Along with the Commission\u2019s Final Rule on August 26, 2020, modernizing disclosure requirements for the description of the business, risk factors and legal proceedings, the SEC recently made two other changes which are a bit narrower in scope but which we should be aware of in the reporting process.<\/p>\n
First, in September, the Commission adopted a <\/strong>Final Rule<\/strong><\/a> updating the statistical disclosure requirements for banks and savings and loans.<\/strong>\u00a0 This Final Rule<\/a> eliminates Industry Guide 3 and replaces it with new, updated and modernized disclosures in Section 1400 of Regulation S-K.\u00a0 The rule will be effective 30 days after publication in the Federal Register and will apply to fiscal years ending on or after December 15, 2021. \u00a0Affected financial institutions can implement the new disclosure requirements before the mandatory implementation date.\u00a0 You can read more about the new rules in this press release<\/a>.<\/p>\n Second, on September 9, 2020, CorpFin amended <\/strong>Disclosure Guidance Topic 7<\/strong><\/a> to provide\u00a0new renewal options for companies with confidential treatment orders about to expire<\/strong>.\u00a0 If a confidential treatment request was obtained under the pre-Disclosure Modernization guidance (which required SEC approval), and meets certain conditions, it may be renewed using the new confidential treatment request process in S-K Item 601.\u00a0 This process does not require SEC pre-approval, but is subject to SEC review.<\/p>\n As always, your thoughts and comments are welcome!<\/p>\n","protected":false},"excerpt":{"rendered":" Along with the Commission\u2019s Final Rule on August 26, 2020, modernizing disclosure requirements for the description of the business, risk factors and legal proceedings, the SEC recently made two other changes which are a bit narrower in scope but which we should be aware of in the reporting process. First, in September, the Commission adopted … Continue reading Two More Disclosure Modernization Steps<\/span>