Monday, November 23. 2020
SEC Chairman Jay Clayton Plans to Conclude Tenure at the End of 2020
On November 16, 2020, the SEC announced that Jay Clayton, who has led the agency since May 2017, is stepping down as chairman at the end of 2020. He will leave the agency as one of its longest serving chairs.
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Friday, November 20. 2020
SEC Modernizes and Enhances Management’s Discussion and Analysis and other Financial Disclosures
The SEC announced on November 19th that it has adopted amendments that will modernize, simplify, and enhance certain financial disclosure requirements in Regulation S-K. These amendments are intended to improve the focus of financial disclosures on material information for the benefit of investors while also simplifying compliance for registrants by reducing the costs and burdens. In addition, the amendments will improve the readability and navigability of disclosure documents and discourage repetition and disclosure of immaterial information.
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SEC Releases Guidance on Scaling Errors in XBRL Filings
On November 19th, the SEC released an announcement concerning scaling errors between Entity Common Stock Shares Outstanding and Common Stock Shares Outstanding in XBRL filings. In certain periodic reports, filers must disclose the number of common shares outstanding on the filing cover page and on the balance sheet. These amounts must be tagged in XBRL submissions with the “Entity Common Stock Shares Outstanding” and “Common Stock Shares Outstanding” elements, respectively.
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Continue reading "SEC Releases Guidance on Scaling Errors in XBRL..." »
Wednesday, November 18. 2020
SEC Approves Rules to Facilitate Electronic Submission of Documents
On November 17, 2020, the SEC voted to approve new rules and rule amendments that will: (1) provide greater flexibility regarding documents filed with the SEC by authorizing the use of electronic signatures in authentication documents and; (2) facilitate electronic service and filing in the SEC’s administrative proceedings. The new rules and amendments are part of a series of measures taken by the SEC that are designed to strengthen and modernize the agency’s operations. The changes to signature requirements are specifically the result of difficulties encountered by filers with obtaining signatures during the COVID-19 pandemic. Electronic signature technology has advanced such that confidence in an electronic signature is equatable to a manual signature.
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Tuesday, November 17. 2020
SEC Releases Notice of German Substituted Compliance Application and Proposed Order
On November 9, 2020, the SEC voted to release a notice of a substituted compliance application by Germany’s Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), as well as a proposed order that would provide provisional substituted compliance for German firms registered with the SEC as security-based swap dealers and security-based swap participants. These are the latest in a series of measures taken by the SEC to stand up Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including cross-border regulation.
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Continue reading "SEC Releases Notice of German Substituted..." »
Monday, November 16. 2020
SEC Approves Amendments to Harmonize and Improve “Patchwork” Exempt Offering Framework
On November 2nd, the SEC approved amendments intended to harmonize, enhance, and streamline the layered and complicated exempt offering framework. These rule amendments were first proposed in March 2020. Shaped by public feedback and recommendations received from the SEC’s advisory committees, the SEC’s Government-Business Forum on Small Business Capital Formation, and through direct outreach and engagement with investors and issuers, the modifications are intended to reduce potential friction points to streamline the capital-raising process and meet ever-changing market needs.
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Continue reading "SEC Approves Amendments to Harmonize and..." »
Friday, November 13. 2020
SEC Creates New Office of Data Science and Innovation
On November 12th, the SEC announced it is creating a new Office of Data Science and Innovation as part of its Division of Economic and Risk Analysis (DERA). DERA offers impartial quantitative and qualitative economic analyses, accurate and reliable data, and insights from scientific research that aids in SEC’s rulemaking, enforcement, and examination operations.
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Tuesday, November 10. 2020
SEC Closed Wednesday, November 11
The SEC will be closed Wednesday, November 11 in observance of Veterans Day. The EDGAR System will not receive, process, or accept filings on this day. Filings with a due date of November 11 will be due the following business day.
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Continue reading "SEC Closed Wednesday, November 11" »
Monday, November 09. 2020
FASB Seeks Public Comment on XBRL US Data Quality Committee Rules Taxonomy and Technical Guides
The Financial Accounting Standards Board (FASB) has published the proposed 2021 XBRL US Data Quality Committee Rules Taxonomy (DQCRT) and its corresponding technical guide. The DQCRT integrates XBRL US Data Quality Committee (DQC) validation rules in the US GAAP Financial Reporting Taxonomy for discretionary use by filers. The FASB has also issued its own SEC Reporting Taxonomy technical guide for the proposed 2021 SEC Reporting Taxonomy.
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Continue reading "FASB Seeks Public Comment on XBRL US Data..." »
Friday, November 06. 2020
XBRL US DQC Releases Ruleset 14
XBRL US is seeking public review and comment on the fourteenth release of the Data Quality Committee (DQC) rules. The DQC rulesets are intended to help filers avoid mistakes and data inconsistencies which in turn reduces negative effects on the accuracy and timeliness of reported financial information.
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Continue reading "XBRL US DQC Releases Ruleset 14" »
Thursday, November 05. 2020
SEC Announces Agenda for November 9 Virtual Meeting of the Small Business Capital Formation Advisory Committee
On November 3rd, the SEC released the agenda for the upcoming meeting of the Small Business Capital Formation Advisory Committee, which is to be held on Monday, November 9, 2020. The event will take place from 10:00 a.m. through 2:30 p.m. ET and will be presented live via webcast on sec.gov for public viewing. The video conference will also be archived on the SEC’s webpage for later viewing.
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Wednesday, November 04. 2020
SEC Division of Enforcement Releases Annual Report for Fiscal Year 2020
On November 2nd, the SEC’s Division of Enforcement issued its annual report for fiscal year 2020. The report provides details on the Division’s COVID-19-related enforcement efforts, reviews substantial actions and significant areas of strategic change, and provides a thorough look at the Division’s achievements over the past year.
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Monday, November 02. 2020
SEC Announces Agenda for November 5th Virtual Special Meeting of the Asset Management Advisory Committee
On October 29th, the SEC released the agenda for the November 5, 2020 special meeting of the Asset Management Advisory Committee (AMAC). This committee was formed to provide the SEC with diverse viewpoints on asset management and related advice and recommendations. The event will be webcast live on the SEC’s website beginning at 9:00 a.m. ET and is freely open to the public. The presentation will also be archived on the website for later viewing.
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Friday, October 30. 2020
SEC Revises Regulations for Derivatives Usage by Registered Funds and Business Development Companies
On October 28th, the SEC adopted a new rule and rule revisions to the regulatory framework for derivatives usage under the Investment Company Act. The enhancements will provide an updated and thorough approach to the regulation of registered investment funds’ derivatives usage that reflects developments over the past decades and focuses on investor protection matters. The Investment Company Act generally limits registered funds and business development companies from engaging in transactions that involve potential future payment obligations. This may include obligations under derivatives such as forwards, futures, swaps and written options. The new rule allows funds to enter into these transactions if they comply with conditions designed to protect investors, such as adopting a derivatives risk management program and complying with a limit on the amount of leverage-related risk that the fund may obtain based on value-at-risk (VaR).
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Tuesday, October 27. 2020
SEC, CFTC Approve Final Rule on Security Futures Margin and Request Comments on Portfolio Margining
On October 22nd, the SEC and the Commodity Futures Trading Commission (CFTC) convened for their first collaborative open meeting to vote on rulemaking efforts. The meeting embodies the agencies’ ongoing efforts to further achieve their shared regulatory objectives and better serve the markets and investors while exploring potential opportunities for efficiencies in portfolio margining. The markets the agencies regulate are extremely interconnected, making coordination vital to regulatory effectiveness.
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