Katayun I. Jaffari, left, and Paul D. Hallgren, right, of Cozen O’Connor. Courtesy photosIn September 2020, the Securities and Exchange Commission (SEC) voted 3-2 to adopt amendments to certain disclosure rules for public companies in an effort to modernize information that is presented to investors. The amendments were crafted from a proposed rule issued in August 2019 that was part of a comprehensive SEC review of the disclosure requirements required by the Jumpstart Our Business Startups Act (JOBS Act). The Regulation S-K rules that were amended consisted of description of business (Item 101), legal proceedings (Item 103), and risk factors (Item 105) and the amendments are effective Nov. 9. The SEC’s significant revisions represent the first updates to these disclosure rules in over 30 years.
