SEC Continues To Modernize And Simplify Disclosure Requirements

On March 20, 2019, the Securities and Exchange Commission (the "SEC") voted to adopt amendments (available here) to modernize and simplify disclosure requirements for public companies, investment advisers, and investment companies (the "Final Rules").¹ The amendments, which, among other things, will change the content of Management's Discussion and Analysis ("MD&A") and change the process for redacting confidential information in certain exhibits, are "intended to improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information." The Final Rules are largely consistent with the proposed amendments outlined in the SEC's October 11, 2017 proposing release, available here (the "Proposed Rules"), with a few exceptions. For additional information on the Proposed Rules, please see our client alert dated October 13, 2017 (available here).