Friday, February 5, 2021 In November 2020, the Securities and Exchange Commission (the “SEC”) adopted amendments to management’s discussion and analysis of financial condition and results of operations (“MD&A”) and other financial disclosure requirements. The stated purpose of these changes is to benefit investors with an increased focus on material financial information and simultaneously streamline the requirements imposed upon reporting companies. The SEC notes that these changes are part of an effort to modernize and simplify the requirements of Regulation S-K. These amendments will become effective on February 10, 2021. Registrants are required to comply with the new rules beginning with their first fiscal year ending on or after August 9, 2021 (referred to as the “mandatory compliance date”), which for a December 31 year-end company will be its annual report for the year ended December 31, 2021. Registrants will be required, however, to apply the amended rules in a registration statement and prospectus that on its initial filing date is required to contain financial statements for a period on or after the mandatory compliance date. Although registrants will not be required to apply the amended rules until their mandatory compliance date, they may comply with the final amendments any time after February 10, 2021, so long as they provide disclosure responsive to an amended item in its entirety.