U.S. Securities and Exchange Commission’s Revised Regime for M&A Financial Disclosure

On June 1, 2020, Cravath published a memo entitled “The SEC’s Revised Regime for M&A Financial Disclosure," which summarizes amendments adopted by the U.S. Securities and Exchange Commission on May 21, 2020 that relax certain financial disclosure requirements in the M&A context, including by revising the significance tests used to determine if acquired business financial statements and pro forma information will be required and for what periods, limiting the periods to be presented for acquired business financial statements to no more than the two most recent fiscal years and permitting abbreviated financial statements for certain acquisitions of a component business of a seller. The memo unpacks these and further revisions and shares other relevant details, including that the amendments will take effect after December 31, 2020. 

Please click here to read the memo.