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This article examines rule amendments issued by the US Securities and Exchange Commission in November 2020, as part of the SEC’s ongoing “disclosure effectiveness initiative”, that revise in significant respects the requirements for financial disclosures presented in SEC filings as Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This article provides an in-depth analysis of the rule amendments in the context of contrasting perspectives expressed by the SEC, individual SEC Commissioners who dissented from adoption of the amendments, and market participants regarding the merits of the SEC’s movement away from prescriptive disclosure requirements towards a more principles-based approach to disclosure.

Although the SEC’s rules have long reflected a mix of principles-based and prescriptive disclosure elements, the principles-based emphasis in this latest stage of the SEC’s disclosure modernization project accords the managements of filing companies greater latitude to determine whether financial information is material to investors and how such information should be presented.

This article provides expert guidance on a major new SEC disclosure development from an experienced securities lawyer.

The purpose of this paper is to critically review dominant conceptions of and approaches to quality in higher education. It suggests an alternative approach with potential to shift the focus of quality activities from accountability and control to improvement.

The applicability and limits of quality concepts and models are critically reviewed against key systems concepts of purpose, boundaries and environments. The limited transferability and utility of such models and the tensions between control and improvement are discussed.

The language and tools of industry‐born quality models are an imperfect fit to higher education. Authentic quality improvement is more likely to result from approaches to systemic intervention that encourage exploration of questions of purpose and of the meaning of improvement in context than from the imposition of definitions and methodologies from elsewhere.

Evidence to support the utility of systems approaches in higher education is limited. Research into their use is needed.

Systemic approaches are complex but likely to be beneficial.

The paper takes a systemic perspective on quality likely to be of value in encouraging debate and different interventions for improvement.

The purpose of this paper is to open the black box of prescriptive requirements by analysing their role in shaping interests and decisions on accessibility, and discuss the consequences hereof for a future move to a performance-based accessibility model based on Universal Design principles.

A single case study based on 15 qualitative interviews with clients about their approach to accessibility and Universal Design is analysed by using actor-network theory (ANT) as the theoretical framework.

It is shown that the prescriptive requirements in the Danish building regulations constitute a black box, which is decisive in defining the clients’ perception of the users and their level of ambition for accessibility by inscribing specific expectations, actions and ways of knowing about accessibility.

The study is based on a qualitative single case study. We argue that analytical generalisations nevertheless can be drawn.

Performance-based regulations can be a source of innovation but also entail negative consequences for the quality of the built environment if treated in an isolated manner alone.

The paper contributes to the discussions on Universal Design and the implementation of performance-based accessibility regulation by illustrating how current prescriptive requirements are not mere “matters of fact” but play an active role in mobilising and shaping a network of users, technologies, norms and practices, which the introduction of performance-based requirements will radically alter.

The systematic implementation and assessment of corporate sustainable development is difficult in the absence of a structured approach. The existing management systems and frameworks do not provide a balanced approach to the management of the triple bottom line of sustainable development. The purpose of this paper is to explore the possibility of developing a sustainable development management system (SDMS) and provides a basic framework for such a system.

The paper reviews the approaches that can be employed to embody the various elements of a SDMS – including underlying values, system requirements, continual improvement, and assessment approaches. Advantages and disadvantages of developing a SDMS are also reviewed.

Descriptive guidelines augmented by prescriptive requirements could provide a comprehensive guide to corporate sustainable development management and assessment through a hybrid approach. A basic structure for the descriptive guidelines, prescriptive requirements, and assessment approaches is provided.

The paper could provide a needed starting point for managers to structure their thinking related to their organisation's sustainability initiatives.

The existing systems and guidelines addressing sustainable development are characterised by several limitations. This paper provides a unique framework for corporate sustainable development that has not been addressed in previous publications.

The purpose of this paper is to focus on the challenges faced by the public and private sectors in developing output specifications for Australian public private partnership (PPP) projects. In particular, this study aims to examine how the stakeholders (including facilities managers) should cater for future changes in output specifications and make them flexible enough to meet the evolving project objectives.

The research is based on 19 semi‐structured interviews with key stakeholders from the public and private sectors in three States of Australia where PPP procurement has been used, including New South Wales (NSW), Queensland and Victoria. The results are triangulated with relevant literature for supports and contrasts.

For PPP projects, a good set of output specifications is conducive to the achievement of value for money, innovation, risk transfer, whole life asset performance through a clear abatement regime and an effective linkage of performance criteria to the payment mechanism. For existing specifications, it was found that too many and complex KPIs were specified, which were difficult to monitor, measure and implement by the client. Very prescriptive specifications hindered innovations and did not allow appropriate risk allocation. Further, the research study suggests that after the global financial crises, the private sector had less appetite to take the patronage risks in road and rail PPP projects. To mitigate these pitfalls, it is imperative that output specifications need to be aligned with the type of PPP projects they represent; in particular foreseeable changes should be addressed by some pre‐agreed framework to facilitate negotiation.

The significant contribution of this research is the identification of the common issues faced in drafting output specifications for Australian PPP projects. Stakeholders of future PPP projects should find the lessons useful for achieving value for money and appropriate risk transfer, stating the user requirements through clear and concise output specifications rather than input or prescriptive specifications in procuring social and economical PPP projects. Their relationships with facilities management are highlighted.

Social infrastructure projects such as hospitals are increasingly being procured through public private partnerships (PPP). Due to their complex nature and very high operational requirements, these healthcare projects need special attention in developing robust output specifications at the early procurement stage. The purpose of this paper is to present a model framework of output specifications for adoption by public sector clients in jurisdictions planning to develop hospital PPP/PFI (Private Finance Initiative) projects.

The research is based on an in-depth analysis of best practices from standard and sample project output specification documents used in Australia and the UK for completed hospital projects, reinforced by interviews with key stakeholders in the two countries.

Drafting output specifications for hospital PPP projects is perceived to be a difficult and challenging task due to the complexity and changing needs brought about by evolving health policy, technology and medical advancement. The overarching target of preparing good output specification is to achieve value for money, innovation, risk transfer (including catering for changes), whole life asset performance and establishing performance criteria to link up with the payment mechanism.

The proposed framework is built up from public sector requirements on the physical asset, operational services provided by the private sector, with links to payment mechanism and performance evaluation. It also addresses change mechanism as well as conditions upon hand-over back to the public sector.

Unlike traditional projects which are procured using prescriptive specifications, PPP/PFI projects are procured using performance based output specifications. This paper provides the foundation and a model framework for preparing comprehensive output specifications based on best practices in Australia and the UK, using hospital as the contextual background.

To provide an overview of the Commodity Futures Trading Commission’s (the “CFTC” or “Commission”) recent amendments to CFTC Rule 1.31, which sets forth recordkeeping requirements for all records required to be kept pursuant to the Commodity Exchange Act (“CEA”) and Commission regulations.

This article discusses the significant May 2017 amendments to CFTC Rule 1.31 and the practical impact of these amendments for entities subject to the rule’s requirements.

The CFTC’s recordkeeping amendments do not impose any new substantive recordkeeping requirements, but modernize and make technology neutral the form and manner in which regulatory records must be kept. By eliminating a number of prescriptive and outdated requirements, the amendments should provide greater flexibility to “records entities” to adopt new technologies in response to evolving technological developments.

Practical guidance from experienced commodities, futures and derivatives lawyers.

The growing importance and considerable prestige that quality awards hold have encouraged firms to adopt “excellence models” as evaluation frameworks for organisational self‐assessment. This has contributed to the spread of a specific form of self‐assessment logic: primarily, the search for conformity to a set of non‐prescriptive requirements that reflect validated, leading‐edge management practices; secondarily, the search of alignment of practices with organisational needs and business factors. But the adoption of this kind of self‐assessment is not necessarily the proper “choice”, particularly for small and medium‐sized enterprises (SMEs). This paper examines the nature of the diagnostic processes incorporated in award‐based self‐assessment and in other diagnostic models developed in the organisational literature. This analysis provides the foundation for the development of a classification matrix that enables us to differentiate five self‐assessment approaches (paradigmatic, normative, situational, normative‐situational, and open), which can be implemented either with a process‐based or a non‐process‐based analytical frame. On the basis of this matrix we outline a “conceptual map” that could help SMEs in questioning the meaning and substance of “organisational self‐assessment” so as to choose knowingly and rationally frameworks and diagnostics instruments.

Recent fire disasters in Hong Kong and other cities in China show that fire safety should receive more attention. In Hong Kong, a large number of pre‐1980 high‐rise buildings were designed according to old prescriptive building and fire codes. The fire protection measures of these buildings may not be the same as the standard in effect today, even if all fire safety items have been well maintained. Assessment of the fire safety level of these old buildings – on the basis of current prescriptive requirements – may return a conclusion that many buildings’ fire safety systems are “sub‐standard”, and the fire safety level is unacceptably low. However, whether such a conclusion is warranted, thereby triggering immediate improvement action, is debatable, because the rigid prescriptive requirements in the fire codes do not provide a holistic picture of the fire safety level in these buildings. This paper discusses the issues of site inspections for a systematic approach to perform the fire safety ranking for multi‐storey buildings.

Purpose: This chapter considers whether it would be beneficial, and appropriate based on the application of equality law to date, for the UK government to mandate gender equality objectives set by the United Nations as requirements in initiatives aimed at stimulating the economy, specifically the Northern Powerhouse. It considers the success of the Northern Powerhouse and its impact on females in the region.

Method: The data used as a basis for analysis in this chapter were obtained through secondary research. A mixture of quantitative and qualitative data is used, with a heavy weighting towards quantitative information.

Findings: Gender inequality remains a significant issue for females in the United Kingdom. The UK government have implemented the requirements of Convention on the Elimination of all Forms of Discrimination Against Women (CEDAW) through a non-prescriptive framework, resulting in specific industries and businesses lobbying for further development. Gender equality was not a specific consideration in the launch of the Northern Powerhouse, leading to challenges in its implementation.

Originality: There has been significant research undertaken on gender inequality in the United Kingdom, however, this chapter is the first to explore the relationship between the requirements of CEDAW and the government initiative, the Northern Powerhouse.