Jon Lukomnik, executive director of the Investor Responsibility Research Center Institute (IRRCI), notes a recent report from Ernst & Young LLP (EY) found that “S-K disclosures often are generic and do not provide clear, concise and insightful information.” David Lynn, partner at Morrison & Foerster and cochair of the firm’s Corporate Finance practice, was quoted in an EY report: “How can it be that 30-some-odd years have gone by and Regulation S-K has never been really revisited or revised?” Lynn is a former chief counsel of the Corporation Finance division at the SEC.

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