SEC Proposes Significant Changes to MD&A and Related Disclosures

On January 30, 2020, the US Securities and Exchange Commission continued its recent efforts to modernize and simplify its disclosure requirements by proposing to revise Item 303 of Regulation S-K (Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A)) and to delete several other requirements of Regulation S-K. The proposed amendments “are intended to eliminate duplicative disclosures and modernize and enhance MD&A disclosures for the benefit of investors, while simplifying compliance efforts for registrants.” This Legal Update discusses the proposed changes and notes practical considerations for public companies.