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In this advisory, Partners Jerry J. Burgdoerfer, William L. Tolbert, Jr., and Elaine Wolff and Associate Lee E. Dionne discuss the Securities and Exchange Commission (the "SEC") approved actions to enhance disclosures about the type of short-term borrowing activities. The SEC proposed rules that would require companies to make new quantitative and qualitative disclosures in management's discussion and analysis ("MD&A") about their short-term financing (the "Proposing Release"). In a companion release, the SEC provided interpretive guidance to improve current discussions of short-term borrowing in MD&A with respect to liquidity and funding risks (the "Interpretive Release"; together with the Proposing Release, the "Releases"). The Interpretive Release has already taken effect and companies will need to take this guidance into account when preparing their 10-Qs for the third quarter. The Proposing Release will be open for public comment until November 29, 2010. The authors discuss highlights of each of the Releases in the advisory.