Another Wave of Relief from the SEC for Filers Affected by COVID-19

By | 03/30/2020 | 10:00 am ET

In its press release dated March 26 2020, the SEC announced temporary regulatory relief for Form ID filers, Regulation Crowdfunding and Regulation A issuers in addition to the relief already granted earlier this month. Present coronavirus pandemic is continuing to have catastrophic results on the market and its participants. The SEC has been hearing all participants and adopting corrective measures to bring hope. The measures taken involve: Participants due for…

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SEC Announces Relief for COVID-19 Affected Public Companies

By | 03/20/2020 | 4:06 pm ET

On March 4th, 2020 the SEC announced that it is providing relief for public companies that may not be able to meet SEC filing deadlines due to the effects of coronavirus COVID-19 which was first reported on December 31, 2019, in Wuhan, China. Conditional regulatory relief is provided for US companies located in or with operations in affected areas. SEC Relief Disclosure The SEC has allowed an additional 45 days…

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SEC Proposes Amendments to Regulation S-K and Financial Disclosure Requirements

By | 02/26/2020 | 10:15 am ET

On January 30, 2020, the SEC proposed amendments to Modernize, Simplify, and Enhance some financial disclosure requirements in Regulation S-K. The focus is on eliminating duplicative disclosures and making changes to simplify compliance efforts for registrants. The new rule will add a new item 303(a) to state the principal objectives of MD&A, eliminate the tabular disclosure of contractual obligations and reduce repetition throughout filings. What is Regulation S-K? Regulation S-K is…

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SEC Proposes New Rules to Further Regulate Funds’ Derivatives

By | 01/13/2020 | 2:06 pm ET

The Securities Exchange Commission (SEC) recently proposed new rules that aim to create a more comprehensive approach to the regulation of funds’ use of derivatives (i.e. through business development companies and Registered Funds). The proposal is comprised of three components: new SEC Rule 18f-4 under the Investment Company Act of 1940 (“Act”); SEC Rule 15l-2 under the Securities Exchange Act of 1934 and rule 211(h)-1 under the Advisers Act of 1940;…

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The SEC and Confidential Treatment

By | 09/09/2019 | 2:25 pm ET

All companies have information they want to protect. Trade secrets, financial documents, and customer information to name a few. However, federal laws and regulations require companies to provide the SEC with certain information. Recently, changes have been made to relax the amount of confidential information companies must file. New amendments made to Regulation S-K now allow companies to redact information that could threaten their ability to compete in the market…

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SEC Proposed Amendments for Accelerated and Large Accelerated Filer Definitions

By | 06/04/2019 | 10:03 am ET

The Securities and Exchange Commission (SEC) recently proposed amendments for the definitions of both an “accelerated filer” and “large accelerated filer” under the Securities Act Rule 405, Exchange Act Rule 12b-2, and Item 10(f) of Regulation S-K. Prior Smaller Reporting Company Definition Amendments Last year, the SEC amended the definition of a smaller reported company (SRC) to now include companies that have less than $250 million in public float. They…

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The SEC Increases The Scope Of Inline XBRL Requirements

By | 05/17/2019 | 8:49 pm ET

On March 20, 2019, the Securities and Exchange Commission (SEC) published final rule amendments to the FAST Act, increasing the requirements and scope of the SEC’s new version of Inline XBRL (iXBRL) starting in July of 2019. Although there are many benefits in the amendments including measures for reduced disclosure, the additional iXBRL requirements will demand increased attention from both legal and finance departments, not only when filing routine annual…

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SEC to Update and Remove Unnecessary Disclosure Requirements

By | 11/21/2018 | 2:45 am ET

The Securities and Exchange Commission (SEC) voted in August to adopt amendments designed to simplify and update disclosure requirements. These amendments were aimed to get rid of disclosure requirements that appeared to be duplicative, overlapping, or outdated. These amendments are designed to ease regulatory burdens on issuers, while facilitating disclosure to investors. The amendments became effective on November 5 2018. These amendments are part of a broader initiative from the Division of…

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SEC Final Rules to Modernize Offerings Pursuant to Compensatory Arrangements

By | 08/01/2018 | 2:32 am ET

The Securities and Exchange Commission (SEC), proposed a rule change in July to amend Securities Act Rule 701(e). The rule creates a registration exemption for securities issued by non-reporting companies pursuant to compensatory arrangements. The SEC amendments were required by the Economic Growth, Regulatory Relief, and Consumer Protection Act, and increased the threshold where issuers are required to disclose additional information from $5 million to $10 million of the aggregate…

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SEC Extends Qualifications for SRC’s and Scaled Disclosures

By | 07/20/2018 | 7:57 pm ET

The Securities and Exchange Commission (SEC) expanded the number of companies that qualify as a “smaller reporting company” (SRC) and the existing scaled disclosure accommodations for these SRC’s. The SEC estimates that approximately 1000 companies will now qualify for the scaled disclosures. Scaled disclosures enable companies to provide less information, specifically for executive compensation and only submit audited financial statements for two fiscal years, compared to the three fiscal years…

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