Disclosure Guidance
May 10, 2017
Information About Filing Reviews
- Enhanced Accommodations for Issuers Submitting Draft Registration Statements
- Voluntary Submission of Draft Registration Statements - FAQs
- Filing Review Process
- Filing Review Correspondence (includes Staff Comment Letters)
CF Disclosure Guidance Topics
- Topic 11: Special Purpose Acquisition Companies (Withdrawn) [superseded by final rules in Special Purpose Acquisition Companies, Shell Companies, and Projections (Jan. 24, 2024)]
- Topic 10: Disclosure Considerations for China-Based Issuers (November 23, 2020)
- Topic No. 9A: Coronavirus (COVID-19) Disclosure Considerations Regarding Operations, Liquidity, and Capital Resources (June 23, 2020)
- Topic No. 9: Coronavirus (COVID-19) (March 25, 2020)
- Topic No. 8: Intellectual Property and Technology Risks Associated with International Business Operations (December 19, 2019)
- Topic No. 7: Confidential Treatment Applications Submitted Pursuant to Rules 406 and 24b-2 (December 19, 2019; Last Updated January 8, 2024)
- Topic No. 6: Staff Observations Regarding Disclosures of Non-Traded Real Estate Investment Trusts (July 16, 2013)
- Topic No. 5: Staff Observations Regarding Disclosures of Smaller Financial Institutions (April 20, 2012)
- Topic No. 4: European Sovereign Debt Exposures (January 6, 2012)
- Topic No. 3: Staff Observations in the Review of Promotional and Sales Material Submitted Pursuant to Securities Act Industry Guide 5 (December 19, 2011)
- Topic No. 2: Cybersecurity (Withdrawn) (May 5, 2025)
- Topic No. 1: Staff Observations in the Review of Forms 8-K Filed to Report Reverse Mergers and Similar Transactions (September 14, 2011)
Other Staff Guidance and Sample Comment Letters
- Sample Letter to Companies Regarding Their XBRL Disclosures (September 2023)
- Sample Letter to Companies Regarding China-Specific Disclosures (July 2023)
- Sample Letter to Companies Regarding Recent Developments in Crypto Asset Markets (December 2022)
- Sample Letter to Companies Regarding Disclosures Pertaining to Russia’s Invasion of Ukraine and Related Supply Chain Issues (May 2022)
- Sample Letter to China-Based Companies (December 2021)
- Sample Letter to Companies Regarding Climate Change Disclosures (September 2021)
- Sample Letter to Companies Regarding Securities Offerings During Times of Extreme Price Volatility (February 2021)
- Sample Letter Sent to Certain Issuers Who Failed to File Annual Reports Required by Regulation A (May 2017)
- Sample Letter Sent to Public Companies Regarding XBRL Requirement to Include Calculation Relationships (July 2014)
- Sample Letter Explaining Transition to EDGAR Submission and Filing of Draft Registration Statements (October 2012)
- Sample Letter Sent to Public Companies on Accounting and Disclosure Issues Related to Potential Risks and Costs Associated with Mortgage and Foreclosure-Related Activities or Exposures (October 2010)
- Sample Letter Sent to Public Companies Asking for Information Related to Repurchase Agreements, Securities Lending Transactions, or Other Transactions Involving the Transfer of Financial Assets (March 2010)
- Sample Letter Sent to Public Companies on MD&A Disclosure Regarding Provisions and Allowances for Loan Losses (August 2009)
- Staff Guidance for Financial Institutions Filing Proxy Statements in Connection with the TARP Capital Purchase Program (November 2008)
- Sample Letter Sent to Public Companies on MD&A Disclosure Regarding the Application of SFAS 157 (Fair Value Measurements) (September 2008)
- Sample Letter Sent to Public Companies on MD&A Disclosure Regarding the Application of SFAS 157 (Fair Value Measurements)
(March 2008) - Sample Letter Sent to Public Companies That Have Identified Investments in Structured Investment Vehicles, Conduits or Collateralized Debt Obligations (December 2007)
Staff Reports
- Staff Observations of Custom Tag Rates
- Staff Observations in the Review of Smaller Reporting Company IPOs
- Staff Observations in the Review of Executive Compensation Disclosure
- Staff Observations in the Review of IFRS Financial Statements
- Staff Comments on Annual Reports Containing Financial Statements Prepared for the First Time on the Basis of International Financial Reporting Standards
- Summary by the Division of Corporation Finance of Significant Issues Addressed in the Review of the Periodic Reports of the Fortune 500 Companies
Last Reviewed or Updated: May 5, 2025