2021 SEC Reporting Insights

December 2021

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2021 has been a year of change at the SEC. The change in political administration in January followed by changes in key SEC leadership positions have significantly impacted the SEC’s focus and agenda. Gary Gensler was sworn in as Chair of the SEC in April. The top issues on his regulatory agenda that may impact SEC reporting by public companies, like environmental, social and governance (ESG) matters, are a notable shift from those of the past few years, where capital formation and disclosure effectiveness activities were primary areas of focus. New rulemaking is a time-intensive process, so it is not surprising that significant proposals or amendments have not yet been released. 
 
Despite lighter rulemaking, there were still plenty of Commission and staff activities related to the SEC’s focus areas, particularly as it relates to ESG reporting and special purpose acquisition companies (SPACs). The rise of SPAC mergers as a popular alternative to a traditional initial public offering has increased the SEC’s scrutiny and focus on these transactions in 2021.   
 

2021 SEC Reporting Reminders

  • Changes to Regulation S-K
  • Environmental, Social and Governance Disclosure Matters
  • Cybersecurity Disclosures
  • Late Filings
  • Staff Comment Letter Trends
  • Over-the-Counter Market Rule Changes
 

Commission and Staff Activities

  • SPAC Accounting and Reporting Considerations
  • NASDAQ’s Board Diversity Disclosures
  • Clawback Proposal
  • Other Staff Guidance
 
Our publication summarizes the Commission and staff activities related to the SEC’s focus areas highlighted above and other select disclosure and reporting reminders.