Friday, April 08. 2022
SEC Proposes Rules to Reform Registration and Regulation of Security-Based Swap Execution Facilities
On April 6th, the SEC proposed new Regulation SE under the Securities Exchange Act of 1934. The rules would establish the process for an entity to register with the SEC as a security-based swap execution facility (SBSEF) and introduce a new form required for registration.
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FASB Enhances and Broadens Hedge Accounting
The Financial Accounting Standards Board (FASB) has released an Accounting Standards Update (ASU) designed to promote synergy between hedge accounting and an organization’s risk management procedures. The latest ASU builds on the FASB’s 2017 issuance of a hedging standard which improved alignment between the two entities. The earlier standard also increased transparency concerning how results of hedging activities are presented – on the face of the financial statements and in the footnotes – for investors and analysts when hedge accounting is applied.
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Thursday, April 07. 2022
XBRL US to Hold Virtual Seminar Focused on the New FERC Taxonomy
XBRL US will host a webinar entitled “Understanding the New FERC Taxonomy - Time to Focus!”, at which the recently completed Taxonomy from the Federal Energy Regulatory Commission (FERC) will be discussed. The FERC Taxonomy has been modified in answer to comments submitted by FERC filers and software providers. The 60-minute webinar will take place on Wednesday, April 13, 2022, at 2:00 p.m. ET {expires: 2022-04-14}
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SEC Staff Announces 2022 Examination Priorities
On March 30, the SEC’s Division of Examinations issued its annual examination priorities, the publication that provides an overview of the Division’s risk-based approach, including the areas it believes present potential risks to investors and the integrity of the US capital markets. When compiling the examination priorities, the Division leans heavily on its four pillars: promoting and improving compliance, preventing fraud, monitoring risks, and informing policy.
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Tuesday, April 05. 2022
SEC Announces Rule Proposals to Improve Disclosure and Investor Protection Regarding Special Purpose Acquisition Companies, Shell Companies, and Projections
On March 30, the SEC announced that it is proposing rules to improve disclosure and investor protection in initial public offerings (IPOs) by special purpose acquisition companies (SPACs) and in business combination transactions involving shell companies and private operating companies. The SEC also is proposing rules that would address matters concerning projections made by SPACs and their target companies. Finally, the SEC is proposing to require SPACs to tag all information disclosed under Subpart 1600 of Regulation S-K in a structured, machine-readable data language, in particular, Inline XBRL.
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Sunday, April 03. 2022
SEC Staff to Host Open Meeting to Discuss Rules Regarding Registration and Regulation of Security-Based Swap Execution Facilities
The SEC’s Division of Trading and Markets will hold a meeting via webcast on sec.gov to discuss and consider whether to propose rules under the Securities Exchange Act of 1934 for the registration and regulation of security-based swap execution facilities (SBSEFs) and related topics and concerns. The Division also is proposing rules that would address the cross-border application of registration and execution requirements for security-based swaps. In addition, the proposed rules would decrease conflicts of interest at SBSEFs and national securities exchanges that trade security-based swaps. The meeting is free, open for the public to attend, and will take place on Wednesday, April 6, 2022, and will begin at 10:00 a.m. ET. {expires: 2022-04-07}
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Thursday, March 31. 2022
SEC Proposes Rules to Clarify Certain Significant Market Participants’ Roles
On March 28th, the SEC announced that it is proposing new rules that would add clarity to certain terminology currently included in the Securities Exchange Act of 1934 (Exchange Act). New rules 3a5-4 and 3a44-2 under the Exchange Act will further define the phrase,“as a part of a regular business”, in Sections 3(a)(5) and 3(a)(44) of the Exchange Act to identify specific activities that would lead individuals who engage in such activities to act as “dealers” or “government securities dealers” subject to the registration requirements of Sections 15 and 15C of the Act, respectively.
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Tuesday, March 29. 2022
New Release (5.13a) for the GoFiler Family of Products
Version 5.13a of all applications in the GoFiler Suite has been released. This contains changes pertaining to EDGAR 22,1 including new Form 497VPSUB as well as support for the 2022 US GAAP, Risk/Return, and IFRS taxonomies. This release also contains some improvements XDX and iXBRL.
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SEC Issues EDGAR 22.1
On March 21, 2022, EDGAR Release 22.1 was released by the SEC. The release included the addition of a new submission form type to EDGARLink Online, orders granting substituted compliance regarding Rule 18a-7, and a new exhibit “EX-99.36 Form 7-R” added to submission form types SBSE-A and SBSE-A/A. The release also updated the EDGAR Filer Manual Appendices B, F and D and made revisions to filing fee disclosure, payment methods, and tagging requirements for Forms N-3, N-4, and N-6 in iXBRL.
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SEC Releases 2022 XBRL Taxonomies Update
On March 21st, the SEC upgraded the EDGAR system to Release 22.1. The system now supports the 2022 reporting taxonomies, which are the final versions of the draft taxonomies that were posted by SEC staff for public comment on September 1, 2021. Refer to the final 2022 taxonomies’ Release Notes for details of the changes.
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Monday, March 28. 2022
SEC Announces Proposed Amendments to Remove References to Credit Ratings from Regulation M
On March 23, the SEC announced that it is proposing amendments to remove references to credit rating agencies from current exceptions included in Regulation M. The rules that comprise Regulation M are intended to maintain the pricing integrity of the securities trading markets by prohibiting issuers, distribution participants, selling security holders, and any of their affiliated purchasers from taking part in activities that could inorganically influence the market for an offered security. The proposed changes would also implement new standards to replace the current standard gauges for credit-worthiness and add new record-keeping requirements in certain cases.
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FERC Solicits Feedback on Draft Policy Statements on Pipeline Certification, GHG Emissions
On March 25, 2022, the FERC voted to solicit feedback on two policy statements it issued in February 2022. The statements provide guidance regarding the certification of interstate natural gas pipelines and consideration of greenhouse gas (GHG) emissions in natural gas project reviews. In February, the FERC issued an update to its 1999 Certificate Policy Statement and also published an interim policy statement that highlighted the FERC’s evaluation of the impact of a project’s GHG emissions.
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SEC Staff to Hold Meeting to Discuss Special Purpose Acquisition Companies, Shell Companies and Projections
The SEC’s Divisions of Corporation Finance and Investment Management will host a meeting via webcast on sec.gov to discuss whether to propose amendments concerning special purpose acquisition companies, shell companies, and the use of projections in SEC filings. The staff will also consider a rule addressing the status of special purpose acquisition companies under the Investment Company Act of 1940. The meeting is free, open for the public to attend, and will take place on Wednesday, March 30, 2022 at 11:30 a.m. ET. {expires: 2022-03-31}
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Friday, March 25. 2022
Novaworks Offering Weekend Support
Due to upcoming filing deadlines, Novaworks will be offering extended email support this weekend, March 26 and 27, for the GoFiler family of products and XBRLworks. {expires: 2022-03-28}
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XBRLworks Scheduled Maintenance
XBRLworks will be unavailable during scheduled maintenance tomorrow, March 26th, from 12:00 p.m. to 4:00 p.m. ET. During this time, the application will be updated to version 1.1a. {expires: 2022-03-27}
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