On January 9, 2020, the Securities and Exchange Commission announced the second fee rate advisory for fiscal year 2020. Starting on February 18, 2020, the fee rates applicable to most securities transactions will be set at $22.10 per million dollars.
Continue reading "Fee Rate Advisory #2 for Fiscal Year 2020" »Monday, January 13. 2020
Fee Rate Advisory #2 for Fiscal Year 2020
Friday, January 10. 2020
LDC #164: Validating Project Files Have XBRL
This week, we’re taking another look at using Legato to enhance GoFiler’s validation. Last month, someone asked me if there was a way GoFiler could check a 10-Q project to ensure a completed XBRL file set was attached to it. Well, this isn’t something GoFiler normally checks for (since there are times when you might want to omit these files), but we can definitely use Legato to enhance the validation of the project file, so we can warn the user if they might have forgotten something. It also gives us another opportunity to demonstrate some of the project file functions, which are always useful if you’re going to be working with GFP files.
Continue reading "LDC #164: Validating Project Files Have XBRL" »
SEC Proposes to Codify Certain Consultations and Modernize Auditor Independence Rules
On December 30th, the SEC proposed amendments to codify certain staff consultations and modernize certain aspects of its auditor independence framework. These amendments would update select aspects of the nearly two-decade-old auditor independence rule set to structure the independence rules and analysis more effectively such that relationships and services that would not pose threats to an auditor’s objectivity and impartiality do not trigger non-substantive rule breaches or potentially time consuming committee review.
Continue reading "SEC Proposes to Codify Certain Consultations..." »Tuesday, January 07. 2020
SEC Adopts Actions to Stand Up Security-Based Swap Regulatory Regime
On December 18th, the SEC approved a package of rule amendments, guidance, and a related order to expand and improve the framework for the regulation of cross-border security-based swaps, including single-name credit default swaps. This package also supports the SEC’s broad security-based swap regulatory regime in that it triggers the compliance date for security-based swap entities to register with the SEC and the implementation period for the previously adopted rules under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rules create a coherent approach to the regulation of margin, capital, segregation, recordkeeping, reporting, and business conduct for security-based swaps.
Continue reading "SEC Adopts Actions to Stand Up Security-Based..." »Thursday, January 02. 2020
SEC Adopts Risk Mitigation Techniques for Uncleared Security-Based Swaps
On December 18th, the SEC approved new rules requiring the application of risk mitigation techniques to portfolios of uncleared security-based swaps. These new rules (15Fi-3, 15Fi-4, and 15Fi-5) establish requirements for registered security-based swap dealers and major security-based swap participants (SBS Entities) to: periodically reconcile outstanding security-based swaps with counterparties, engage in certain forms of portfolio compression exercises, as appropriate, and execute written trading relationship documentation with each of their counterparties prior to, or simultaneously with, executing a security-based swap transaction.
Continue reading "SEC Adopts Risk Mitigation Techniques for..." »Tuesday, December 31. 2019
New Year's Hours
The SEC will be closed Wednesday, January 1st in observance of New Year’s Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of January 1 will be due the following business day.
Continue reading "New Year's Hours" »Friday, December 27. 2019
LDC #163: Tracking Time in Legato
For this week’s blog post we are going to discuss tracking elapsed time in Legato. Like many things in Legato, there are a number of different ways to accomplish this task, each with their pros and cons. Many of these functions have appeared in other scripts we’ve previously posted but this article will be a more in-depth look at these functions.
Continue reading "LDC #163: Tracking Time in Legato" »Thursday, December 26. 2019
SEC Proposes Rules to Implement the Statutory Mandate to Adopt Resource Extraction Disclosure Rules
Last week, the SEC voted to propose rules that would require resource extraction issuers to disclose payments made to foreign governments or the US federal government for the commercial development of oil, natural gas, or mineral resources. These proposed rules come after a series of SEC actions, court proceedings, and Congressional actions. As mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the SEC first adopted rules pertaining to resource extraction issuers in 2012, which were subsequently vacated by the US District Court for the District of Columbia. The SEC then adopted new rules in 2016, but these rules were disapproved by a joint resolution of Congress pursuant to the Congressional Review Act. After the 2016 rules were vacated, the statutory mandate remains in effect, requiring the SEC to issue a rule in these regards. Furthermore, that rule must not be “substantially the same”, according to the Congressional Review Act. These new proposed rules attempt to meet that mandate.
Continue reading "SEC Proposes Rules to Implement the Statutory..." »Friday, December 20. 2019
Christmas Hours
The SEC will be closed Tuesday, December 24 and Wednesday, December 25 due to the closure of the federal government in these two days. The EDGAR System will not receive, process or accept filings on either of these days. Filings with a due date of December 24 or December 25 will be considered timely if filed on or before December 26.
Continue reading "Christmas Hours" »Thursday, December 19. 2019
SEC Proposes to Update Accredited Investor Definition
On December 18th, the SEC proposed amendments to the definition of accredited investor, which is one of the principal tests for who is eligible to participate in private capital markets. The changes would update and improve the definition to identify more effectively those institutional and individual investors who have the knowledge and expertise to participate in these markets. By amending this and other related definitions, more investors would be able to participate in private offerings through the addition of new categories of natural persons that may quality as accredited investors based on their professional knowledge, experience, or certifications. The proposal would also expand the list of entities that may qualify as accredited investors by allowing any entity that meets an investments test to qualify, among other ways. Specifically, the changes focus on the definition of "accredited investor" in the SEC's rules and the definition of "qualified institutional buyer" in Rule 144A under the Securities Act of 1933.
Continue reading "SEC Proposes to Update Accredited Investor..." »Wednesday, December 18. 2019
SEC's Peak Filing Schedule for 2020
To aid filers avoid missing deadlines and reduce congestion around busy important filing dates, the SEC provides an anticipated peak filing schedule. Peak EDGAR filing times are estimated using historical data. The 2020 schedule is now available from the SEC.
Continue reading "SEC's Peak Filing Schedule for 2020" »Monday, December 16. 2019
New Release (5.1d) for the GoFiler Family of Products
Version 5.1d of all applications in the GoFiler Suite has been released. This release contains corrections and improvements to Page View, XBRL View, and other EDGAR forms.
Continue reading "New Release (5.1d) for the GoFiler Family of..." »LDC #162: An Introduction to Quick Keys
Everyone has their favorite quick keys. It you have been working in MS Word for a long time, you are probably used to pressing Ctrl+E or Ctrl+R to center or right align text. In GoFiler, the corresponding keys are F6 and F8, respectively. But what if you want to change the quick keys in GoFiler? In this blog, I will begin to explore quick keys and the foundation of how GoFiler processes them. The next blog will explain how Legato can be used to modify quick keys. In the end, you as a Legato programmer should understand how to use and alter quick keys to best suit your own particular needs.
Continue reading "LDC #162: An Introduction to Quick Keys" »
Friday, December 13. 2019
FASB Proposes Update to Future U.S. GAAP Financial Reporting Taxonomy - Codification Improvements
The Financial Accounting Standards Board (FASB) has published Proposed Improvements for Proposed Accounting Standards Update – Codification Improvements for public comment. The standard release notes are also included for review. The proposed improvement includes adding references for certain existing elements as well as adding elements for new accounting pronouncement disclosures.
Continue reading "FASB Proposes Update to Future U.S. GAAP..." »Wednesday, November 27. 2019
Thanksgiving Hours
The SEC will be closed Thursday, November 28 in observance of Thanksgiving Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of November 28 will be due the following business day.
Continue reading "Thanksgiving Hours" »