
SEC Eliminates & Amends Certain Disclosure Requirements of Regulation S-K
On November 19th, the SEC adopted more amendments to the disclosure requirements of Regulation S-K. The adopted amendments are largely consistent with those proposed in January and are intended to reduce disclosures that are duplicative and emphasize information within management’s discussion and analysis (MD&A) that is material to the investors. The amendments clarify the overall objective of MD&A and promote a principles-based approach to certain disclosures. A summary of the more significant changes is detailed below.
Eliminate Duplicative Disclosures | Simplify Current Disclosure Requirements | Enhance Disclosure Requirements |
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The final rules are effective 30 days after publication in the Federal Register. Registrants will be required to apply the amended rules for their first fiscal year ending on or after 210 days after publication in the Federal Register (referred to as the “mandatory compliance date”). Registrants are required to apply the amendments in a registration statement that on its initial filing date is required to include financial statements for a period on or after the mandatory compliance date. Early compliance is permitted following the effective date if the disclosures are responsive to the amended item in its entirety.
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