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“Glossy” annual reports to security holders submitted to the SEC© in paper will no longer be viewable on the SEC’s web site

SEC© Press Release

Commission proxy rules require companies to provide their security holders an annual report (frequently referred to as a “glossy” annual report because it often is printed on high gloss paper) before or at the time they furnish a proxy statement to the security holders.

Companies also must post these reports on an Internet web site other than the Commission’s web site. The rules also require them to “mail” to the SEC© seven copies of the glossy annual report “solely for [the SEC’s] information.” Regulation S-T allows companies to send the glossy annual report to the SEC© in electronic format via EDGAR© or in paper form. Because of formatting difficulties, most companies choose to mail the seven paper copies to the Commission.

In recent years, we have scanned paper copies of the glossy annual reports received by mail and posted them with the companies’ other filings via the EDGAR© facilities on the SEC© web site. In an effort to reduce costs and simplify administrative processes, and in light of the availability of these annual reports on other web sites, the staff has determined to discontinue this practice. Please click here to access the press release.

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