A Plain English Handbook
Author | : Nancy M. Smith |
Publisher | : DIANE Publishing |
Total Pages | : 82 |
Release | : 2001-04 |
Genre | : |
ISBN | : 075670314X |
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Author | : Nancy M. Smith |
Publisher | : DIANE Publishing |
Total Pages | : 82 |
Release | : 2001-04 |
Genre | : |
ISBN | : 075670314X |
Author | : United States. Securities and Exchange Commission. Office of Investor Education and Assistance |
Publisher | : |
Total Pages | : 92 |
Release | : 1998 |
Genre | : Disclosure of information |
ISBN | : |
Author | : Clarence Goh |
Publisher | : |
Total Pages | : 16 |
Release | : 2020 |
Genre | : |
ISBN | : |
The SEC published the plain English handbook in 1998 with the objective of providing preparers of financial disclosures with a guide to using well-established techniques to create clearer and more informative disclosure documents. The handbook provides various recommendations to preparers of disclosure documents. In this study, I examine and systematically synthesize the extent behavioural research literature that investigates the impact of implementing these recommendations on investors. I do so by developing a framework to systematically examine relevant studies. Overall, the analysis provides important insights from a behavioural perspective into how and why investors react to various recommendations in the SEC's plain English handbook. My study provides insights to investors, and other stakeholders about how/why key recommendations in the handbook can influence investor judgments. It also provides regulators with insights into how recommendations contained in the handbook are consistent with its stated objective of making disclosures more accessible and easily understandable.
Author | : United States. Securities and Exchange Commission. Office of Investor Education and Assistance |
Publisher | : |
Total Pages | : 77 |
Release | : 1998 |
Genre | : Corporations |
ISBN | : |
Author | : United States. Securities and Exchange Commission. Office of Investor Education and Assistance |
Publisher | : |
Total Pages | : 63 |
Release | : 1998 |
Genre | : Disclosure of information |
ISBN | : |
Author | : J. Scott Colesanti |
Publisher | : |
Total Pages | : 0 |
Release | : 2013 |
Genre | : |
ISBN | : |
In 1998, the United States Securities and Exchange Commission (“SEC” or “Commission”) released a style manual titled “The Plain English Handbook.” The culmination of a drive by its Chairman, Arthur Levitt, the Handbook drew upon the rules of grammar, best industry practice, and even the support of billionaire Warren Buffett in calling for a layman's translation of corporate disclosure documents. To varying degrees, commentators noted the significance of the Handbook. Initial textual studies provided mixed results. The press marveled at its novelty, but securities regulation experts were less sanguine, chiding Commission members for naming themselves “language czars of the universe.” Meanwhile, the cause of corporate disclosure - a mission long defined by federal case law - continued its second phase as the SEC, the courts, and stock issuers sought to strike a balance between financial expertise and consumer satisfaction. From this effort came the separate but related causes of evaluating substantive content and delivering it in good faith. These causes eventually morphed, however, forcing jurists to locate further authority animating the remedial securities laws. Consequentially the Handbook, at times, tipped this balance of corporate disclosure. Accordingly, this Article traces the gradual yet impressive growth in importance of a nearly 15-year old exhortation. To be sure, the authoritative value of a style manual is a topic of great moment. In the Fall of 2012, changes implemented by the controversial federal healthcare law required insurers to publish marketing materials in “plain language.” Further, the Commission itself is gradually expanding the Handbook's application to additional mutual fund disclosures, proxy materials, and investment adviser communications. Those commenting on the rule's primacy will undoubtedly note the lessons of indirect agency rulemaking. Of more immediate consideration, this Article seeks to examine the subtle means by which a call for simplicity may have become grounds for violations of securities law, in the eyes of the government and others. Ultimately, the SEC's continuing emphasis on simplicity begs the question of which shareholder communications are being read at all.
Author | : United States. Securities and Exchange Commission. Office of Investor Education and Assistance |
Publisher | : |
Total Pages | : 63 |
Release | : 1998 |
Genre | : Disclosure of information |
ISBN | : |
Author | : |
Publisher | : |
Total Pages | : 131 |
Release | : 1997 |
Genre | : Disclosure of information |
ISBN | : |
Author | : United States. Securities and Exchange Commission. Office of Investor Education and Assistance |
Publisher | : |
Total Pages | : 88 |
Release | : 1998 |
Genre | : Disclosure of information |
ISBN | : |
Author | : Joshua Stein |
Publisher | : ALI-ABA |
Total Pages | : 322 |
Release | : 2001 |
Genre | : Law |
ISBN | : 9780831808181 |