The recent breach at the SEC illustrates how prevalent internet cyberattacks have become. They are a ubiquitous threat, inherent to the information exchange the internet provides. Often times with little warning or even indication that the event is occurring, hackers can infiltrate secure systems and access nonpublic information that could be exploited or damaging to multiple parties. Particularly when it comes to EDGAR, a great deal of sensitive, private information is regularly exchanged between companies and the SEC. Should this information be accessed before it’s appropriate, it could lead to all sorts of undesirable consequences. Even something as simple as prior knowledge of the type of form a company is in the process of filing can result in unwanted outcomes. Therefore, it’s essential that we as filers, filing agents, and other involved parties protect ourselves from unwanted intrusions.

On September 21st, the SEC approved sets of interpretive guidelines to assist companies in their efforts to comply with the pay ratio disclosure mandate. This mandate comes from Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and companies are required to begin making pay ratio disclosures in early 2018.

The Securities and Exchange Commission (SEC), the Municipal Securities Rulemaking Board (MSRB), and the Financial Industry Regulatory Authority (FINRA) opened registration for the Compliance Outreach Program for Municipal Advisors earlier this month.

On September 20th, the SEC indicated that a cybersecurity breach that occurred in 2016 may have provided the basis through which cyber threat actors achieved illicit gains. Accordingly, SEC Chairman Jay Clayton issued a statement detailing the importance of cybersecurity to the agency and market participants. The statement also reviews the SEC’s approach to cybersecurity in an effort to mitigate the risk of further incidents.

On September 11, 2017, EDGAR 17.3 was released by the Securities and Exchange Commission. This release introduces a pilot phase for the N-PORT and N-CEN EDGAR forms. Additionally, a number of forms were adjusted to allow co-registrants to designate whether they are an Emerging Growth Company.

On August 31, 2017, the SEC named Jeffrey Harris as Director of the Division of Economic and Risk Analysis (DERA). The Commission also named Dalia Blass as Director of the Division of Investment Management.

On August 24, 2017, the SEC announced a fee rate of $124.50 per million dollars for the 2018 fiscal year. This is the fee public companies and other issuers pay to register their securities with the Commission.