In recent years, the U.S. Securities and Exchange Commission (SEC) has sought to streamline and modernize disclosure requirements. Late last year, this effort targeted the rules governing public companies' disclosure of management's discussion and analysis (MD&A) of financial condition and results of operations, and other specific financial information that must appear in periodic reports and registration statements filed with the agency.

The final rules—which were adopted on November 19, 2020, and became effective on February 10 of this year—include several amendments to Regulation S-K that public companies should be aware of.

The mandatory compliance date for the amended rules is a registrant's first fiscal year ending on or after August 9, 2021, although registrants can choose to comply early as long as their disclosure is responsive to the amended item in its entirety. Registrants will be required to apply the amended rules in a registration statement and prospectus that, on the initial filing date, must contain financial statements for a period on or after the mandatory compliance date.