The SEC is requesting public comment on proposed changes to Industry Guide 3 (Statistical Disclosure by Bank Holding Companies). In light of developments in the financial services industry since the publication of Guide 3, the SEC is considering modernizing the nature, timing, scope, and applicability of Guide 3, which at the moment applies strictly to Bank Holding Companies (BHCs).

The SEC recently approved and published the International Financial Reporting Standards (IFRS) taxonomy so foreign private issuers can begin submitting their financial reports to EDGAR using XBRL. Requirements for foreign private issuers to use XBRL were originally adopted in 2009 with the caveat that such requirements would not go into effect until the IFRS taxonomy was available. Now that the taxonomy has been published on the SEC’s website, issuers may begin using it to submit financial statements.

On March 13, 2017, EDGAR 17.1 was released by the Securities and Exchange Commission. This release primarily contained changes to add a new online version of the Transfer Agent forms, Form TA-1, TA-2 and TA-W. Other changes affect a number of forms, including the Regulation A forms, the Form ABS-EE data files, Form SDR and Form N-MFP2.

On March 1, 2017, the SEC voted to propose amendments intended to improve the quality and accessibility of data submitted by public companies and mutual funds using XBRL. These changes, which are part of the SEC’s ongoing initiative to modernize the EDGAR system, would require the use of Inline XBRL.

The SEC voted on March 1, 2017 to adopt rule and form amendments to make it easier for investors and other market participants to locate and access exhibits in registration statements and periodic reports that were originally submitted with prior filings. This ruling requires issuers to include a hyperlink to each exhibit in the filing’s exhibit index.

The SEC is adopting amendments to the expiration dates in the interim final rules that provide exemptions for those security-based swaps that, prior to July 16th, 2011, were security-based swap agreements and defined as “securities” under the Securities Act and Exchange Act. This definition is due solely to the provisions of Title VII of the Dodd-Frank Wall Street Reform Act and the Consumer Protection Act. Under the new amendments, the expiration dates on the interim final rules will become February 11, 2018.

When EDGAR Release 17.1 goes into effect on March 13, 2017, new online versions of the Transfer Agent filing forms will become mandatory. These forms, TA-1, TA-1/A, TA-2, TA-2/A, and TA-W, will become available on the EDGAR Filing Website.

As computers advance so do their operating systems, bringing better user experiences and faster operations. However, such changes usually have a cost so not all businesses adopt a change unless it there is a very clear and measurable benefit. Evidence of this practice was abound when the end of life came for Windows XP, as many businesses were still using that operating system instead of Vista, 7 or 8. Waiting until after the end of support for an operating system to occur before upgrading isn’t ideal, and the difficulties such businesses encountered should be a lesson for all.