; Limitation on Disclosure Requirements after Formation ; (2) by striking Whenever and inserting the following: (1) In general Whenever ; and (3) by adding at the end the following: (2) Limitation (A) In general Whenever pursuant to this title the Commission is engaged in rulemaking regarding disclosure obligations of issuers, the Commission shall expressly provide that an issuer is only required to disclose information in response to such disclosure obligations to the extent the issuer has determined that such information is material with respect to a voting or investment decision regarding the securities of such issuer. (B) Applicability Subparagraph (A) shall not apply with respect to the removal of any disclosure requirement with respect to an issuer. (C) Rule of construction For the purposes of this paragraph, information is considered material with respect to a voting or investment decision regarding the securities of an issuer if there is a substantial likelihood that a reasonable investor would view the failure to disclose that information as having significantly altered the total mix of information made available to the investor. . II SEC justification of non-material disclosure mandates 201. SEC justification of non-material disclosure mandates Section 23 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78w ) is amended by adding at the end the following: (e) Non-material disclosure mandates (1) Disclosure The Commission shall maintain a list on the website of the Commission that contains— (A) each mandate under the Federal securities laws and regulations that requires the disclosure of non-material information