The SEC is proposing amendments to the federal proxy rules that will require the use of universal proxies in all non-exempt solicitations in connection with contested elections of the directors. These universal proxies will include the names of both registrant and dissident nominees, which would allow shareholders to vote by proxy in a manner that more closely resembles how they would vote at a shareholder meeting. The proxy process is the way most shareholders engage in the election of directors, so these proposed changes would have a large impact on corporations with securities registered pursuant to Section 12 of the Exchange Act. The Commission has long been focused on protecting and enhancing the ability of shareholders to elect directors, and these rules concerning proxies would permit better shareholder control over director elections.

The 2017 US GAAP Taxonomy is going to introduce some rather drastic changes to the way XBRL is prepared. While these changes are proposed for only a few small sections of the taxonomy for now, it looks like this is going to be the shape of things to come for XBRL.

The next N-MFP filing due for money market funds must be submitted to the EDGAR System on the new form, Form N-MFP2. This new version of the form became effective on October 14, 2016.

The Securities and Exchange Commission has adopted final rules to modernize investment company reporting, to require registered open-end management investment companies to establish and report liquidity risk management programs, and to permit such companies to use swing pricing. The effective dates for these changes vary.

Each October, the SEC sets the filing fee rate for the fiscal year, which is the rate the SEC believes will result in collections that equal annual statutory target amounts for the SEC. For the SEC’s 2017 fiscal year, this statutory target amount is $585 million, which resulted in a fee rate of $115.90 per million dollars. Throughout the year, the SEC may make adjustments to the fee rates in order to reach their target amount. The new fee rate became effective October 1, 2016 and should be used to calculate fees for filings until September 30, 2017 or the SEC adjusts the rate.

Update: The November 2 XBRL US SEC Filer Workshop has been cancelled.

XBRL US is hosting a one-day workshop for SEC filers on Wednesday, November 2, 2016 at the AICPA offices in New York City. Topics covered by the workshop will include the changes to financial reporting that regulators are proposing, including the permitted use of Inline XBRL and revisions to disclosure requirements.

As per law, the SEC has made their annual review of the fee rates and changed the filing fee rate that public companies and other issuers must pay to register their securities with the Commission. Effective 10/01/2016 to 9/30/2017, the fee rate is $115.90 per $1,000,000. Filing fees are required for filings made pursuant to Section 6(b) of the Securities Act of 1933 and Sections 13(e) and 14(g) of the Securities Exchange Act of 1934. This is an increase from last year’s rate of $100.70 per $1,000,000.

On September 19, 2016, EDGAR 16.3 was released by the Securities and Exchange Commission. This release contained changes to Form ABS-EE and filing changes for Forms N-CR, 13H-I and 13H-T.