,i  #aac? ,,congress  #b;d ,session  ,h4
 ,r4 #defi  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,may #f1 #bjad ,mr4   
,g>rett 7= himself & ,mr4 ,hurt7        
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices  ,a 
,,bill  ,to require ! ,securities &     
,ex*ange ,commission to make c]ta9      
improvem5ts to =m #aj-,k & regulation   
,s-,k1 & = o!r purposes4  #a4 ,%ort     
title ,?is ,act may be cit$ z !         
,disclosure ,mod]nization &             
,simplification ,act ( #bjad4  #b4      
,summ>y page = =m #aj-,k ,n lat] ?an !  
end ( ! #ahj-;day p]iod beg9n+ on ! date
 ( ! enactm5t ( ?is ,act1 ! ,securities 
& ,ex*ange ,commission %all issue       
regulations to p]mit issu]s to submit a 
summ>y page on =m #aj-,k 7#ag ,c4,f4,r4 
#bdi4caj71 b only if ea* item on su*    
summ>y page includes a cross-ref]5ce 7by
 electronic l9k or o!rwise7 to ! mat]ial
 conta9$ 9 =m #aj-,k to :i* su* item    
relates4  #c4 ,improvem5t ( regulation  
,s-,k ,n lat] ?an ! end ( ! #ahj-;day   

p]iod beg9n+ on ! date ( ! enactm5t (   
?is ,act1 ! ,securities & ,ex*ange      
,commission %all revise regulation ,s-,k
 7#ag ,c4,f4,r4 #bbi4aj et seq47--  7#a7
 to fur!r scale or elim9ate requirem5ts 
( regulation ,s-,k1 9 ord] to r$uce !   
burd5 on em]g+ gr[? companies1 accel]at$
 fil]s1 & small] report+ companies1 &   
o!r small] issu]s2 &  7#b7 to elim9ate  
provisions ( regulation ,s-,k1 requir$ =
 all issu]s1 t are duplicative1         
ov]lapp+1 outdat$1 or unnecess>y4  #d4  
,/udy on mod]nization & simplification (
 regulation ,s-,k  7a7 ,/udy ,!         
,securities & ,ex*ange ,commission %all 
c>ry out a /udy ( ! requirem5ts conta9$ 
9 regulation ,s-,k 7#ag ,c4,f4,r4       
#bbi4aj et seq474 ,su* /udy %all--  7#a7
 det]m9e h[ be/ to mod]nize & simplify  
su* requirem5ts 9 a mann] t r$uces !    
co/s & burd5s on issu]s :ile /ill       
provid+ all mat]ial in=mation2  7#b7    
emphasize a company by company approa* t
 all[s relevant & mat]ial in=mation to  
be dissem9at$ to inve/ors )\t boil]plate

 language or /atic requirem5ts :ile     
pres]v+ complet5ess & comp>ability (    
in=mation across regi/rants2 &  7#c7    
evaluate me?ods ( in=mation deliv]y &   
pres5tation & explore me?ods = disc\rag+
 repetition & ! disclosure ( immat]ial  
in=mation4  7b7 ,report ,n lat] ?an !   
end ( ! #cfj-;day p]iod beg9n+ on ! date
 ( enactm5t ( ?is ,act1 ! ,commission   
%all issue a report to ! ,congress      
conta9+--  7#a7 all f9d+s & det]m9ations
 made 9 c>ry+ out ! /udy requir$ "u     
subsection 7a72  7#b7 specific & detail$
 recomm5dations on mod]niz+ & simplify+ 
! requirem5ts 9 regulation ,s-,k 9 a    
mann] t r$uces ! co/s & burd5s on       
companies :ile /ill provid+ all mat]ial 
in=mation2 &  7#c7 specific & detail$   
recomm5dations on ways to improve !     
readability & navigability ( disclosure 
docum5ts & to disc\rage repetition & !  
disclosure ( immat]ial in=mation4  7c7  
,rulemak+ ,n lat] ?an ! end ( !         
#cfj-;day p]iod beg9n+ on ! date t !    
report is issu$ to ! ,congress "u       

subsection 7b71 ! ,commission %all issue
 a propos$ rule to implem5t !           
recomm5dations ( ! report issu$ "u      
subsection 7b74  7d7 ,rule ( con/ruction
 ,revisions made to regulation ,s-,k by 
! ,commission "u section #c %all n be   
con/ru$ z satisfy+ ! rulemak+           
requirem5ts "u ?is section4