A few weeks ago, Corp Fin revised two – and withdrew one – of the Legal Proceedings CDIs under Item 103 of Regulation S-K. These CDI changes are catching up to the reorg of Item 103 that the SEC made five years ago when the SEC incorporated Item 103’s instructions into the rule itself rule and changed the environmental proceeding quantitative thresholds.
These new changes are:
- Revised Question 105.01 – revises the prior reference to a deleted instruction and to eliminate a reference to Corp Fin’s former view
- Revised Question 105.03 – revises the references to an instruction that was eliminated in the SEC’s 2020 rulemaking to instead refer to the relevant rule text
- Withdrawn Question 105.02 – previously noted that language in former Instruction 5 to Item 103 regarding administrative or judicial proceeding arising under “local provisions” was interpreted to include environmental actions brought by a foreign government
Authored by
Broc Romanek