On March 14th, the SEC released a proposed rule filing submitted by Cboe Exchange, Inc. to facilitate the continued operation of the options exchange in light of Cboe’s decision to temporarily suspend open outcry trading on its Chicago trading floor. This SEC action has immediate effectiveness.
Continue reading "Cboe Options Exchange Temporarily Shifts to..." »

On March 13th, the SEC announced regulatory relief for funds and investment advisers whose operations may be affected by the coronavirus. This relief information covers in-person board meetings and certain filing and delivery requirements for particular investment funds and investment advisers. The effects of the coronavirus may delay or prevent funds and advisers who operate in affected areas from complying with some regulatory obligations due to restrictions on large gatherings, travel and access to facilities, the potential limited availability of personnel. The SEC’s relief is intended to allow funds and advisers to meet those obligations and to continue their operations, given that there may be temporary disruptions outside of their control.
Continue reading "SEC Takes Actions to Assist and Provide Relief..." »

On March 2nd, the SEC amended financial disclosure requirements applicable to debt offerings that include credit enhancements, such as subsidiary guarantees. The changes are intended to both improve the quality of disclosure and increase the likelihood that issuers will conduct debt offerings on a registered basis.
Continue reading "SEC Amends Rules to Encourage Issuers to..." »

The SEC announced on March 13th that its staff has published guidance to assist public companies, investment companies, shareholders, and other market participants affected by COVID-19 with their upcoming annual shareholder meetings. This guidance is designed to facilitate the ability of companies to hold these important meetings and engage with shareholders while complying with the federal securities laws and maintaining social distancing. Many public companies and investment companies are mandated to hold annual meetings of security holders, and federal securities laws require the delivery of proxy materials to the voting shareholders. COVID-19 and its continuing spread has impacted the ability to hold these in-person meetings due to health, transportation, and other logistical issues.
Continue reading "SEC Provides Guidance to Promote Shareholder..." »

On March 11th, the SEC adopted a new rule and related form changes and other amendments to simplify and streamline disclosures for investors about variable life insurance contracts. These changes permit the use of a concise prospectus designed to improve readers’ understanding of the contracts’ features, fees, and risks. The new framework makes use of layered disclosure and technology, in particular Inline XBRL, to provide investors with ways to access information more easily and make informed investment decisions. The new amendments represent an important milestone in the SEC’s efforts to improve investors’ experience as they study material information. Continue reading "SEC Adopts Investor Disclosure Improvements for..." »

The SEC adopted amendments to the accelerated filer and large accelerated filer definitions on March 12th. These amendments will more appropriately tailor the types of issuers that are included in these definitions, thereby reducing unnecessary burdens and compliance costs for some smaller issuers while maintaining investor protections. The SEC and Congress have a historical practice of providing scaled disclosure and other accommodations to reduce burdens for new and smaller issuers, and these amendments further that goal.

Continue reading "SEC Reduces Burdens on Smaller Issuers by More..." »

On March 2nd, the SEC adopted amendments to two rules in order to implement congressionally mandated exemptions from registration for investment advisers who advise rural business investment companies (RBICs).  These exemptions are part of the RBIC Advisers Relief Act of 2018, which amended the Investment Advisers Act.

Continue reading "SEC Amends Exemptions from Investment Adviser..." »

The SEC announced on March 2nd that it is requesting comment on its current requirements restricting the use of potentially misleading fund names. Because fund names are often the first piece of information investors see, they can have a significant impact on an investment decision. The SEC’s request seeks public opinion on the current requirements and whether are effective. In addition, they are interested in viable alternatives that the they should consider. This request is the latest in the SEC’s ongoing efforts to review and improve existing rules to better inform and protect investors.
Continue reading "SEC Requests Comment on Fund Names Rule" »

On March 4th, the SEC announced that it will provide conditional regulatory relief for certain publicly traded company filing obligations under the federal securities laws due to the impact of the Coronavirus Disease 2019 (COVID-19). These impacts may present challenges for certain companies that are required to provide information to trading markets, shareholders, and the SEC. These companies may include US companies located in or companies with operations in affected areas.

Continue reading "SEC Provides Assistance for Companies Affected..." »

The SEC proposed on February 14th to modernize the infrastructure for the collection, consolidation, and dissemination of market data for exchange-listed market system (NMS) stocks. The proposal would update and expand the content of NMS market data, which would better suit the diverse needs of investors in today’s equity markets. The rules that govern the content and dissemination of NMS market data have not been significantly updated since their initial implementation in the late 1970s. In addition, the proposal seeks to introduce competitive forces into the national market system for the first time. The introduction of and competition among these new data consolidators could, in turn, allow all market participants, including investors, to access and benefit from the expanded content of NMS market data.

Continue reading "SEC Proposes to Modernize Key Market..." »

Version 5.3a of all applications in the GoFiler Suite has been released. This release corresponds to EDGAR 20.1.1 and contains support for the 2020 XBRL taxonomies. Additionally, changes and improvements have been made to Page View, XBRL validation and XDX processing.

Continue reading "New Release (5.3a) for the GoFiler Family of..." »

On March 9th, the SEC announced that it is postponing its conference on municipal securities disclosure entitled “Spotlight on Transparency: A Discussion of Secondary Market Municipal Securities Disclosures Practices”. Continue reading "SEC Postpones Conference on Municipal..." »

On March 9, 2020, EDGAR Release 20.1.1 was released by the Securities and Exchange Commission. This release includes support for the new 2020 XBRL taxonomies as well as a change that permits filers to annotate their filing-specific custom elements. Continue reading "SEC Releases EDGAR 20.1.1" »

On February 28, 2020, the Securities and Exchange Commission announced the third fee rate advisory for fiscal year 2020. Pursuant to Section 31(j)(2) of the Securities Exchange Act of 1934, the SEC has determined that a mid-year adjustment to the Section 31 fee rate for fiscal year 2020 is not required.

Continue reading "Fee Rate Advisory #3 for Fiscal Year 2020" »

On February 25th, the SEC announced it would be opening registration for its compliance outreach program’s national seminar for investment companies and investment advisers. This event is intended to aid chief compliance officers (CCOs) and other senior personnel at investment companies and advisory firms in enhancing their programs to benefit the protection of investors. The compliance outreach program is jointly sponsored by the SEC’s Office of Compliance Inspections and Examinations, the Division of Investment Management, and the Asset Management Unit of the Division of Enforcement.

Continue reading "SEC to Hold National Compliance Outreach..." »