On Thursday, May 30th, the SEC reminded issuers that, under US Generally Accepted Accounting Principles (GAAP), certain entities must provide basic and diluted earnings per share (EPS) with equal prominence on the face of the income statement for each period presented in their annual and interim reports. For filings in which basic and diluted EPS have the same value and are presented only once on the face of the income statement, an entity should tag that amount twice using both tags. Continue reading "SEC Provides Guidance Related to Incorrect..." »

The SEC issued a draft version of the security-based swap (SBS) XBRL taxonomy in March 2024 that will be used by security-based swap execution facilities (SBSEFs) to file specified information electronically with the SEC using the EDGAR system in Inline XBRL. The agency has now released to the public sample documents to aid preparers in implementing the taxonomy. Continue reading "SEC Releases Draft 2024 Security-Based Swap..." »

The SEC’s Investor Advisory Committee will hold an open meeting via webcast on sec.gov that will take place on Thursday, June 6, 2024 at 10:00 a.m. ET. The meeting is free and open for the public to attend. The meeting will cover committee matters, including subcommittee reports and approval of previous meeting minutes. {expires: 2024-06-07} Continue reading "SEC Staff to Hold Investor Advisory Committee..." »

The SEC will be closed Monday, May 27th in observance of Memorial Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of May 27th will be due the following business day. The FERC will also be closed in observation of Memorial Day. eForms will accept filings submitted on May 27th. {expires: 2024-05-28} Continue reading "Memorial Day" »

The SEC has announced that it has adopted enhancements to Regulation S-P, the regulation protecting the privacy of consumer financial information. Accepted on May 16th, the changes will require covered institutions (broker-dealers, investment companies, registered investment advisers, and transfer agents) to keep affected individuals apprised of certain types of data breaches that may put them at risk. Continue reading "SEC Approves Revisions to Regulation S-P to..." »

On May 15th, the SEC’s Division of Investment Management Analytics Office issued a new report of Investment Adviser Statistics, which is based on compiled data filed by investment advisers on Form ADV, the form used by investment advisers to register with both the SEC and state securities authorities. The publication, which shows trends over time, will be updated annually. It is designed to provide the public with insight into the investment advisory industry as well as areas such as client composition, business activities, and the types of funds advised. Continue reading "SEC Staff Releases Latest Investment Adviser..." »

On May 13th, the SEC, in conjunction with the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), proposed new rulemaking under which SEC-registered investment advisers (RIAs) and exempt reporting advisers (ERAs) would be required to establish, document, and maintain written customer identification programs (CIPs) appropriate for their respective sizes and businesses. The new rule is intended to prevent illicit finance activity concerning the customers of investment advisers by enhancing the anti-money laundering and countering the financing of terrorism (AML/CFT) framework for the investment adviser sector. Continue reading "SEC, FinCEN Propose Customer Identification..." »

The SEC’s Division of Investment Management Analytics Office has released a new report of Registered Fund Statistics, which will provide significant industry data and information on trends over time. The report is based on compiled data reported on Form N-PORT by funds registered with the SEC and designed for a wide range of users. The new report is intended to provide the public with a consistent and comprehensive view into the registered funds industry, which is comprised of more than 12,000 funds and greater than $26 trillion in total net assets under management. The Division will update this report quarterly. Continue reading "SEC Staff Issues New Report of Registered Fund..." »

The SEC’s Division of Examinations has released a Risk Alert, sharing initial observations from examinations of investment advisers’ compliance with the Marketing Rule, on which the Division will continue to place emphasis. Continue reading "SEC Issues Risk Alert Regarding Advisers Act..." »