我感谢员工们的努力，使这些规则现代化，为我们的披露框架增加效率和灵活性。”

　　许多修订反映了委员会对基于原则，针对注册人的披露方法的长期承诺。这些披露要求虽然在某些方面具有规定性，但它们都植根于重要性，旨在促进对每个注册人的业务，财务状况和前景的理解。

　　这些规则的设计依据是与管理层和董事会用来管理和评估注册人绩效的镜头一致的基础。项目101、103和105的现代化旨在引起改进的披露，以反映注册人的特殊情况，旨在改善投资者的披露情况，并提高注册人的合规工作效率。该修正案还旨在提高披露文件的可读性，并防止重复，并减少非实质性信息的披露。

　　最终修订将包括：

　　修改项目101(a)：

　　使它主要基于原则，要求公开信息材料以了解业务的总体发展;

　　用重要性框架代替先前规定的五年时间框架;

　　允许注册人在其初次提交文件后提交的文件中，仅提供该业务总体发展的最新动态，重点是自从其最近对其业务发展的全面讨论以来发生的重大发展。

　　参考;

　　通过以下方式修订项目101(c)：

　　阐明和扩展其基于原则的方法，并提供非排他性的披露主题示例列表，该列表部分摘自部分101(c)当前包含的主题;

　　作为披露主题，包括对注册人的人力资本资源的描述，以这种披露为限。

　　原文

　　The Securities and Exchange Commission today announced that it voted to adopt amendments to modernize the description of business (Item 101), legal proceedings (Item 103), and risk factor disclosures (Item 105) that registrants are required to make pursuant to Regulation S-K. These disclosure requirements have not undergone significant revisions in over 30 years. The amendments the Commission is adopting today update these items to reflect the many changes in our capital markets and the domestic and global economy in recent decades.

　　"Today we modernized our public company business disclosure rules for essentially the first time in over 30 years," said SEC Chairman Jay Clayton. "Building on our time-tested, principles-based disclosure framework, the rules we adopt today are rooted in materiality and seek to elicit information that will allow today's investors to make more informed investment decisions. I am particularly supportive of the increased focus on human capital disclosures, which for various industries and companies can be an important driver of long-term value. I applaud the staff for their dedication and thoughtful approach to modernizing and improving these rules and adding efficiency and flexibility to our disclosure framework."

　　Many of the amendments reflect the Commission's long-standing commitment to a principles-based, registrant-specific approach to disclosure. These disclosure requirements, while prescriptive in some respects, are rooted in materiality and are designed to facilitate an understanding of each registrant's business, financial condition, and prospects. The rules are designed for this information to be presented on a basis consistent with the lens that management and the board of directors use to manage and assess the registrant's performance. The modernization of Items 101, 103, and 105 is intended to elicit improved disclosures, tailored to reflect registrants' particular circumstances, which are designed will improve disclosures for investors and add efficiencies to the compliance efforts of registrants. The amendments are also intended to improve the readability of disclosure documents, as well as discourage repetition and reduce the disclosure of information that is not material.

　　The final amendments will, among other things:

　　amend Item 101(a) by:

　　making it largely principles-based, requiring disclosure of information material to an understanding of the general development of the business;

　　replacing the previously prescribed five-year timeframe with a materiality framework; and

　　permitting a registrant, in filings made after a registrant's initial filing, to provide only an update of the general development of the business focused on material developments that have occurred since its most recent full discussion of the development of its business, which will be incorporated by reference;

　　amend Item 101(c) by:

　　clarifying and expanding its principles-based approach, with a non-exclusive list of disclosure topic examples drawn in part from topics currently contained in Item 101(c);

　　including, as a disclosure topic, a description of the registrant's human capital resources to the extent such disclosures woul