On February 24, the SEC announced that the Financial Accounting Standards Board (FASB), the organization that establishes financial accounting and reporting standards for public and private companies and not-for-profit organizations that follow Generally Accepted Accounting Principles (GAAP), has published two proposed Taxonomy Implementation Guides. These guides are based on the 2021 US GAAP Financial Reporting Taxonomy, which is currently under consideration by the SEC. {expires: 2021-03-13}
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On February 17, 2021, the SEC announced a virtual meeting of the Investor Advisory Committee that will take place on Thursday, March 11, 2021. The event will begin at 10:00 a.m. ET and will be presented live via webcast for public viewing on sec.gov. Apart from the non-public administrative session, the meeting is open to the public and will also be archived on the Committee’s website for later viewing. The meeting will feature discussions regarding the following matters: (1) self-directed individual retirement accounts (IRAs); (2) special purpose acquisition companies (SPACs); (3) minority and underserved inclusion, and (4) credit rating agencies. {expires: 2021-03-12} Continue reading "SEC to Hold March 11 Virtual Investor Advisory..." »

The SEC will be closed Monday, February 15 in observance of President’s Day birthday. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of February 15 will be due the following business day, which is Tuesday, February 16. Continue reading "President’s Day" »

The SEC announced on February 9, 2021 that, after consulting with Division of Enforcement Acting Director Melissa Hodgman, SEC Acting Chair Allison Herren Lee has reinstated a critical tool to the enforcement program – the delegation of authority to the division’s senior officers.
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On February 4, 2021, the SEC published a request for public comment concerning potential reform measures to enhance the resilience of money market funds, which are utilized by both large institutions and individual retail investors and play a substantial role in short-term funding markets. This topic is given special attention in a report of the President's Working Group on Financial Markets published in December 2020. The SEC expects that comments received will help the agency and other relevant financial regulators in further analysis of potential reforms. Continue reading "SEC Seeks Comment on Potential Money Market..." »

On February 2, 2021, the SEC published “Administration of the Electronic Data Gathering, Analysis, and Retrieval System” in the Federal Register as a result of rule changes previously approved. Rule 15 under Regulation S-T establishes measures the SEC may take in governing EDGAR and promoting the integrity and reliability of EDGAR submissions. The SEC adopted the new rule to provide transparency and further substantiate the system by which it expeditiously informs filers and other relevant individuals of its activities under the rule. Pursuant to Regulation S-T, the SEC also adopted amendments that authorize the Director of the agency’s EDGAR Business Office to take actions under the new rule and under (i) Rule 13(b) concerning setting the terms of continuing hardship exemption and (ii) Rule 202 regarding the adjustment of a filing date for an electronic filing. Continue reading "SEC Publishes Regulation S-T Rule in Federal..." »