Jan 132021

Preparing Your 2020 Form 10-K: A Summary of Recent Key Disclosure Developments, Priorities, and Trends

Sara M. von Althann, Sylvia G. Baraniewski, John P. Kelsh, David C. Buck, Lindsey A. Smith, Istvan A. Hajdu and Andrea L. Reed
, ,

This Sidley Practice Note highlights certain key disclosure considerations for preparing your annual report on Form 10-K for fiscal year 2020, including recent amendments to U.S. Securities and Exchange Commission (SEC) disclosure rules and other developments that will affect 2020 Form 10-K filings as well as certain significant disclosure trends and current areas of SEC staff focus for disclosures. Appendix A to this Practice Note sets forth a summary checklist of significant Regulation S-K amendments affecting 2020 Form 10-K filings, which are discussed in further detail. As always, we invite you to contact us with any questions on these topics or any other SEC reporting and compliance matters.

To read the full Sidley Practice Note, please click here.

Sara M. von Althann

Washington, D.C.

svonalthann@sidley.com

Sylvia G. Baraniewski

sbaraniewski@sidley.com

John P. Kelsh

jkelsh@sidley.com

David C. Buck

Houston

dbuck@sidley.com

Lindsey A. Smith

Chicago

lindsey.smith@sidley.com

Istvan A. Hajdu

New York

ihajdu@sidley.com

Andrea L. Reed

Chicago

andrea.reed@sidley.com

You might also like
New EU Cyber Law for the Financial Services Industry with Significant Impact on ICT Service Providers

The new EU Regulation on Digital Operational Resilience for the Financial Sector (DORA) recently entered into force. DORA establishes cybersecurity requirements for information and communication technology (ICT) systems supporting the business processes of financial entities and represents a paradigm shift for the ICT sector.  Critical ICT third-party service providers, who are providing services to regulated financial entities, will also be directly regulated under DORA and subject to regulatory supervision by a regulator to be established under DORA (a so-called ‘Lead Overseer’).

U.S. Securities and Exchange Commission Proposes Three Rules Related to Cybersecurity, Reopens Comment for One Rule

On March 15, 2023, the U.S. Securities and Exchange Commission (SEC) proposed three rules related to cybersecurity and the protection of consumer information and reopened the comment period for a proposed cybersecurity rule for investment advisers and funds. This significant action would impose new cybersecurity requirements for several SEC-registered entities, including with respect to these entities’ policies, incident response and notification procedures, and cybersecurity risk management. This Sidley commentary and analysis discusses the key features of each proposal, including new requirements and differences among each of the proposals.

New U.S. FDA Draft Guidance Outlines Path To Faster Modification of AI/ML-Enabled Devices

The U.S. Food and Drug Administration (FDA or Agency) has issued new draft guidance on “Marketing Submission Recommendations for a Predetermined Change Control Plan for Artificial Intelligence/Machine Learning (AI/ML)-Enabled Device Software Functions”1 that discusses a “science-based approach to ensuring that AI/ML-enabled devices can be safely, effectively, and rapidly modified, updated, and improved in response to new data.”2 This approach should offer more certainty to industry as FDA’s stated goal is to allow AI/ML-enabled devices to be modified faster in accordance with FDA requirements while being “built to adapt to the data and needs of individual health care facilities” and “adapt to deliver treatments according to individual users’ particular characteristics and needs.”3 Those wishing to comment on the draft guidance should note that the comment period closes on July 3, 2023.