SEC Reporting Update | Snell & Wilmer : vimarsana.com

SEC Reporting Update | Snell & Wilmer


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During 2020, the Securities and Exchange Commission (“SEC”) continued with its disclosure simplification project by issuing two adopting releases to streamline and modernize certain Regulation S-K disclosure requirements.
The first adopting release, which became effective November 9, 2020, covers Regulation S-K, Item 101 (Description of Business), Item 103 (Legal Proceedings) and Item 105 (Risk Factors) (the “Item 100 Amendments”). The second adopting release covers Regulation S-K, Item 301 (Selected Financial Data), Item 302 (Supplementary Financial Information) and Item 303 (Management’s Discussion and Analysis of Financial Condition and Results of Operations) (the “Item 300 Amendments”). The Item 300 Amendments become effective 30 days after publication in the Federal Registrar and companies will be required to comply with the Item 300 Amendments for their first fiscal year ending on or after the date that is 210 days after publication of the amended rules in the Federal Registrar (the “Mandatory Compliance Date”). As a result, with respect to Exchange Act reports, calendar year companies will first be required to comply with the Item 300 Amendments for their 2021 Form 10-K and Form 10-Qs thereafter. Additionally, companies will be required to comply with the Item 300 Amendments 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. However, once the rules are effective, early application of the amended rules is permitted at any time; provided, however, companies must provide disclosure responsive to an amended item in its entirety and continue to provide such disclosure in any applicable filings going forward. Following are summaries of the Item 100 Amendments and Item 300 Amendments.

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