Effective September 1, 2017, public companies will be required to include hyperlinks to each exhibit listed in the exhibit index to a registration statement or report. Exhibits filed in eXtensible Business Reporting Language (XBRL) or exhibits filed with Form ABS-EE are excluded from this requirement. This requirement will make all exhibits to a filing, including those incorporated by reference from earlier filings, more easily accessible to investors. Companies should plan for additional review time, especially in the context of the first Form 10-K filed following the effective date, to ensure that all links are included and accurate. If an inaccurate or non functioning link is included in a registration statement that is not yet effective, it must be corrected in a pre-effective amendment. If the error is found in a registration statement that has become effective or an Exchange Act report, the link must be corrected in the next Exchange Act report that requires or includes an exhibit. A post effective amendment to a registration statement may also be used to correct a link. Companies should also take the opportunity to confirm that they have included all necessary exhibits and eliminated any historical references to exhibits that may no longer be required.
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