The Securities and Exchange Commission (the “SEC”) recently proposed amendments to modernize and simplify specific financial disclosure requirements in Regulation S-K as part of the SEC’s Disclosure Effectiveness Initiative. The proposed amendments would eliminate duplicative disclosures and modernize Management’s Discussion and Analysis of Financial Condition and Results of Operation (“MD&A”).

The proposed amendments would, among other changes, eliminate Items 301 (Selected Financial Data) and Item 302 (Supplementary Financial Data) of Regulation S-K, and would amend Item 303 of Regulation S-K (MD&A) in an effort to reduce duplicative disclosure and improve disclosures for investors. Below is a summary of the proposed updates.