Updated: On January 20, 2021, Ronald Klain, Chief of Staff to President Biden, released a Memorandum for the heads of Executive Departments and Agencies requiring a regulatory freeze pending review. Until the SEC, an independent agency, provides additional guidance as to any impact of the regulatory freeze on the amendments to Regulation S-K, companies that are considering early adoption are encouraged to consult with legal counsel.
As part of the SEC’s ongoing evaluation of disclosure requirements, the adopted amendments are intended to modernize, simplify and enhance financial disclosures. They eliminate the requirement to disclose selected financial data, and amend supplementary financial information disclosures and MD&A presentation.
The amendments to supplementary financial information and MD&A, among other things:
Certain conforming amendments will also apply to Forms 20-F and 40-F.
Previous changes and proposals to other Reg S-K disclosure requirements: