Phase Two Recommendations of Task Force on Disclosure Simplification Effective Date: Sep. 2, 1997

In response to the Report of the Task Force on Disclosure Simplification, the Commission proposed for comment the elimination and amendment of certain forms and rules to simplify the disclosure process. After reviewing the comment letters received on the Commission's proposals, the Commission is rescinding two forms and one rule that are no longer necessary or appropriate for the protection of investors. The Commission also is adopting one rule and amending a number of rules and forms in order to eliminate unnecessary requirements and to streamline the disclosure process.