Addresses SEC requirements for use of Plain English
in specified filings

• SEC Commissioner speech  11.04.05
• SEC Chairman speech  10.12.07

Plain English requires

• Clear, concise paragraphs and sentences
• Using the active voice
• Avoiding multiple negatives
• Using headings and subheadings
• Avoiding legalistic or overly complex presentations

SEC adopts Plain English for proxy statements

• By adopting Rules 13a-20 and 15d-20
• Per SEC Rel 33-8782  2006
• Applies to executive and director compensation, beneficial ownership, related person transaction and corporate governance disclosures

Rule 421(b)

Rule 421(d)

Proxy - Information Statement Rules 

• Rule 13a-20
• Rule 15d-20

Summary term sheet

• Per Item 1 of Schedule TO / Schedule 13E-3

Final release 33-8732  8.11.06

• Section VI commentary

• SEC adopts new rules

• Rule 13a-20  Rule 15d-20

• Requires most of the disclosure in proxy and information statements to be provided in Plain English
• Applies to S-K Items 402  403  404  407
• Proposal release 33-8655 1.27.06

• Proposal release discussion §VI

Final release 33-7497  1998

• Text
• Initial adoption of Plain English requirements
• Appendix A: Small business issuers
• Appendix B: Pilot project participants
• Proposal release 33-7380  1997
• Comment letters

Staff Legal Bulletin #7A  1999

SEC Telephone Manual

• Securities Act Rule #3S

SEC Plain English Handbook

Staff Observations: Review of                                  Executive Pay Disclosure