On December 3, 2020, the SEC announced that its Strategic Hub for Innovation and Financial Technology (FinHub) will become a stand-alone office with Valerie A. Szczepanik, its pioneering director, continuing to lead and report directly to the SEC Chairman. Since it was established within the Division of Corporation Finance in 2018, FinHub has led agency efforts to encourage responsible innovation in the financial sector, for example, in evolving areas such as digital assets and distributed ledger technology, digital marketplace financing, automated investment advice, and artificial intelligence and machine learning. Continue reading "SEC Announces Stand-alone Office Focused on..." »

On November 24, 2020, the SEC proposed amendments to Rule 701 under the Securities Act of 1933 that seek to modernize the requirements for the inclusion of company securities in worker-company compensation arrangements. This will help ensure that workers have the opportunity to share in the growth of the business. The revision, with investor protection at the forefront, provides an exemption from: 1) registration for securities issued by non-reporting issuers pursuant to compensatory arrangements, and; 2) Form S-8, the Securities Act registration statement for compensatory offerings by reporting issuers. The modifications are part the SEC’s continued efforts to review and improve rules to better align them with the economy and current employment practices. Continue reading "SEC Proposes Amendments to Modernize Framework..." »

The SEC voted on November 24, 2020, to propose rules that would permit an issuer provide equity compensation to certain “platform workers” who provide services available through the issuer’s technology-based platform or system. Under the proposal, such permission would be issued on a temporary basis and subject to percentage limits (no more than 15% of annual compensation), dollar limits (no more than $75,000 in three years) and other conditions.
Continue reading "SEC Seeks Comment on Temporary Rules to..." »

To help filers avoid missing deadlines and reduce online traffic around crucial filing dates, the SEC releases a filing schedule detailing when it expects to receive the highest volume of EDGAR filings. The 2021 schedule is now available from the SEC. Continue reading "SEC Releases 2021 Peak Filing Volume Dates for..." »

On November 17, 2020, the SEC and the US Departments of Justice, Commerce, and State announced that the Working Group on Bribery of the Organisation for Economic Co-operation and Development (OECD Working Group) published its Phase 4 Report of the United States. The Phase 4 Report is part of the OECD Working Group’s peer monitoring process which: 1) was issued after a year-long evaluation comprised of a series of interviews with private sector, government, academic, and civil society experts; and 2) places emphasis primarily on the United States’ enforcement of the Foreign Corrupt Practices Act (FCPA), its foreign bribery statute. Continue reading "OECD Working Group on Bribery Praises United..." »

The FERC released its 2020 Annual Report on Enforcement, the fourteenth such report, on November 19, 2020. Prepared by FERC’s Office of Enforcement (OE), the report provides information about the office’s activities over the last fiscal year, including activities performed by the office’s Divisions of Investigations (DOI), Audits and Accounting (DAA), and Analytics and Surveillance (DAS). The report also summarizes audits, litigation filings, and settlements which were approved by the FERC and are publicly available. Continue reading "FERC Presents the 2020 Annual Report on..." »

On November 23, 2020, the SEC published a Policy Statement and Guidance focused on central counterparties (CCPs) authorized under the European Markets Infrastructure Regulation (EMIR) who may apply to access and operate in the US securities markets. Through the Statement, the SEC provides a look into its processes and emphasizes effective ways that CCPs based in the European Union (EU) may register as a clearing agency or request exemptions from certain requirements under the Securities Exchange Act of 1934. Continue reading "SEC Publishes Statement on European Central..." »

On November 25, 2020, the SEC announced its virtual Investor Advisory Committee meeting that will take place on Thursday, December 3, 2020. The event will begin at 10:00 a.m. ET and will be presented live via webcast for public viewing on sec.gov. The meeting also will be archived on the Committee’s website for later viewing. Continue reading "SEC Announces Virtual Investor Advisory..." »

The SEC will be closed Thursday, November 26 in observance of Thanksgiving Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of November 26 will be due the following business day.
Continue reading "Thanksgiving Hours" »

The SEC has released the agenda for the Tuesday, December 1, 2020 convening of the Asset Management Advisory Committee (AMAC). The free event will take place from 9 a.m. through 3:30 p.m. ET and will be presented live via webcast on sec.gov. The AMAC was established to provide the SEC with diverse points of view on asset management and related advice and recommendations. The committee is a group made up of outside experts, including parties representing the perspectives of small and large funds, retail and institutional investors, intermediaries, and other market participants.
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On November 19, 2020, the FERC affirmed Order No. 872, the final rule that amended regulations implementing sections 201 and 210 of the Public Utility Regulatory Policies Act of 1978 (PURPA). This affirmation addresses major modifications that have been made to the nation’s energy markets. Continue reading "FERC Affirms and Clarifies PURPA Final Rule" »

On November 17th and 18th, XBRL US held the Investor Forum 2020. This year’s program focused on investor concerns and regulator responses during the market crisis brought on by the ongoing COVID-19 pandemic and the role XBRL can and has played during times of difficulty. Access to high quality, consistent, timely data is a priority especially during periods of market unrest and stability. The Investor Forum, which was also sponsored by the CFA Society of New York, the CFA Institute, and the Zicklin School of Business at Baruch College, addressed how standards have been used to manage investment risk and how they can and should be leveraged further to mitigate future upheaval. Continue reading "XBRL US Holds 2020 Investor Forum" »

On November 18, 2020, the SEC published a draft of the EDGAR Filer Manual Volume II “EDGAR Filing,” (Version 56). Though there may be elements of the draft the SEC has not approved, may approve or disapprove, and may modify, the agency is making the draft available to the filing community to: 1) solicit responses; and 2) support filers in preparing for the potential amendments to the EDGAR system that are detailed in the draft. The release of the draft EDGAR Filer Manual is not meant to imply SEC support of any proposed changes relating to the EDGAR system expressed in the draft. Continue reading "SEC Releases Draft EDGAR Filer Manual (Volume..." »

Version 5.5c of all applications in the GoFiler Suite has been released. This release contains support for the CSS 3 page break properties, as well as a number of corrections and improvements to Page View to create and validate xHTML code. Improvements and corrections were also made to XDX processing.

Continue reading "New Release (5.5c) for the GoFiler Family of..." »

On November 16, 2020, the SEC announced that Jay Clayton, who has led the agency since May 2017, is stepping down as chairman at the end of 2020. He will leave the agency as one of its longest serving chairs. Continue reading "SEC Chairman Jay Clayton Plans to Conclude..." »