Key takeaways

• The SEC issued an interim final rule, mandated by the FAST Act, amending Part IV of Form 10-K to permit, but not require, companies to include in their Form 10-K a summary of the business and financial information contained therein.
• The amendment allows considerable flexibility with respect to the summary form, but requires companies to include hyperlinks to the related disclosure.
• As in the case of a prospectus summary, we recommend that a 10-K summary be a fair and balanced summary of the information included elsewhere in the annual report and include a brief cautionary preface.