The SEC, the Municipal Securities Rulemaking Board (MSRB), and Financial Industry Regulatory Authority (FINRA) have announced that registration is now open for the Compliance Outreach Program, an event the agencies will host together in November in Denver, Colorado. The program is designed specifically to familiarize municipal market participants, including municipal advisors and broker-dealers, with their compliance obligations. Continue reading "SEC, MSRB, FINRA to Co-Sponsor Compliance..." »

The SEC has announced that it is adopting amendments to Volume II of the EDGAR Filer Manual, Version 70, and its related rules and forms. EDGAR Release 24.2 was deployed in the EDGAR system on July 1, 2024. Continue reading "SEC Adopts Updated EDGAR Filer Manual" »

The SEC has recently adopted tailored disclosure requirements and offering processes for registered index-linked annuities (RILAs) and registered market value adjustment annuities (registered MVA annuities, and collectively with RILAs, nonvariable annuities). These new requirements include structured data disclosure mandates for Form N-4. Continue reading "SEC Adopts Tailored Registration Form for..." »

The SEC has informed filers that they now may find revised information regarding technical and structured data aspects of the Filing Fee Disclosure and Payment Methods Modernization rule on the EDGAR Filing Fees webpage. Continue reading "SEC Announces Filing Fee Exhibit Updates for..." »

The SEC has announced that it has released its draft of the EDGAR® Filer Manual, Volume II: “EDGAR Filing” (Version 70 ) to help issuers prepare for potential updates to the EDGAR system detailed in the draft and scheduled to be introduced in EDGAR Release 24.2 on July 1, 2024. Continue reading "SEC Releases Current Draft EDGAR Filer Manual" »

Join us at GovFin 2024! XBRL US, in conjunction with PricewaterhouseCoopers, will host this conference to discuss how the Financial Data Transparency Act (FDTA) can improve municipal bond issuer reporting and other disclosures with data submissions in structured, machine-readable format. The event, which takes place July 29th and 30th in New York City, will feature presentations that address how the FDTA will impact governments, municipal analysts and portfolio managers, data and analytics tool providers, and regulators. Novaworks is a sponsor of this event, and our staff will be on hand to answer questions and provide information. Continue reading "Register Now for GovFin 2024" »

On Thursday, May 30th, the SEC reminded issuers that, under US Generally Accepted Accounting Principles (GAAP), certain entities must provide basic and diluted earnings per share (EPS) with equal prominence on the face of the income statement for each period presented in their annual and interim reports. For filings in which basic and diluted EPS have the same value and are presented only once on the face of the income statement, an entity should tag that amount twice using both tags. Continue reading "SEC Provides Guidance Related to Incorrect..." »

The SEC issued a draft version of the security-based swap (SBS) XBRL taxonomy in March 2024 that will be used by security-based swap execution facilities (SBSEFs) to file specified information electronically with the SEC using the EDGAR system in Inline XBRL. The agency has now released to the public sample documents to aid preparers in implementing the taxonomy. Continue reading "SEC Releases Draft 2024 Security-Based Swap..." »

The SEC’s Division of Investment Management Analytics Office has released a new report of Registered Fund Statistics, which will provide significant industry data and information on trends over time. The report is based on compiled data reported on Form N-PORT by funds registered with the SEC and designed for a wide range of users. The new report is intended to provide the public with a consistent and comprehensive view into the registered funds industry, which is comprised of more than 12,000 funds and greater than $26 trillion in total net assets under management. The Division will update this report quarterly. Continue reading "SEC Staff Issues New Report of Registered Fund..." »

The SEC’s Division of Examinations has released a Risk Alert, sharing initial observations from examinations of investment advisers’ compliance with the Marketing Rule, on which the Division will continue to place emphasis. Continue reading "SEC Issues Risk Alert Regarding Advisers Act..." »

XBRL US will host a virtual conference to discuss the SEC’s final rule for Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. The rule introduces new requirements for annual and semi-annual shareholder reports provided by mutual funds and exchange-traded funds to highlight key information for shareholders. Under the rule, funds are required to tag their reports to shareholders using Inline XBRL, which yields machine-readable data that retail investors and other market participants may use to access and evaluate investments more efficiently. {expires: 2024-05-16} Continue reading "XBRL US Announces Webinar: SEC Rule – Tailored..." »

On April 11th, the SEC announced that it has delayed the effective date for rules adopted in March 2024 under the Securities Act and Securities Exchange Act that require domestic and foreign registrants to include specific climate-related data in their annual reports and registration statements. The final rules require information about a registrant’s climate-related risks that have materially impacted, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. Continue reading "SEC Delays Effective Date for Rule Related to..." »

On March 27th, the SEC adopted amendments to the “internet adviser exemption” rule, which 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. The SEC proposed these rules in July 2023. Continue reading "SEC Adopts Amendments to Internet Advisers..." »

The SEC has adopted new Regulation SE under the Securities Exchange Act that creates a regime for the registration and regulation of security-based swap execution facilities (SBSEFs). The new regime also addresses other issues related to security-based swap execution. Continue reading "SEC Adopts New Rule Concerning Daily Market..." »

On March 27th, the SEC adopted new Regulation SE under the Securities Exchange Act that creates a regime for the registration and regulation of security-based swap execution facilities (SBSEFs). The new regime also addresses other issues related to security-based swap execution. Continue reading "SEC Adopts New Rule Regarding Security-Based..." »