Sunday, October 13. 2019
SEC Closed Monday, October 14
The SEC will be closed Monday, October 14 in observance of Columbus Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of October 14 will be due the following business day.
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Friday, October 11. 2019
LDC #156: Introduction to File Types in Legato
A very common scenario for a script is to get a file from a user, perform several actions on it and then save the file. As developers it is easy to fall into the “user is always correct” trap. We assume that if we are asking for an HTML file, the user is going to give us one. Whether the user does it on purpose or not, sometimes this isn’t the case and we, as developers, should be prepared for this use case. This blog is going to discuss how we can validate files we receive from the user.
Continue reading "LDC #156: Introduction to File Types in Legato" »Agencies Simplify Volcker Rule
On October 8th, five federal agencies, including the SEC, finalized revisions that simplify compliance requirements with the "Volcker Rule". This rule general prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds. Under the revision, firms without significant trading activity will have simplified and streamlined compliance. Conversely, firms with significant trading activity will have to comply with more stringent rules. By statute, community banks generally are exempt from the Volcker Rule.
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Friday, October 04. 2019
LDC #155: Automatically Locking Projects
When submitting a filing to the SEC you want everything about this filing to be checked, double checked, or even triple checked before submitting a live filing. If you are not 100% careful mistakes can happen. Just like elsewhere in life, following a set list of tasks for every filing can end up making life easier and allow you to ensure that mistakes are minimized as much as possible. Luckily there is a task list feature in GoFiler that we can access through Legato. This means that we can take steps to ensure that the same process gets followed every time that a filing gets created.
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SEC Proposes Amendments to Enhance Retail Investor Protections
The SEC proposed amendments to Exchange Act Rule 15c2-11 on September 26th. This rule sets certain requirements with which a broker-dealer must comply before it can publish quotations for securities in the “over-the-counter” (OTC) market. The new actions will increase availability of issuer information to enhance investor protection and modernize the governance of quotations for OTC securities by requiring that information about the issuer and the security be current and publicly available before a broker-dealer can begin quoting that security. Exchange Act Rule 15c2-11 was last substantively amended in 1991.
Continue reading "SEC Proposes Amendments to Enhance Retail..." »Thursday, October 03. 2019
SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
On September 27th, the SEC updated its list of unregistered entities that use misleading information to solicit primarily non-U.S. investors. The Commission added 23 soliciting entities, two impersonators of genuine firms, and twelve bogus regulators.
Continue reading "SEC Updates List of Firms Using Inaccurate..." »Tuesday, October 01. 2019
SEC Adopts New "Test-the-Waters" Rule for All Issuers
On September 26th, the SEC voted to adopt a new rule that extends a “test-the-waters” accommodation to all issuers. This is a popular tool that was previously only available to emerging growth companies (EGCs). With the new rule, all issuers will be allowed to measure market interest in a possible initial public offering or other registered securities offering through discussions with certain institutional investors prior to, or following, the filing of a registration statement. This new rule is one of numerous SEC initiatives that build on Jumpstart Our Business Startups Act (the “JOBS Act”) provisions, which are intended to encourage companies to access public markets.
Continue reading "SEC Adopts New "Test-the-Waters" Rule..." »Monday, September 30. 2019
New Release (5.1b) for the GoFiler Family of Products
Version 5.1b of all applications in the GoFiler Suite has been released. This release corresponds to EDGAR Release 19.3 and wraps up the EDGAR changes that were released on Friday with version 5.1a. In this release are a few improvements as well as some corrections, namely to the XBRL Previewer and the XDX Setup Wizard to incorporate additional inline XBRL changes that were introduced with EDGAR 19.3.
Continue reading "New Release (5.1b) for the GoFiler Family of..." »SEC Releases EDGAR 19.3
On September 30, 2019, EDGAR Release 19.3 was released by the Securities and Exchange Commission. This release included new EDGAR filing password tagging requirements and a new exhibit EX-96 (Mining Disclosure). Also new are some changes to Form N-CEN, Forms ATS-N/UA and ATS-N/CA, Form SBSE, and changes to EDGAR to accept various submission form types from deregistered investment companies.
Continue reading "SEC Releases EDGAR 19.3" »Friday, September 27. 2019
New Release (5.1a) for the GoFiler Family of Products
Version 5.1a of all applications in the GoFiler Suite has been released. This release corresponds to EDGAR Release 19.3 and contains support for 12 character EDGAR filing passwords. This release also contains a number improvements to the SGML parser to allow users to more easily open and edit HTML and XML files with extremely large tags. Also new are DQC validation rules for XBRL and other improvements and corrections for ATS-N, N-CEN and Section 16.
Continue reading "New Release (5.1a) for the GoFiler Family of..." »LDC #154: Enhanced Submission Logging
When you file something to the SEC, there are a lot of data points that can be tracked from that event such as: if the filing was live, when the filing process began, when GoFiler began transmitting the file, and when GoFiler finished transmitting the file. This information can be gleaned different sources, including the log file and the project file metadata. However, there is no one place where filers can obtain this information. With Legato, we can set up a small script that triggers when we file a project, and simply records information about that project into a log file in the same folder as our project.
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SEC Adopts New Rules and Amendments for Security-Based Swaps Dealers, Swap Market Participants, and Broker-Dealers
On September 19, the SEC announced that it would adopt new rules and amendments under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This new rule package establishes a regulatory regime for security-based swap dealers and majority security-based swap participants by introducing recordkeeping and reporting requirements. Under the rules, these types of companies will be required to create and retain fundamental business records to document and track their operations, which will facilitate the SEC’s ability to monitor compliance and also reduce risk to investors. The existing recordkeeping and reporting requirements for broker-dealers have also been amended.
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Friday, September 20. 2019
LDC #153: Program Flow — Return vs. Exit
When a script has finished its assigned task, it can ‘return’ or ‘exit’. However, which is best? What style of coding should you use? It depends on the circumstances. Legato allows for flexibility in how scripts are structured and executed.
Continue reading "LDC #153: Program Flow — Return vs. Exit" »Thursday, September 19. 2019
SEC Proposes Updates to Statistical Disclosures for Banking Registrants
On September 17th, the SEC proposed rules that would update the statistical disclosures that bank and savings and loan registrants provide to investors. In addition, these changes will eliminate overlap with other SEC rules, US GAAP or IFRS. These proposed rules, which comprise a new subpart in Regulation S-K, would replace Industry Guide 3, Statistical Disclosure by Bank Holding Companies. This new subpart would include the SEC’s banking disclosure requirements.
Continue reading "SEC Proposes Updates to Statistical Disclosures..." »Monday, September 16. 2019
EDGAR 19.3 Changes and New Password Requirements
The SEC has released draft changes to the EDGAR Filer Manual and the EDGAR System. These changes will be incorporated into the EDGAR 19.3 release and Version 52 of the EDGAR Filer Manual – Volume II, which is scheduled for release on September 30, 2019. The draft changes include important updates to the requirements for the passwords that are used when logging into both the EDGAR Filing Website and the EDGAR Online Forms Management Website.
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