S-1 Risk Factors (prose only) review
S-1 risk factors prose under Reg S-K Item 105 + plain-English rule. Only the prose is checked.
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What it checks
Risk-factor section heading + introduction
Filing must include a clearly labeled 'Risk Factors' section with introduction (Item 105).
Critical · REG-016
Item 105 — material-risk-only standard + 15-page summary trigger
Risk factors must address material risks only; > 15-page sections require a separate 2-page risk-factor summary.
Warning · REG-017
Generic / boilerplate risk factor flagged
Risk factors must not be generic boilerplate applicable to any company.
Warning · REG-018
Hypothetical / 'could' risk-factor language flagged for specificity
Risk factors that hedge as merely hypothetical without specifying current exposures should be flagged.
Warning · REG-019
Risk-factor headlines / subheadings (plain English)
Each risk factor should have a concise, plain-English headline (Item 105 + Rule 421).
Warning · REG-020
Forward-looking statement safe-harbor cross-reference (PSLRA)
Risk factors should cross-reference the Private Securities Litigation Reform Act safe harbor where applicable.
Warning · REG-021
Cybersecurity / data-breach risk factor
Risk factors should address cybersecurity / data-breach risk (per 2023 cybersecurity disclosure rules).
Warning · REG-022
Climate / environmental risk factor (where material)
Risk factors should address material climate / environmental / ESG risks where applicable.
Warning · REG-023
Prose only — financial statements and filing schemas are not checked
States on every regulatory-filing analysis that Vaulytica checks only the drafter's prose — not financial statements, numbers, or filing schemas.
Note · REG-040
Every run also applies 103 general checks that belong to any agreement: structure, parties and signatures, defined terms, cross-references, dates, amounts, and one-sided terms.
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