SEC reporting, securities regulation

1. The state of SEC Disclosure Effectiveness
and Simplification Initiative
(from Bad to Worse)
By
Arthur Mboue
Research conducted by Arthur Mboue 1

2. Form 10-K Disclosure Effectiveness Status
Item No Types Birth Year Reported Problem SEC Position (questions) Personal Position
PART I
ITEM 1
Business
(101)
101(a)(1) 1977 Redundant to form 8-K 24-30 Good repetition, retain it for reliance
argument
101c 1973 13 items redundant, eliminate
backlog order disclosure
31-41 Retain many and move some including
backlog to MD & A
101c(1)(iv) NONE 42-46 Enhance this disclosure to include
copyrights
101c(1)(ix) NONE 47-48 Briefly describe all contracts including Gov’t
types
101c(1)(xii) 49-51, 52-53
101c(1)(xiii) 1973 NONE 54-59 Retain this disclosures
101d duplicative Can be discussed as part of MD&A
101e Eliminate disclosure of website
address and availability of filings….
Too short, good repetition to retain
ITEM 1A Risk factors
(item 503c)
1964 Confusing, redundant to MD&A 145-156, 169-179 • Centralized
• Start disclosing the most significant risks
to the company
ITEM 1B Unresolved
staff
comments
1954
ITEM 2 Properties
(item 102)
1935 Duplicative and eliminate for other
than manufacturing companies
Eliminate filing of material leases
60-66 Can be discussed as a part of MD&A
ITEM 3 Legal
proceedings
(item 103)
1935 • Duplicative and low threshold 180-182 Need to increase thresholds
ITEM 4
Mine
Safety
item 104 Dec 2011
Research conducted by Arthur Mboue 2

3. Form 10-K Disclosure Effectiveness Status
Item no types Birth Year Reported problems SEC position (questions) Personal position
PART II
ITEM 5
Market
registrant’s
common,
equity
item 201 1980 • Eliminate historical price disclosure,
performance graph and dividend
disclosures with proliferation of
technology
Item 201b • Does not provide real information 183-185 Enhance this disclosure
Item 201c 1930s • Eliminate since most stock held
through nominee
Item 201e • obsolete removed
Item 701 1996 • Redundant to form 8-K
• Eliminate use of proceeds
requirement in periodic reports
191-195197-198
Item 703 2003 199-204
ITEM 6,
selected
item 301 1970 • Reduced number of years because
redundant to MD&A
67-75, 76-78
ITEM 7
MD&A
item 303 1980 • Eliminate year on year analysis
• Retain 3 years trends analysis
• Redundant to FASB 810, discussion of
off balance sheet arrangements
88-98,113-120,137-144
99-102,121-124
103-106, 125-130
107-112, 131-136
Review of item 303 with
principles, decision and
prescriptive requirements while
limiting voluntary
ITEM 7A
Quantitativ
e
item 305 1997 • Problem with material interest rate
risk; unchanged since but redundant
with availability of internet
158-163, 164-167, 168
ITEM 8 item 302 1974 79-87
ITEM 9,
Changes
item 304
(b)
1980s • Redundant to form 8-K Good repetition
Research conducted by Arthur Mboue 3

4. Form 10-K Disclosure Effectiveness Status
Item no types Birth Year Reported problems SEC position Personal position
ITEM 9A
control
item 307
Item 308
ITEM 9B
Other
info
To 8-K
PART III
ITEM 10
Directors,
Executive
Officers &
corporate
Governan
ce
items 401
Item 405
Item 406
Item 407c(3)
Item 407c(3)
Item 407d(3)
Item 407
d(4)
ITEM 11
Executive
compens
ation
items 402
Item 407e(4)
Item 407c(5)
Research conducted by Arthur Mboue 4

5. Form 10-K Disclosure Effectiveness Status
Item no types Birth Year Reported problems SEC position Personal Position
ITEM 12
Security
Ownersh
ip
items
201(d)
Item 403
ITEM 13
Certain
Relations
hips
items
404
1980s Quantitative thresholds are
unacceptable
Raising threshold
based on the size of
the company
Item
407(a)
ITEM 14 item 9 of
schedule
14A)
PART IV
ITEM 15
Exhibits
Item 601 1980 Integration by reference is too hard
to track its origin
238-240,241-246,247-252,253-256,
257-260, 261-263
Hyperlink to
document integration
by reference
Research conducted by Arthur Mboue 5

6. Form 10-Q Disclosure Effectiveness Status
ITEM
NO
Types Birth Year Reported problems SEC position Personal position
PART I-FINANCIAL INFORMATION
ITEM 1 Rules 8-
03 Reg S-
X
Rules 10-
01 Reg S-
X
ITEM 2
MD&A
item 303
of Reg S-
K
1980 • Eliminate year on year
analysis
• Retain 3 years trends
analysis
• Redundant to FASB 810,
discussion of off balance
sheet arrangements
88-98, 113-120, 137-144, 99-102,
121-124, 103-106, 125-130, 107-
112, 131-136
Review of item 303 with
principles, decision and
prescriptive requirements
while limiting voluntary
ITEM 3 item 305
of Reg S-
K
1997 • Problem with material
interest rate risk;
unchanged since but
redundant with availability
of internet
158-163, 164-167, 168
ITEM 4 items
307
Item
308c
PART II-OTHER INFORMATION
ITEM 1 item 103
of Reg S-
K
1935 • Duplicative and low
threshold
180-182 Need to increase threshold
Research conducted by Arthur Mboue 6

7. Form 10-Q Disclosure Effectiveness Status
ITEM
NO
types Birth Year Reported problems SEC position Personal position
PART II-OTHER INFORMATION
ITEM
1A
Risk factors
(item 503c)
1964 Confusing, redundant to MD&A 145-156, 169-179 • Centralized
• Start disclosing the most
significant risk to the company
ITEM 2 items 701 1996 Redundant with 8-K
Eliminate use of proceeds
requirement in periodic reports
191-195, 197-198
Item 703 2003 199-204
ITEM 3 Defaults
Upon
Senior
Securities
(form 10-Q
instructions
)
ITEM 4 Mine safety
Disclosures
ITEM 5 Item 407 c3
of
Regulation
S-K
ITEM 6 Item 602 of
Reg S-K)
Research conducted by Arthur Mboue 7

8. Required Exhibits for each Form
No Titles Forms
8-K 10-Q 10-K
1 Underwriting agreement X
2 Plan of acquisition reorganization, arrangement, liquidation or succession X X X
3 (i) Articles of incorporation X X X
(ii) Bylaws X X X
4 Instruments defining the rights of security holder including indentures X X X
7 Correspondence from an independent accountant regarding non-reliance on a previously
issued audit report or completed interim review
X
9 Voting trust agreement X
10 Material contracts X X
11 Statement re computation of per share earnings X X
12 Statements re computation X
13 Annual report to security holders, Form 10-Q or quarterly report to security holders X
14 Code of Ethics X X
15 Letter re audited interim financial information X
16 Letter re change in certifying accountant X X
17 Correspondence on departure of director X
18 Letter re change in accounting principles X X
19 Report furnished to security holders X
Research conducted by Arthur Mboue 8

9. Required Exhibit (next)
20 Other documents or statements to security holders X
21 Subsidiaries of the registrant X
22 Published report regarding matters submitted to vote of security holders X X
23 Consents of experts and counsel X X X
24 Power of Attorney X X X
31 (i) Rule 13a-14 9a)/15d-14(a) Certifications X X
(ii) Rule 13a-14/15d-14 Certifications X
32 Section 1350 Certifications X X
33 Report on assessment of compliance with servicing criteria for asset backed issuers X
34 Attestation report on assessment of compliance with servicing criteria for asset backed securities X
35 Servicer compliance statement X
95 Mine Safety Disclosure Exhibit X X
99 Additional exhibits X X X
100 XBRL Related Documents X X X
101 Interactive Data File X X X
A form 8-K exhibit is required only if it is relevant to the subject matter reported on the
form 8-K report. Research conducted by Arthur Mboue 9