SEC Adopts Rules to Facilitate Electronic Submission of Documents to the Agency

On Nov. 17, 2020, the SEC adopted rules and amendments to facilitate the electronic submission of documents. This press release covers a new law allowing e-signatures as the SEC’s attempt to combat the financial stress caused by Covid19 and adopted changes to the filing requirements proposed way back on Sept. 24, 2015

• Facilitating electronic signatures to be used in document authentication: This will override the current requirement of Rule 302(b) of Regulation S-T, asking signatories to sign the document manually. The law also applies to specific rules and forms under the Securities Act, Exchange Act, and Investment Company Act. The signing authorities will now have the option of signing either manually or electronically. The minimum procedural requirement for e-signatures mentioned in the EDGAR Filer Manual includes:
  • The physical, logical, or digital presence of the signatory for identity authentication
  • Proof of non-repudiation of the signature
  • Attachment or affixation of signature with the signature page or signed document and
  • A timestamp to record the date and time of the signature
• Electronic filing and redaction of sensitive personal information:
  • The SEC adopted amendments to its Rules of Practice to automate and modernize administrative proceedings through electronic filing and service under Rule 152(a). The Electronic Filings in Administrative Proceedings (“eFAP”) system will be accessible via the Commission’s website (www.sec.gov)
  • Rule 151(d) requires an email address in the certificate of service if the service is not made in person.
  • Rule 151(e) allows the redaction or omission of health information that is not necessary. This includes the full redaction of taxpayer-identification numbers, including social security numbers excluding home addresses of parties filing documents.

Since 1993, the Securities and Exchange Commission (SEC) has required public companies to file periodic reports on the EDGAR (Electronic Data Gathering, Analysis, Retrieval) filing system. Colonial Filing’s EDGAR and XBRL filing services include full-service support where we process everything for you without software or knowledge of EDGAR and XBRL coding and taxonomies. Contact us at 877-285-8605 or click here.