The move is part of a broader plan to modernize the compliance regime.

In a significant development, the U.S. Securities and Exchange Commission has proposed changes to rules governing how publicly-traded companies disclose business, legal, and risk factors in regulatory filings.

The proposal is aimed at reducing the compliance of burden on companies while improving the readability of disclosures companies will need to provide investors in regulatory filings; it also discourages companies from including repetitive or non-material information, said the SEC.

The SEC’s proposed changes to Regulation S-K are subject to a 60-day public comment period.

The proposals are part of a broader effort by SEC Chairman Jay Clayton to modernize and ease, in places, the agency’s regulatory regime for listed companies.

“The world economy and our markets have changed dramatically in the more than 30 years since the adoption of our rules for business disclosures by public companies,” said Clayton in a statement. “Today’s proposal reflects these significant changes.”

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