SEC Issues Transitional FAQs Related to Amended Regulation S-K Items

The SEC’s Division of Corporation Finance has released transitional FAQs related to the disclosure requirements in the SEC’s final rule, “Modernization of Regulation S-K, Items 101, 103, and 105.” Topics covered in the FAQs include whether (1) a Form S-3 prospectus supplement filed on or after November 9, 2020, must comply with the new rules; (2) Item 101 requires registrants to disclose information in their Form 10-K report for more than the fiscal year covered by the report; and (3) a registrant must “always provide a full discussion of the general development of its business pursuant to new Item 101(a) (or new Item 101(h) for a smaller reporting company) in an annual report or registration statement that requires Item 101 disclosure.”