Compare a proposed current report with Form 8-K, Regulation FD and Rule 10b-5
Key facts
- Human involvement
- YellowClose supervision
- How AI is used
- List the facts the client wants to announce, whether each is already public in the file, and which Regulation FD trigger (intentional or non-intentional) the draft assumes. Write no sentence of the Form 8-K.
- What the lawyer must review
- Rule 13a-11 (17 CFR § 240.13a-11) requires a registrant subject to Rule 13a-1 to file a current report on Form 8-K (17 CFR § 249.308) within the period specified in that form, unless substantially the same information has already been reported. Form 8-K is also the report for nonpublic information required to be disclosed under Regulation FD. Regulation FD (17 CFR § 243.100) requires public disclosure of material nonpublic information when it is disclosed to a person described in paragraph (b): simultaneously if the disclosure is intentional, and promptly if it is not. Exchange Act § 10(b) (15 U.S.C. § 78j(b)) and Rule 10b-5 (17 CFR § 240.10b-5) prohibit an untrue statement of a material fact, or an omission of a material fact necessary to make the statements made not misleading, in connection with the purchase or sale of a security. You write the report.
Who does what
| Role | What they do |
|---|---|
| Assistance | Potential support includes preparing preliminary structure or wording. Confirm the tool’s capability and permitted scope. |
| Lawyer | Set the scope, supervise the work closely, verify every part relied on, resolve omissions and exceptions, and approve the exact output. |
Checklist
- Review the original source set for relevant material absent from the output, including contrary evidence, qualifications and remaining gaps.
- Verify the applicable jurisdiction and the version of each relevant law, rule or instrument in force at the material time.
- Confirm the output against the client’s instructions and the complete relevant source material, including omissions or contradictions.
- Resolve exceptions and record the responsible lawyer’s approval of the exact output and intended use.