Friday, December 30. 2022
New Year’s Hours
Both the SEC and the FERC will be closed Monday, January 2, 2023, in observation of the New Year holiday. The EDGAR System will not receive, process or accept filings on that day. Filings with a due date of January 2nd will be due the following business day, Tuesday, January 3rd. eForms will accept filings submitted on January 2nd. {expires: 2023-01-03}
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Thursday, December 29. 2022
SEC Approves PCAOB Budget and Accounting Support Fee for 2023
On December 23rd, the SEC approved the 2023 budget of the Public Company Accounting Oversight Board (PCAOB) and the related annual accounting support fee. The PCAOB monitors the audits and auditors of the financial statements that are submitted by registered broker-dealers and issuers. Section 109 of the Sarbanes-Oxley Act of 2002 requires the PCAOB to establish, with SEC approval, a reasonable accounting support fee to fund its operations.
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SEC Proposes New Rules Related to Regulation Best Execution
The SEC has proposed new rules under the Exchange Act concerning a broker-dealer’s duty of best execution. Under proposed Regulation Best Execution, the current regulatory framework for the duty of best execution would be enhanced by requiring detailed policies and procedures for all broker-dealers.
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Wednesday, December 28. 2022
President Biden Approves the Financial Data Transparency Act
On December 23rd, President Biden signed into law H.R. 7776, the “James M. Inhofe National Defense Authorization Act for Fiscal Year 2023,” which includes Title LVIII, the Financial Data Transparency Act (FDTA). Under the FDTA, the use of data standards is required by member agencies of the US Financial Stability Oversight Council, which includes the SEC, the US Treasury, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency, the Bureau of Consumer Financial Protection, and the Federal Reserve System.
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Tuesday, December 27. 2022
SEC Proposes to Amend Rules of Regulation National Market System
The SEC has proposed amendments to certain rules of Regulation National Market System (Regulation NMS) under the Exchange Act that would update variable minimum pricing increments for the quoting and trading of NMS stocks, reduce the access fee caps, and increase the transparency of better-priced orders placed in the NMS.
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Friday, December 23. 2022
Christmas Hours
Both the SEC and the FERC will be closed Monday, December 26th due to the closure of the federal government on that day. The EDGAR System will not receive, process or accept filings on that day. Filings with a due date of December 26th will be due the following business day, Tuesday, December 27th. eForms will accept filings submitted on December 26th. Also, on Friday, December 23rd, Novaworks will be providing limited e-mail support only after 11:00 a.m. due to inclement weather in western New York. {expires: 2021-12-27}
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Thursday, December 22. 2022
SEC Announces Proposed Amendments to Improve Disclosure of Order Execution Information
The SEC has proposed amendments that would revise the disclosure required under Rule 605 of Regulation NMS for order executions in national market system stocks (which are stocks listed on a national securities exchange). Adopted in 2000, Rule 605 provides the public with an opportunity to compare and assess execution quality among different market centers.
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SEC Publishes Draft 2023 Executive Compensation Disclosure (ECD) Taxonomy Guide
On December 19, 2022, the draft 2023 Executive Compensation Disclosure (ECD) taxonomy was updated to include the elements for tagging disclosures related to the SEC’s adopted amendments. Under these rules, registrants are required to tag certain disclosures in Inline eXtensible Business Reporting Language (iXBRL).
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Wednesday, December 21. 2022
SEC Staff Publishes Annual Report on Capital Raising
On December 16th, the SEC’s Office of the Advocate for Small Business Capital Formation released its 2022 Annual Report to Congress and the SEC. The report summarizes how entrepreneurs and investors are building companies together, from startups to small public companies.
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SEC Adopts Amendments to Update Rule 10b5-1 Insider Trading Arrangements and Related Disclosures
On December 14th, the SEC adopted amendments to Rule 10b5-1 under the Exchange Act, which provides affirmative defenses to trading based on material, nonpublic data within insider trading cases. The SEC first adopted Rule 10b5-1 in August 2000 to address instances when insider trading liability arises in connection with a traders use or knowing possession of material nonpublic information.
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Tuesday, December 20. 2022
SEC Announces XBRL Taxonomies Update to Release 22.4
On December 19th, the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system was updated to Release 22.4. The system now supports the 2022Q4 version of the Executive Compensation Disclosure (ECD) and Document and Entity Information (DEI) taxonomies. These taxonomies provide the tagging elements for disclosures associated with the SEC’s releases on Pay Versus Performance and Listing Standards for Recovery of Erroneously Awarded Compensation.
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On December 19, the SEC announced that it adopted amendments that require registrants to disclose information concerning: 1) insider trading policies and procedures of issuers; 2) adoption and termination (including modification) of plans that are intended to meet the rule’s conditions for establishing an affirmative defense, 3) certain similar trading arrangements by directors and officers, and 4) director and executive equity compensation awards made close in time to the issuer’s disclosure of material nonpublic information. For further information, see the Insider Trading Arrangements and Related Disclosures final rule on the SEC’s website. Note that, per the SEC’s adopted amendments, registrants now must tag certain disclosures in Inline eXtensible Business Reporting Language (iXBRL).
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Monday, December 19. 2022
New Release (5.17a) for the GoFiler Family of Products
Version 5.17a of all applications in the GoFiler Suite has been released. This release corresponds to EDGAR 22.4 and contains support for a new exhibit type EX-97, support for the DEI 2022q4 taxonomy for ECD, and Form 13F.
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SEC’s Division of Corporation Finance Revises Non-GAAP Financial Measures Compliance & Disclosure Interpretations Questions
On December 13th, the SEC’s Division of Corporation Finance posted an update to Non-GAAP Financial Measures Compliance & Disclosure Interpretations Questions 100.01, 100.04, 100.05, 100.06, and 102.10(a)(b)(c). The questions and answers are the Division's interpretations of the rules and regulations on the use of non-GAAP financial measures.
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Tuesday, December 13. 2022
SEC Releases Interactive Data Test Suite Update
On December 8th, the SEC announced that its Interactive Data Test Suite has been updated. The test suite provides help to filers using software to validate Interactive Data, ensuring the timely identification and resolution of potential errors before submission to EDGAR. To view a summary of the twelve revisions made in this update, see the change log in the last section of the summary file.
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