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The previous dress code allowed for tops of any color and bottoms, hats, footwear, and outerwear to be black, gray, navy, brown, khaki, or white.

In the simplest of terms, its a semi-formal style of dress typically worn for early-evening and late-afternoon occasions

Add to that, December 31st may be given more significance than it needs, as there are many new year days and eves throughout the year