Disclosure

Terms of Service

The agreement for using Disclosure.

These terms govern access to disclosure.co, app.disclosure.co and the research application. They are written for users in the United Kingdom and apply the same way to visitors elsewhere unless a mandatory local law says otherwise.

Last updated 23 September 2026. These pages are public and do not require an account.

Who we are and the agreement

Disclosure is the trading name of the operator of disclosure.co and app.disclosure.co. We are based in the United Kingdom. Write to team@disclosure.co for any legal, billing, privacy or other communication. We will give you a postal address on request.

By creating an account, signing in, or using the public site, you agree to these terms and to the Privacy Policy. If you use Disclosure for an organisation, you confirm you have authority to bind that organisation.

The founding-member offer has extra terms on that page. If those extra terms conflict with this document on the subject of that offer, the offer page wins for that subject.

The service

Disclosure is a research application for company filings. Today that means public US SEC disclosures: search, as-reported financial statements, ownership views, comparison, export of selected periods, watchlists, projects and related workspace tools. Coverage varies by company, period and document type. The coverage page describes what is indexed.

We may add, change or withdraw features. We may take the service down for maintenance. We will try to keep disruption short. Selecting a login region does not change hosting, coverage or the legal terms.

Optional cited research and other generated text are aids for locating passages. A citation shows where language appears. It does not establish that the passage supports a conclusion, and it is not a substitute for reading the filing.

Accounts

You must be 18 or over. You must give an accurate email address that you control. Keep your password and sign-in links to yourself. You are responsible for activity on your account until you revoke the session or tell us it was misused.

Email sign-in uses a time-limited link. Google sign-in uses Google’s terms as well as ours. You can inspect and revoke sessions in Sessions & security.

Organisation workspaces are visible to current members under the permissions we implement. Invitations go to the address the owner enters. If you are invited, these terms apply to you as well.

We may refuse, suspend or close an account if these terms are broken, if we cannot verify the address, or if we have to do so to protect the service or other people. You can ask us to close your account by writing to team@disclosure.co.

Acceptable use

You may use Disclosure for your own research and, if you have an organisation account, for that organisation’s internal research. You must not:

  • break the law, or use the service to commit fraud or market abuse;
  • try to access another person’s account, the operator console, or non-public parts of the system;
  • probe, overload or disrupt the service except through a coordinated disclosure you have arranged with us;
  • scrape, bulk-download or republish the filings lake or our compiled database except as the product’s own export tools allow for your use;
  • misrepresent a generated passage or a derived figure as something the company filed word-for-word if it is not;
  • upload unlawful, confidential or personal data that you have no right to share;
  • use the service to send spam or to build a competing wholesale data feed.

Filings, our work and your work

SEC EDGAR filings are published by the US government for public use. We download them, store a copy, restructure tables and present them. We do not claim copyright in the official filing text. The filer and the SEC remain the source. Fair-access rules (identify yourself, stay within request rates) apply to how we collect the data, not to your ordinary use of the product.

The software, interface, compilation, selection, arrangement and our own methodology are ours. UK law recognises a database right in a substantial investment in obtaining, verifying or presenting the contents of a database. You receive a limited, revocable licence to use Disclosure as we provide it. You do not receive a licence to copy the lake or to offer our compilation to third parties.

Notes, projects and other work you create remain yours. You give us a licence to host and display that work so the product can function, including sharing it with organisation members you invite. We do not claim ownership of your analysis.

Trade marks, including “Disclosure”, remain ours. SEC, EDGAR and other third-party names remain theirs.

Not investment advice, not an authorised firm

Disclosure publishes factual information from filings and tools for inspecting that information. We do not provide investment advice, a personal recommendation, portfolio management, or an invitation to buy or sell any security. Nothing on the site is a financial promotion intended as advice.

We are not authorised by the Financial Conduct Authority. If you need advice, take it from a person who is. Decisions you take after using the service are yours.

Accuracy and reliance

Figures are taken from what the company filed, or from a calculation we label as such. Parsing errors, missing tags, restatements and later filings can all change the picture. Supported calculations show their inputs when the product has them. Derived or pre-tagged values are labelled where we show them. Search results describe the indexed set, not the entire universe of disclosures.

You should read the source filing before you rely on a number. We do not warrant that the service is free of error, complete for every company, or fit for a particular investment, credit, legal or regulatory decision.

Some access is free during launch. Paid plans, if and when we offer them, will show the price, what is included, the term and any VAT before you pay. Prices for UK consumers will include VAT where the law requires it.

If you are a consumer in the UK and you buy a paid digital subscription, the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 give you a 14-day right to cancel, starting the day the contract is made. If you ask us to start the digital service during that period and you acknowledge that you will lose the right to cancel once the service is fully performed, that statutory exception applies. We will say so clearly at checkout.

The Consumer Rights Act 2015 implies that digital content must be of satisfactory quality, fit for purpose and as described. Those rights cannot be excluded. The founding-member offer is an individual place, not an organisation-wide licence, and the dates on that page control the free period.

If you cancel a paid plan we will stop charging at the end of the period the checkout described, unless a cooling-off refund applies. We may delete workspace data after a reasonable period once an account is closed.

Liability

Nothing in these terms excludes or limits liability for death or personal injury caused by negligence, fraud or fraudulent misrepresentation, or any other liability that UK law does not allow us to exclude.

If you are a consumer, we do not exclude the statutory rights described above. We are not liable for loss that was not foreseeable, for loss of profit, or for loss that results from your decision to invest, lend, or advise someone else.

If you use Disclosure in the course of a business, then to the fullest extent permitted by law: the service is provided as is; we exclude implied warranties that can be excluded; and our total liability arising out of the service in any 12-month period is limited to the fees you paid us for that period (or £100 if you paid nothing).

We are not liable for the content of SEC filings, for Google’s or an email provider’s acts, or for failures of the public internet.

Changes, law and contact

We may update these terms. The new version applies from the date shown at the top of this page. If a change is material we will email the address on the account where we can. If you continue to use the service after that date, you accept the updated terms. If you do not accept them, stop using the service and ask us to close the account.

These terms are governed by the law of England and Wales. If you are a consumer, you also have the protection of mandatory rules in the country of your habitual residence. Courts of England and Wales have jurisdiction, except that a consumer may bring proceedings in their own local courts where the law gives that right.

If a court finds one part unenforceable, the rest still applies.

Every communication about these terms, privacy, billing or the product: team@disclosure.co. Related pages: Privacy Policy, Security, Contact.