The SEC will be closed Monday, September 4th in observance of Labor Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of September 4th will be due the following business day. The FERC will also be closed in observation of Labor Day. eForms will accept filings submitted on September 4th. {expires: 2023-09-05} Continue reading "Labor Day" »

The SEC has released its draft of the EDGAR® Filer Manual, Volume II: “EDGAR Filing” (Version 67) to allow filer feedback and to help filers prepare for potential updates to the EDGAR system which is detailed in the draft and scheduled to be implemented in EDGAR Release 23.3 on September 18, 2023. Continue reading "SEC Publishes Current Draft for EDGAR Filer..." »

The SEC’s Division of Trading and Markets staff will hold an open meeting via webcast on sec.gov on Wednesday, September 6, 2023, at 10:00 a.m. ET concerning the CAT NMS Plan. The meeting is free and open for the public to attend. {expires: 2023-09-07} Continue reading "SEC’s Division of Trading and Markets to Hold..." »

On August 25th, the SEC announced that the fees that public companies and other issuers pay to register their securities with the SEC will be $147.60, an increase from $110.20 per million dollars in the previous fee rate advisory. The change in the fee rate will be effective October 1. Continue reading "SEC Issues First Fee Rate Advisory for Fiscal..." »

On August 23rd, the SEC announced that it is adopting rule amendments to an exemption from Section 15(b)(8) of the Exchange Act. Under Section 15(b)(8), a broker or dealer registered with the SEC must join a national securities association unless the broker or dealer makes transactions in securities specifically on an exchange of which it is a member. Presently, the Financial Industry Regulatory Authority (FINRA) is the only registered association. The SEC initially proposed these amendments in March 2015 and subsequently re-proposed the amendments in July 2022. Continue reading "SEC Amends Rules Regarding Exemption From..." »

SEC staff will hold an open meeting via webcast on sec.gov on Wednesday, August 23, 2023, at 10:00 a.m. EDT. The meeting will focus on private fund and investment advisor compliance, is free, and open for the public to attend. {expires: 2023-08-24} Continue reading "SEC’s Division of Investment Management and..." »

The SEC’s Division of Economic and Risk Analysis (DERA) has announced that it has concluded its assessment of the way filers are tagging write-offs for their credit quality indicator disclosures in their Form 10-K and their allowance for credit loss. The assessment was conducted only on those filers that have financing receivables and follow Accounting Standards Codification (ASC), Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, a set of accounting standards that modernized the way entities measure credit losses on financial instruments published by the Financial Accounting Standards Board (FASB) in March 2022. Continue reading "SEC Issues Findings on Tagging Allowance for..." »

The SEC is proposing new rule amendments under Section 203 of the Investment Advisers Act of 1940 to eliminate, or neutralize the effect of, certain conflicts of interest when broker-dealers or investment advisers (collectively known as “firms”) interact with investors using covered technology. Covered technology refers to a firm’s use of analytical, technological, or computational functions, algorithms, models, correlation matrices, or similar methods or processes that optimize for, predict, guide, forecast, or direct investment-related behaviors or outcomes of an investor. Continue reading "SEC Proposes Reforms to Mitigate Risks to..." »

The SEC has announced that it is adopting rule amendments to improve and standardize disclosures for cybersecurity risk management, strategy, governance, and incidents by public companies subject to the reporting requirements of the Securities Exchange Act of 1934. In particular, the SEC is adopting rules and rule amendments that will require current disclosure about material cybersecurity incidents. Continue reading "SEC Adopts Rules on Public Company..." »

On July 26th, the SEC announced that it is proposing amendments to the rule that allows certain investment advisers that provide investment advisory services through the internet to register with the SEC. In 2002, the SEC granted a narrow exception which allowed internet-based advisers to register with the SEC instead of with the states. Investment advisers typically are prohibited from registering with the SEC unless they reach a certain “assets under management” threshold, advise a registered investment company, or qualify for an exemption under SEC rules or statutes. Under rule 203A-2(e) and pursuant to the Investment Advisers Act of 1940, internet investment advisers are exempt from this prohibition if they meet certain conditions, including those concerning the adviser’s use of an interactive website to advise clients. Continue reading "SEC Proposes Internet Adviser Registration Reforms" »

XBRL US will host a conference this November in Washington, DC to discuss the passage of legislation related to the Financial Data Transparency Act (FDTA) and the Grants Reporting Efficiency and Transparency (GREAT) Act. XBRL US will address the ways governments can learn about data standards and how they increase efficacy and modernize financial reporting. The event will also feature case studies related to federal standards programs implemented by the SEC, the FERC, and the Federal Deposit Insurance Corporation (FDIC). Continue reading "XBRL US Opens Registration for GovFin 2023:..." »

On July 17th, the SEC announced that it has released a draft version of the Shareholder Repurchase (SHR) XBRL Taxonomy and accompanying taxonomy guide. In May 2023, the SEC approved amendments to its rules to update and enhance transparency concerning repurchases of an issuer’s equity securities registered under the Securities Exchange Act of 1934. Continue reading "SEC Issues Draft 2023 Share Repurchase (SHR)..." »

On July 17, 2023, the SEC announced that it updated SEC.gov stylesheets for Forms 4 and 5, which will be implemented with EDGAR Release 23.2.1. More specifically, the checkbox introduced in Release 23.1—to allow filers to determine whether the reported transaction was subject to a contract, instruction or written plan intended to meet the conditions of Rule 10b5-1(c)—has been moved from above Table 1 to the upper left corner of the stylesheet. There have been no new changes made to Forms 4 and 5. Continue reading "EDGAR Release 23.2.1" »

On July 17th, the SEC announced that its staff has issued its first semi-annual report to Congress concerning the public and internal use of machine-readable data for corporate disclosures. Continue reading "SEC Staff Issues First Semi-Annual Report to..." »

On July 12th, the SEC announced proposed rules that would amend and enhance Rule 15c3-3 (the rule that protects a customer’s cash and securities held at a carrying broker-dealer). The rules would require certain broker-dealers to increase the frequency with which they perform customer and broker-dealer reserve computations of the net cash they owe to customers and other broker-dealers (referred to as PAB account holders) from weekly to daily. Performing these computations with increased frequency would better correspond with the inflows, swings, and balances that broker-dealers currently are experiencing in the markets. Under Rule 15c3-3, carrying broker-dealers are required to have a special reserve bank account at a bank that must hold cash or qualified securities in an amount determined by a computation of the net cash owed to the carrying broker-dealer’s customers and PAB account holders. Continue reading "SEC Proposes Amendments to the Broker-Dealer..." »