"Glossy" annual reports to security holders submitted to the SEC in paper will no longer be viewable on the SEC’s web site

Announcement

"Glossy" annual reports to security holders submitted to the SEC in paper will no longer be viewable on the SEC’s web site


Commission proxy rules require companies to provide their security holders an annual report (frequently referred to as a “glossy” annual report because it often is printed on high gloss paper) before or at the time they furnish a proxy statement to the security holders.  Companies also must post these reports on an Internet web site other than the Commission’s web site.  The rules also require them to “mail” to the SEC seven copies of the glossy annual report “solely for [the SEC’s] information.”  Regulation S-T allows companies to send the glossy annual report to the SEC in electronic format via EDGAR or in paper form.  Because of formatting difficulties, most companies choose to mail the seven paper copies to the Commission.

In recent years, we have scanned paper copies of the glossy annual reports received by mail and posted them with the companies’ other filings via the EDGAR facilities on the SEC web site.  In an effort to reduce costs and simplify administrative processes, and in light of the availability of these annual reports on other web sites, the staff has determined to discontinue this practice.


April 9, 2014


To view previously issued announcements, visit http://www.sec.gov/divisions/corpfin/cfannouncements.shtml.