The Securities and Exchange Commission (SEC) in November 2020 put into effect a rule intended to modernize the disclosure requirements of Regulation S-K, marking the first significant revisions to the statute in more than 30 years.
The final rule revised Items 101(a) (description of the general development of the business); 101(c) (narrative description of the business); and 105 (risk factors) “to emphasize a more principles-based approach, because businesses differ in terms of which aspects of these disclosures are material to them,” according to the SEC.
