Capital Markets & Securities Law Watch

On March 22, 2023, the Securities and Exchange Commission (the SEC) proposed amendments that would require electronically submitting certain filings, including Securities and Exchange Act of 1934 (Exchange Act) forms, eliminating related paper-based filing requirements and compelling the use of XBRL or custom XML for certain submissions.  The affected filings are primarily associated with self-regulatory organizations (SROs), broker-dealers, security-based swap dealers (SBSDs) and major security-based swap participants (MSBSPs).  The SEC stated in its press release that the proposed amendments are designed to modernize the SEC’s information collection and analysis methods and are intended to build upon the success of electronic filing relief implemented during the COVID-19 pandemic.  

On October 13, 2022, the latest version of the Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system Filer Manual, Volume II was published in the Federal Register. The publication triggered a six-month transition period after which the Securities and Exchange Commission (SEC) will require the electronic filing of Forms 144 with respect to securities issued by an issuer subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934—commonly known as a “public company.”