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On December 20, 2013, the Securities and Exchange Commission ("SEC") issued a staff report to Congress regarding its disclosure rules for US public companies (Regulation S-K), which was mandated by Congress in the Jumpstart Our Business Startups ("JOBS") Act of 2012 and provides a framework for disclosure reform.

The SEC will coordinate with the Financial Accounting Standards Board to identify ways to improve the effectiveness of financial statement disclosures and minimize duplication with other requirements.

The SEC's next step is to develop specific recommendations for updating the rules. They will seek input from companies and investors to help them develop these recommendations, which will focus on improving disclosures in an effort to facilitate clearer and more effective communication to investors.

For more information or questions on this topic, please contact your local UHY LLP professional.