Filers must comply with the amendments to the registration form used by open-end funds (Form N-1A) that require funds to describe their procedures for redeeming fund shares starting today, June 1, 2017.Continue reading "Form N-1A: New Changes Require Funds To..." »
Thursday, June 01. 2017
Starting on July 4, 2017, the fee rates applicable to most securities transactions will be set at $23.10 per million dollars. Each SRO will continue to pay the SEC a rate of $21.80 per million for covered sales occurring on charge dates through July 3, 2017, and a rate of $23.10 per million for covered sales occurring on charge dates on or after July 4, 2017.Continue reading "SEC Fee Rate Advisory #3 for 2017" »
Friday, May 26. 2017
This week our blog will focus on another common task that can be automated with GoFiler. When working on an XBRL file, test filing it with the SEC is very routine. GoFiler can validate it, but there is no substitute for pushing it up to the SEC to see if it will pass or fail a test filing. Right now, to test file an XBRL file, a project must be created, and the XFR file must be exported to an XBRL fileset. Then the files should be attached to the project. Then you need to attach a dummy HTML or TXT file onto the project as a primary document before finally test filing it. This whole process can take 3-4 minutes . While that doesn’t sound like a lot, it can be annoying to have to do it over and over again while working on multiple filings. Using Legato, however, we can streamline this process down to a single button press.
Continue reading "LDC #36: Automated Test Filing XBRL, Part 1" »
Friday, May 19. 2017
There are many occasions when a programmer needs to read or write from a text file (or HTML/XML). While sometimes you may need to complete just a minor task like accessing a file name, other times you may have to hold and edit the file contents. Legato offers a spread of low to high level functions for file access. This article explores various methods of manipulating file data. In subsequent articles, we will explore each in detail.Continue reading "LDC #35: Accessing Text Files" »
Monday, May 15. 2017
The SEC has proposed amendments to the definition of a venture capital fund and the private fund adviser exemption under the Investment Advisers Act of 1940 in order to reflect changes made by the Fixing America’s Surface Transportation Act (FAST Act) of 2015.Continue reading "Proposed Amendments to Investment Advisers Act..." »
Friday, May 12. 2017
This is the fourth and final blog post in this series. In this last entry, we will be taking everything we’ve written so far and adding to it a couple of new functions to allow us to take two separate XFR files and merge the instance files together into a single file. In the end, we’ve allowed the user to select two files to compare, altered the currencies as necessary, merged the files, and exported the instance files into a single document.
Continue reading "LDC #34: XBRL Merger, Part 4" »
Wednesday, May 10. 2017
XBRL US has started a 90-day public exposure period for the XBRL US Style Guide, which was recently revised, updated, and released by the XBRL US Domain Steering Committee. The comment period began on April 17th and continues through July 17th. The Domain Steering Committee intends for the Style Guide to facilitate the creation of consistent, high-quality XBRL taxonomies by providing uniform guidelines and recommendations.Continue reading "XBRL US Style Guide Open For Public Review" »
Friday, May 05. 2017
Back in November of 2013, Microsoft released a Security Advisory stating that by January of 2016 Microsoft would no longer allow root authorities to issue certificates using the SHA-1 hashing algorithm. As that date has come and gone, most users probably never even noticed anything happening. This is because browsers were quick to adopt the new changes. E-commerce is part of everyday life and no one wants to buy something from a site that their browser says is insecure. However, SSL certificates are used for many other things, including verifying publishers of software and drivers. This is also known as code signing.Continue reading "Use of SHA-1 SSL Certificates and Windows Server" »
Last week we added to our XBRL Merger script, giving it the ability to export files and compare the exported files to see if they were able to be merged. This week, we’ll take it another step further by adding in the ability to read the XBRL instance files into data structures, add some debug information, and add a progress bar to the run function. This week introduces the concept of debug print messages. Often when writing a script, you will encounter an issue where you’re not sure what the actual value of a variable is. Depending on the integrated development environment (IDE) being used to write the code, you can sometimes step through the code with breakpoints and inspect the values for each variable. While we’re going to be adding that feature to GoFiler’s Legato IDE, for now we find it helpful to insert various functions that print variables to a console. By adding a special function to do this, you can make showing/hiding debug information very easy. See the section on the debug_message function’s code below for more.
Continue reading "LDC #33: XBRL Merger, Part 3" »
Friday, April 28. 2017
This week, we will be continuing to write our XBRL Merger script. The previous post covered how to prompt the user for a pair of files, checked to make sure those files were valid XFR files that we could actually access, and finally made sure that they weren’t the same files. This week we’re taking it a step further by opening the files (or switching to them if they are already open), exporting them to new directories, and comparing the contents of these directories. This script is intended to merge two very similar files, where the only difference is a couple of facts being tagged with a different unit, so the exported file sets need to very closely match.
Continue reading "LDC #32: XBRL Merger, Part 2" »
Monday, April 24. 2017
Rules previously adopted by the Securities and Exchange Commission to facilitate intrastate and regional securities offerings went into effect on April 20th. Specifically, revised Rule 147 and new Rule 147A became effective on this date.Continue reading "Intrastate Offerings Rules Go Into Effect" »
Friday, April 21. 2017
Legato is great at supplementing features that GoFiler already has and hooking into existing functions and modifying how they work slightly. Probably its most powerful ability, however, is to add entirely new functionality to GoFiler. One feature GoFiler doesn’t have natively is the ability to have multiple currency types for a single fact in XBRL. Well, we can add support for that using Legato! The new functionality will be achieved by combining two different XFR files.
Continue reading "LDC #31: XBRL Merger, Part 1" »
Thursday, April 20. 2017
Every year, FASB releases a new version of the US GAAP XBRL taxonomy. Depending on the individual filer, adopting this new taxonomy can be easy or potentially require a fair amount of work. While FASB does have release notes for the taxonomy, there is little guidance on how to adopt the new changes. In this blog, we will be going over what can change in a taxonomy update, how to identify those changes, and how to determine what, if anything, needs to be done to your filing to incorporate the changes.Continue reading "A Guide to XBRL Taxonomy Migration" »
Monday, April 17. 2017
The SEC has opened registration for its compliance outreach seminars for investment companies and investment advisers. Seminars are being held in four different cities around the country in May and June.Continue reading "SEC Announces Dates for 2017 Compliance..." »
Friday, April 14. 2017
Legato is capable of integrating into a huge variety of systems and interfaces. There are a variety of ways to do this, but one of the easiest to implement in Legato is through HTTP POST and GET functions. These functions send a message to a specified web page, which the web page can then handle in some way, and respond. In this week’s blog post, we are going to look at a way that we can hook Legato to download from a web site a CIK library and a Reporting Owners library. I’ve uploaded an example handler page, which can be found here:Continue reading "LDC #30: Downloading and using CIK and Owners..." »