SEC Eases Disclosure Rules Related To Acquisitions

Law360 (May 21, 2020, 6:12 PM EDT) -- The U.S. Securities and Exchange Commission on Thursday amended disclosure rules companies must provide when buying and selling businesses, despite a sharp dissent from a commissioner who said the action will reduce transparency for investors.

The SEC voted 3-1 to adopt the measure, which proponents say will reduce the complexity of information companies will have to file when they acquire or sell businesses. Among other things, companies will only have to submit the two most recent fiscal years of financial statements of acquired businesses considered "significant," compared with three years under the prior rule.

The SEC is also revising tests that...

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