On July 22, staff in the SEC’s Division of Economic and Risk Analysis issued an amended SPAC taxonomy that will be deployed as part of an upcoming EDGAR Release and will add the Over-allotment Option [Axis] to the dilution source link roles relating to SPAC dilution disclosure. The taxonomy also replaces the Security Class [Axis] (in certain roles relating to sponsor compensation) with Compensation Nature [Axis] (a superset of Security Class [Axis]). This allows filers to declare members needed for tagging non-security types of compensation. Continue reading "SEC Revises Special Purpose Acquisition Company..." »

On July 21, staff in the SEC’s Division of Economic and Risk Analysis published findings related to an analysis of public float tagging errors. Form 10-K cover pages require the disclosure of the aggregate market value of both voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was most recently sold, or the average bid and asked price of such common equity, such as public float, as of the last business day of a filer’s most recently completed second fiscal quarter. Continue reading "SEC Releases Analysis of Public Float Tagging..." »

On July 14th, the SEC announced that the new filing fee Fedwire payment format is now available in the EDGAR system. The Federal Reserve Bank Fedwire Funds service adopted the ISO 20022 message format on July 14, 2025. The previous Fedwire Application Interface Manual (FAIM) format had a sunset date of July 11, 2025. The Fedwire payment instructions for filing fee registrants have been updated with the implementation of the new format. Continue reading "SEC Launches New Filing Fee Fedwire Payment..." »

On July 14th, the SEC announced that Form N-MFP Data Sets are now available for filers to download and that monthly updates will resume immediately. The monthly data sets previously were paused to update for Form N-MFP3 submissions. Form N-MFP is used for monthly reports of money market funds that report data pertaining to the fund and its portfolio holdings for the previous month. Continue reading "Form N-MFP Data Sets Now Available for..." »

XBRL US staff will hold a webinar that will focus on EDGAR Next, the rule concerning access to and management of accounts on the SEC’s EDGAR system. More specifically, staff will discuss the transition to EDGAR Next, best practices, lessons learned during the phase in, and special situations that may affect certain filers and filing agents. The rule represents a significant change in the way public companies and investment management companies submit filings to the SEC’s EDGAR System. The SEC reminds registrants that enrollment is required by year-end 2025. Continue reading "XBRL US to Hold Webinar: EDGAR Next Enrollment..." »

The SEC’s Small Business Capital Formation Advisory Committee will hold an open meeting to further explore Regulation A and discuss the subject of “finders” (individuals who help companies with limited capital-raising activities in private markets). Staff also will consider matters concerning rules and regulations affecting small and emerging businesses and their investors under the federal securities laws. Continue reading "SEC’s Small Business Capital Formation Advisory..." »

On July 2nd, the SEC’s Division of Corporation Finance updated sections of its Financial Reporting Manual (FRM) in which the Division’s staff periodically publishes informal interpretations for the public. The current version of the FRM has been posted to reflect the 2020 amendments to the S-X Acquisition Rules (S-X 3-05, S-X 3-14, S-X 8-04, and S-X 8-06) and S-X Article 11. The FRM also includes other minor updates. Continue reading "SEC’s Division of Corporation Finance Updates..." »

XBRL US will hold a webinar that will focus on SEC filing fee disclosure requirements. XBRL US staff will provide an overview of lessons learned in the early phase of the launch that may help SEC filers who are beginning to comply in the next phase. The webinar will take place on Wednesday, July 16, 2025, beginning at 3:00 p.m. Eastern. The event is free and open to the public. Registration is required. Continue reading "XBRL US to Discuss SEC Filing Fee Disclosure..." »

On June 30th, the SEC announced that it is amending rules that would require electronic filing or submission of certain forms that must be filed with or submitted to the SEC under the Securities Exchange Act and the rules and regulations under the Exchange Act. The use of a structured, machine-readable data language for electronic filing where appropriate is required for certain disclosures filed or submitted by self-regulatory organizations (SROs) and other entities. Continue reading "SEC Issues 2025 New Derivatives Securities..." »

On June 16th, the SEC adopted amendments to Volume II of the EDGAR Filer Manual. Version 75 of Volume II of the EDGAR Filer Manual, which reflects updates to EDGAR associated with Release 25.2, will be issued on June 16, 2025, and will go into effect once it is published in the Federal Register. Version 76 of Volume II of the EDGAR Filer Manual, which reflects updates to EDGAR associated with the SEC's September 2024 EDGAR Filer Access and Account Management rulemaking (EDGAR Next), will be effective on September 15, 2025. Continue reading "SEC Announces Adoption of Updated EDGAR Filer..." »

The SEC's Division of Corporation Finance recently released a group of Compliance and Disclosure Interpretations (C&DIs), which represent updates to the Division's interpretations of Regulation S-K, Legal Proceedings. Continue reading "SEC Releases Additional Compliance and..." »

On June 23rd, the SEC's Division of Economic and Risk Analysis adopted amendments to Rule 605 of the Securities Exchange Act, which requires disclosures for order executions in national market system (NMS) stocks. The SEC is releasing the draft report for review and comment. Continue reading "SEC Releases Draft of Order Execution Summary..." »

The SEC's Office of Structured Disclosure reminds the financial reporting community that Rule 405(e) of Regulation S-T provides guidance for tagging requirements for financial statement schedules, which includes a fund's Schedule of Investments (SOI), under rules 12-12, 12-13, 12-13A through 13D, and 12-14 of Regulation S-X. Accordingly, a Business Development Company (BDC) is required to tag its SOI in compliance with the tagging requirements in Rule 405(e) of Regulation S-T. Continue reading "SEC Publishes Guidance Regarding Incomplete and..." »

On June 17th, the SEC published its semi-annual report to Congress regarding public and internal use of machine-readable data for corporate disclosures, in compliance with the Financial Data Transparency Act of 2022 (FDTA) signed into law on December 23, 2022. The FDTA requires the SEC to submit this report to both the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives every 180 days through December 23, 2029, when the provision requiring the report concludes. Continue reading "SEC Staff Issues Semi-Annual Report to Congress..." »

The SEC will host a roundtable to discuss executive compensation disclosure requirements with representatives from public companies, investors, and other experts in the field. The event is open for the public to attend via webcast on the SEC's website. The roundtable will take place on June 26, 2025, from 1:00 p.m. to 5:35 p.m. Continue reading "SEC Staff to Hold Roundtable on Executive..." »