The Securities and Exchange Commission proposed a rule that would require registrants to include a hyperlink to exhibits in their filings.
The proposed amendments would require registrants that file registration statements and periodic and current reports that are subject to the exhibit requirements under Item 601 of Regulation S-K, or that file on Forms F-10 or 20-F, to include a hyperlink to each exhibit listed in the exhibit index of the filings.
According to SEC Chair Mary Jo White, “the proposed changes should make it significantly easier to locate documents attached to company filing.”
Under the current system, individuals seeking to retrieve and access an exhibit incorporated by reference must first review the exhibit index and then must search through the registrant’s filings to locate the filing that includes the particular exhibit. This process can be both time-consuming and cumbersome. The SEC believes that requiring registrants to include hyperlinks from the exhibit index to the actual exhibits filed would allow easier access to these exhibits for investors and users of this information.
Under the proposed amendments, a registrant would be required to include an active hyperlink to each exhibit identified in the exhibit index of the filing. If the filing is a periodic or current report under the Exchange Act, a registrant would be required to include an active hyperlink to each exhibit listed in the exhibit index when the report is filed. If the filing is a registration statement, the registrant would only be required to include an active hyperlink to each exhibit in the version of the registration statement that becomes effective.
In addition, the SEC would require registrants to file all forms that are affected by this proposal in HTML format since ASCII format does not support hyperlink capabilities.
The public comment period will remain open for 45 days following publication in the Federal Register. To submit comments, use the SEC’s Internet submission form or send an e-mail to rule-comments@sec.gov.
To read the complete proposal visit
https://www.sec.gov/rules/proposed/2016/33-10201.pdf
