Uyeda outlined several possible reforms to Regulation S-K, including eliminating the requirement that companies disclose whether they have an insider trading policy or explain why they do not. Removing the requirement would not affect laws against insider trading but would ease the burden on companies, he said.
Uyeda also called for simplifying cybersecurity and corporate governance disclosures and eliminating requirements on unregistered-securities sale lookbacks, performance graphs and other legacy line reports. […]
Former SEC Division of Enforcement senior counsel Rebecca Fike doubted whether the S-K disclosures Uyeda targeted for elimination were truly immaterial and questioned Uyeda’s assertion that the regulations require unnecessarily lengthy responses.
“I don’t necessarily think they are material, but I do not necessarily think they are immaterial either,” said Fike, now a partner at Reed Smith. “I think investors care about different things.”
For example, if an investor were deciding between five companies and four had robust insider trading policies and one did not “that could matter,” she said.
Source: SEC Eyes Rollback of Insider Trading and Cybersecurity Disclosure Rules| Law.com