The SEC adopted amendments on June 28, 2018 that required filers to use Inline XBRL (iXBRL) for both operating company financial statement information and fund risk/return summary information. Filers using iXBRL are able to prepare a single document that embeds machine-readable data directly into a human-readable document. This gives data users a simpler means to view, access, and explore the contextual information of the underlying data.
Continue reading "SEC Reminds Operating Companies of Approaching..." »

The SEC’s Division of Corporation Finance recently provided guidance that reflects its views concerning the filing of Form C to the SEC with respect to the effectiveness of certain rule changes as introduced in Release No. 33-10884. This guidance on EDGAR filing of Form C: 1) is not a rule, regulation or statement of the SEC; 2) has neither agency approval nor disapproval; 3) has no legal force or effect; 4) does not alter or amend applicable law; and 5) creates no new or additional obligations for any person. Continue reading "SEC Staff Issues Guidance on EDGAR Filing of..." »

On December 16, 2020, the SEC adopted rules intended to achieve the statutory objective of increasing the transparency of payments to governments for the purpose of the commercial development of their oil, natural gas, and minerals by enforcing Section 13(q) of the Exchange Act. Added to the Exchange Act in 2010 by Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 13(q) instructed the SEC to issue final rules that require resource extraction issuers (entities such as oil, natural gas, and mining companies that are required to file reports under Section 13 or 15(d) of the Securities Exchange Act of 1934) annually to file a Form SD that includes information about payments that are made to the federal government or a foreign government related to the commercial development of oil, natural gas, or minerals. Continue reading "SEC Approves Final Rules for the Disclosure of..." »

The SEC announced on November 19th that it has adopted amendments that will modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. These amendments are intended to improve the focus of financial disclosures on material information for the benefit of investors while also simplifying compliance for registrants by reducing the costs and burdens. In addition, the amendments will improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information. Continue reading "SEC Modernizes and Enhances Management’s..." »

On September 11th, 2020, the SEC announced that it has adopted the final rule for its update of statistical disclosures for bank and savings and loan registrants. The rule modifies required disclosures and classifies certain disclosures in a new Subpart 1400 of Regulation S-K. It reduces duplicative or overly similar disclosure items in other SEC rules and requirements in US GAAP and IFRS. It also replaces Industry Guide 3, Statistical Disclosure by Bank Holding Companies. These changes are intended to help investors have access to more meaningful, relevant information about these registrants, which will facilitate their investment and voting decisions. Continue reading "SEC Announces Final Rule for Update of..." »

On August 26th, the SEC announced that it will be carefully monitoring the effects of Hurricane Laura on investors and capital markets. As the SEC tracks the storm’s developments, it will consider easing regulatory requirements and extending filing deadlines for those affected by the storm.
Continue reading "SEC Closely Observing Impact of Hurricane Laura..." »