On January 21st, the SEC submitted, at the Second Circuit's request, an amicus brief concerning the safe harbor for certain forward-looking statements in the Private Securities Litigation Reform Act of 1995. The Commission takes the position that forward-looking statements made in the Management Discussion and Analysis section of a Form 10-Q do not fall within the statutory exclusion for forward-looking statements made in a financial statement prepared in accordance with GAAP. Although the facts and circumstances of a particular disclosure may lead to a different conclusion, identifying forward-looking statements as such generally should be sufficient to identify as forward-looking a statement that uses such words. Misleading risk disclosure cannot be considered "meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those in the forward-looking statement" under the safe harbor. A person has "actual knowledge" that a statement of projection or expectation is misleading under the safe harbor if the person subjectively knows that he or she has no reasonable basis upon which to make the statement. Amicus Brief.