The SEC has proposed amendments aimed at modernizing its information collection and analysis methods. The proposal requires a significant number of filings to be submitted to the Commission electronically using structured data where appropriate. The proposed amendments would require the electronic filing, submission, or posting of certain forms, filings, and other submissions that national securities exchanges, national securities associations, clearing agencies, broker-dealers, security-based swap dealers, and major security-based swap participants make with the Commission.
Current Filing Requirements
Under current rules, many Exchange Act forms, filings, or other submissions are required to be filed or otherwise submitted in paper form by registrants. However, during the COVID-19 pandemic, many submissions were made electronically instead of in paper form, which was well received.
Proposed Amendments for Electronic Filing
The proposed amendments aim to modernize the methods by which the Commission collects and analyzes information from registrants by requiring registrants to submit these filings electronically. SEC Chair Gary Gensler stated that if adopted, the proposal would save both registrants and the Commission time and resources. This requirement reflects the digital age we live in, where it would seem logical that all filings to the Commission can be made electronically.
Proposed Electronic Filing Requirements
The proposed amendments would require electronic filing, submission, or posting of specific forms, filings, and other submissions by national securities exchanges, national securities associations, clearing agencies, broker-dealers, security-based swap dealers, and major security-based swap participants with the Commission. Moreover, the proposed amendments would make some amendments regarding the Financial and Operational Combined Uniform Single (“FOCUS”) Report. These amendments aim to harmonize it with other rules, make technical corrections, and provide clarifications. Additionally, the proposed amendments would require the withdrawal of notices filed in connection with an exception to counting certain dealing transactions toward determining whether a person is a security-based swap dealer in specified circumstances.
Public Comment Period
The public comment period will remain open for 30 days after publication in the Federal Register or until May 22, 2023, whichever is later.
https://www.sec.gov/rules/proposed/2023/33-11176.pdf
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Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.
He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page - SECLaw.com, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.
