Tuesday, September 15. 2020
FASB Holds Public Review for Tech Enhancements for the 2021 SEC Reporting Taxonomy
On September 1, 2020, the Financial Accounting Standards Board (FASB), the organization responsible for the ongoing development and maintenance of the SEC Reporting Taxonomy (SRT), announced proposed technical enhancements for the 2021 SEC Reporting Taxonomy. The planned improvements were published in a set of release notes that describe the proposed upgrades, which were designed to improve the overall functionality of the SRT.
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Monday, September 14. 2020
XBRL US Webinar Introduces Published First Edition of the Taxonomy Development Handbook
On August 12, 2020, XBRL US posted a webinar entitled “Roadmap to Building Successful Financial Data Standards”. The webinar was presented by Scott Theis, Chair of the XBRL US Domain Steering Committee, and Campbell Pryde, President and CEO of XBRL US.
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SEC Releases Agenda for Upcoming Meeting of the Asset Management Advisory Committee
On September 11th, the SEC issued the agenda for the September 16th meeting of the Asset Management Advisory Committee (AMAC). This committee was formed to provide the SEC with diverse perspectives on asset management as well related policy recommendations. The upcoming meeting will include a discussion of matters in the asset management industry, specifically issues concerning the ESG and Private Investments Subcommittees and improving diversity and inclusion. In addition, the meeting will feature a follow-up discussion on COVID-19 matters related to the May 27th AMAC meeting.
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Continue reading "SEC Releases Agenda for Upcoming Meeting of the..." »
Thursday, September 10. 2020
SEC Plans Boost to Data Security for the CAT NMS Plan
On August 21st, 2020, the SEC voted to propose revisions to the National Market System Plan overseeing the Consolidated Audit Trail (CAT NMS Plan) to reinforce the Consolidated Audit Trail’s (CAT) data security. Although the CAT NMS Plan currently has a number of requirements in place regarding the security and privacy of CAT data, the proposed modifications to the CAT NMS Plan are the latest SEC action to limit the scope of sensitive data required to be gathered by CAT.
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Tuesday, September 08. 2020
FERC Announces Details of September 30th Carbon Pricing Tech Conference
On August 28th, FERC announced details for the upcoming Carbon Pricing in Organized Wholesale Electricity Markets Technical Conference, which is scheduled for Wednesday, September 30, 2020 from 9 am to 5:30 pm EDT. Registration is not necessary, and the public is invited to take part in this free event via live webcast.
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Friday, September 04. 2020
SEC Closed September 7th in Observance of Labor Day
The SEC will be closed Monday, September 7th in observance of Labor Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of September 7 will be due the following business day.
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Continue reading "SEC Closed September 7th in Observance of Labor..." »
SEC Investor Advisory Committee to Hold Public Virtual Meeting September 24th
The SEC has announced that it will hold a virtual public meeting of its Investor Advisory Committee on September 24, 2020. The meeting is open to the public via live webcast from 10 am to 4 pm EDT and will be archived for later viewing on the SEC’s website.
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Thursday, September 03. 2020
SEC Updates List of Firms Using Inaccurate Information to Solicit Investors
On August 31st, the SEC revised its list of unregistered entities using misleading data to solicit primarily non-US investors. Twenty-three soliciting entities, eight impersonators of legitimate securities firms, and seven phony regulators have been added to the the Public Alert: Unregistered Soliciting Entities (PAUSE) list.
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Continue reading "SEC Updates List of Firms Using Inaccurate..." »
FERC Extends Deadlines for Certain Forms for Entities Affected by Hurricane Laura
On August 28, FERC extended deadlines for some forms through and including September 30th for entities and investment professionals affected by Hurricane Laura in the Gulf Coast region of the United States. In recognition of these emergency conditions, and following sections 385.101(e) and 385.2008 of FERC’s Rules of Practice and Procedure, 18 C.F.R. §§ 385.101(e) and 385.2008 (2019), FERC has determined that there is good cause to grant this extension of time.
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Continue reading "FERC Extends Deadlines for Certain Forms for..." »
Wednesday, September 02. 2020
SEC Modernizes Disclosures of Business, Legal Proceedings, and Risk Factors
On August 26th, the SEC announced that it has adopted amendments to update the description of business (Item 101), legal proceedings (Item 103), and risk factor disclosures (Item 105) that registrants are required to make in accordance with Regulation S-K. The amendments modernize these items to reflect the many changes in US capital markets and the domestic and global economy in recent decades. Before the adoption of these new rule amendments, there had not been significant revisions to these disclosure requirements in over 30 years.
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Tuesday, September 01. 2020
SEC Updates the Accredited Investor Definition
On August 26th, the SEC adopted amendments to the “accredited investor” definition. This definition is one of the primary criteria for determining which entities and investing professionals are eligible to participate in private capital markets. Traditionally, individual investors who do not meet specific income or net worth qualifications have been denied the chance to invest in complex and vast private markets, regardless of their financial sophistication. The amendments update and improve the definition to recognize more effectively institutional and individual investors that have the knowledge and expertise to participate in those markets.
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Continue reading "SEC Updates the Accredited Investor Definition" »
Friday, August 28. 2020
First Fee Rate Advisory for Fiscal Year 2021
On August 26th, the SEC announced the first fee rate advisory for the fiscal year 2021, which will go into effect on October 1, 2020. Under this new rate, the fees that public companies and other issuers pay to register their securities with the SEC will be set at $109.10 per million dollars, a drop from $129.80 per million dollars.
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Wednesday, August 26. 2020
SEC Closely Observing Impact of Hurricane Laura on Capital Markets
On August 26th, the SEC announced that it will be carefully monitoring the effects of Hurricane Laura on investors and capital markets. As the SEC tracks the storm’s developments, it will consider easing regulatory requirements and extending filing deadlines for those affected by the storm.
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Continue reading "SEC Closely Observing Impact of Hurricane Laura..." »
FERC Extends COVID-19 Pandemic Emergency Waivers
On August 20th, FERC extended two pandemic emergency-related waivers pursuant to section 206 of the Federal Power Act that were set to expire on September 1st. These waivers have been extended through January 29, 2021. This extension was made in an effort to provide continued safety and flexibility for the public and the companies FERC regulates.
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Continue reading "FERC Extends COVID-19 Pandemic Emergency Waivers" »
SEC Issues New Ruling to Ensure Public Notice, Comment, and Approval Prior to Effectiveness of NMS Plan Fees
On August 19th, the SEC voted to overturn a rule exception that allowed a proposed national market system (NMS) plan fee amendment to become effective upon filing before review and comment by investors and other market participants. The fee exception contained in Rule 608(b)(3)(1) of Regulation NMS allowed a fee amendment to become effective immediately upon filing with the SEC, and an NMS plan could start charging the new fee before an opportunity for public comment and without SEC action. Also, Rule 608 did not include specific timelines for public notice and SEC action on NMS plan proposals.
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