With the last EDGAR release, the Securities and Exchange Commission updated EDGAR to accept the US GAAP 2019 taxonomy among other new taxonomies. It’s always a good practice to transition your SEC filings as soon as possible when the SEC accepts the new taxonomy year.

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The SEC announced a second fee rate advisory for 2019 on March 12 which will take effect on April 16, 2019. Under this new rate, the fees applicable to most securities transactions will be set at $20.70 per million shares. Accordingly, each SRO will continue to pay the SEC a rate $13.00 per million for covered sales occurring on charge dates through April 15, 2019. That rate will increase as specified to the new rate on charge dates on or after April 16, 2019. This rate is commensurate with rates published prior to 2018. As noted in the last advisory, 2018 saw a lower fee rate as a result of a substantially higher dollar amount of covered sales.

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On March 11, 2019, EDGAR Release 19.1 was released by the Securities and Exchange Commission. This release contains expanded support for Inline XBRL, support for the 2019 taxonomies and changes to a number of EDGAR XML forms, including ABS-EE, the Regulation A forms, Form MA, Form N-CEN and the N-PORT forms.

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The SEC has modified the timing for filing non-public Form N-PORT data to align with its approach to data management and cybersecurity. The submission deadlines for registered investment companies filing non-public monthly reports on Form N-PORT has been changed. Rather than filing non-public monthly reports within 30 days after the end of each month, funds will be required to maintain the relevant information in their records but file all three monthly reports to EDGAR no later than 60 days after the end of each fiscal quarter.

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On February 19th, the SEC proposed an expansion of the popular modernization reform that permits investor opinions about potential offerings to be taken into account at an earlier stage in the public offering process than is the case today. The new rule and related changes would expand the “test-the-waters” accommodation, which is currently only available to emerging growth companies (EGCs). The expansion would permit all prospective issuers to gauge market interest in a possible initial public offering or other proposed registered securities offering by discussing the offering with potential investors prior to the filing of the offering’s registration statement.

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On February 14th, the SEC extended the comment period on proposed rulemaking concerning variable annuities and variable life insurance contracts. These proposed rules and form changes, which were originally published in the Federal Register on November 30, 2018, help investors make informed investment decisions regarding these contracts. The SEC has received numerous requests for additional time from the public and believes such time will allow the public to thoroughly consider the proposals and provide useful feedback that can guide the SEC in its decision process.

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To aid filers avoid missing deadlines and reduce congestion around busy important filing dates, the SEC provides an anticipated peak filing schedule. Peak EDGAR filing times are estimated using historical data. The 2019 schedule is now available from the SEC.

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Version 4.25c of all applications in the GoFiler Suite has been released. This release contains a number of improvements to Form N-CEN View, Form SDR View and Form ABS-EE View. Additionally, improvements and corrections were made to Page View and to general file recovery across all software platforms.

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The SEC will be closed Monday, January 21 in observance of Martin Luther King, Jr. Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of January 21 will be due the following business day.

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The XBRL US Center for Data Quality has released the eighth set of rules and is seeking comment during a public exposure period ending February 1, 2019. The Data Quality Committee rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. This release includes rules for issuers using either the US-GAAP or IFRS taxonomies.

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The XBRL US Center for Data Quality has published the seventh set of rules to provide guidance and aid for issuers in identifying errors in their XBRL SEC filings. The Data Quality Committee rules aim to help filers limit mistakes and avoid data inconsistencies that can adversely affect analysis of reported financial information. The seventh release of rules includes guidance for issuers using the US-GAAP taxonomies.

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Version 4.25b of all applications in the GoFiler Suite has been released. This release brings Form ATS-N out of beta with all functionality completed. It also contains the new XBRL validation required by the EDGAR Filer Manual as well as a number of corrections and improvements to Page View and Form N-CEN View.

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The SEC will be closed Tuesday, January 1 in observance of New Year’s Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of January 1 will be due the following business day.

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In the event of a federal government shutdown, the SEC will proceed in accordance with its posted plan for operating during a shutdown. Should the shutdown continue beyond Wednesday, December 26, starting Thursday, December 27, the SEC will have a limited number of staff members available. The SEC will be able to respond to emergency situations involving market integrity and investor protection, including law enforcement. Certain SEC systems, including EDGAR, will be operating.

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The SEC will be closed Tuesday, December 25 in observance of Christmas Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of December 25 will be due the following business day. Additionally, President Trump has ordered that the federal government be closed on Monday, December 24. Because of this, the EDGAR system will not be available on December 24. December 24 will be treated as a federal holiday for filing purposes. The filing website will not be operational, and filings will not be accepted. Continue reading "Christmas Hours" »