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“[D]isclosure is NOT disclosure if it doesn't communicate.”
Arthur Levitt, former SEC Chairman, July 23, 1997
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SECURITIES DISCLOSURE SERVICES
Investor Communications Services offers a range of services to help public companies meet their securities disclosure obligations.
Templates. Most companies create a periodic report by marking up the filing from the prior period. This task is much easier when you start with a well-written base document. For example, I can take last year’s 10-K and simplify the language, ensure that the discussion flows logically, identify duplicative and outdated material, and create an outline for new information. If this work occurs during your “calm” second and third quarters, the hectic months before filing your next annual report can be a bit less hectic.
Writing. The Securities and Exchange Commission suggests designating a “lead writer” for each disclosure document. The writer’s job is to ensure that “the document uses a logical structure, and simple, clear language . . . that the end product has a consistent tone and that the individual parts form a coherent whole.” A lead writer who understands the securities laws can help you improve your presentation without compromising your legal obligations.
Editing. You may find it more efficient to prepare disclosure documents in-house. But do your writers have the time, staff, or unbiased viewpoint to check their work for common problems like overly technical language, lack of structure, multiple writing styles, incorrect cross-references, and grammatical errors? An editor with a fresh perspective can detect the mistakes that inevitably will occur, and perhaps suggest a better way to convey your message.
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