The SEC is requesting public comment on proposed changes to Industry Guide 3 (Statistical Disclosure by Bank Holding Companies). In light of developments in the financial services industry since the publication of Guide 3, the SEC is considering modernizing the nature, timing, scope, and applicability of Guide 3, which at the moment applies strictly to Bank Holding Companies (BHCs).

The SEC recently approved and published the International Financial Reporting Standards (IFRS) taxonomy so foreign private issuers can begin submitting their financial reports to EDGAR using XBRL. Requirements for foreign private issuers to use XBRL were originally adopted in 2009 with the caveat that such requirements would not go into effect until the IFRS taxonomy was available. Now that the taxonomy has been published on the SEC’s website, issuers may begin using it to submit financial statements.

On March 13, 2017, EDGAR 17.1 was released by the Securities and Exchange Commission. This release primarily contained changes to add a new online version of the Transfer Agent forms, Form TA-1, TA-2 and TA-W. Other changes affect a number of forms, including the Regulation A forms, the Form ABS-EE data files, Form SDR and Form N-MFP2.

On March 1, 2017, the SEC voted to propose amendments intended to improve the quality and accessibility of data submitted by public companies and mutual funds using XBRL. These changes, which are part of the SEC’s ongoing initiative to modernize the EDGAR system, would require the use of Inline XBRL.

The SEC voted on March 1, 2017 to adopt rule and form amendments to make it easier for investors and other market participants to locate and access exhibits in registration statements and periodic reports that were originally submitted with prior filings. This ruling requires issuers to include a hyperlink to each exhibit in the filing’s exhibit index.

When EDGAR Release 17.1 goes into effect on March 13, 2017, new online versions of the Transfer Agent filing forms will become mandatory. These forms, TA-1, TA-1/A, TA-2, TA-2/A, and TA-W, will become available on the EDGAR Filing Website.

On January 30, 2017, EDGAR 17.0.2 was released by the Securities and Exchange Commission. This release primarily contained updates to add two phase authentication when a filer resets a passphrase. Other changes affect Forms X-17A-5 and X-17A-5/A.

With the upcoming update to the EDGAR System, the SEC plans to introduce two phase authentication when requesting a reset for an EDGAR passphrase. Filers are advised to update their contact information on EDGAR before this change goes into effect.

There are quite a few changes that SEC filers can expect in the upcoming year. Regulations become effective and compliance dates are set that will have varying degrees of impact on financial and EDGAR reporting. Here’s a quick overview of what you can expect this year from the SEC.

Looking back at 2016, a number of developments in SEC regulations and EDGAR compliance occurred that have a significant impact on financial record-keeping, financial reporting and capital formation. We recap some of the most significant changes that happened last year before we turn our attention forward to 2017.

On December 12, 2016, EDGAR 16.4 was released by the Securities and Exchange Commission. This release primarily contained updates for Form MA and Form ABS-EE.

On November 23, 2016, new Regulation AB II Asset-level requirements will go into effect. The SEC has encouraged registrants to test file Form ABS-EE filings prior to their first live filing and to allow time to transmit the form to the EDGAR System due to the size of the data file.

The 2017 US GAAP Taxonomy is going to introduce some rather drastic changes to the way XBRL is prepared. While these changes are proposed for only a few small sections of the taxonomy for now, it looks like this is going to be the shape of things to come for XBRL.

The next N-MFP filing due for money market funds must be submitted to the EDGAR System on the new form, Form N-MFP2. This new version of the form became effective on October 14, 2016.