With the changing pace of technology, companies like Microsoft need to be vigilant about security issues. Every office has experienced it – that one user that gets a virus and the whole office becomes infected in a matter of minutes. To combat this problem Microsoft has started to force computers to update automatically. Gone are the days of Windows XP where users could continue to hit “Postpone” for weeks on end. Now we have the new Windows Update that installs and restarts your computer for you. Instead of coming into work to a virus attack, users are now unfortunately coming into work to find their documents and applications closed and their computers restarted.

On November 23, 2016, new Regulation AB II Asset-level requirements will go into effect. The SEC has encouraged registrants to test file Form ABS-EE filings prior to their first live filing and to allow time to transmit the form to the EDGAR System due to the size of the data file.

The Securities and Exchange Commission has adopted final rules to facilitate intrastate and regional securities offerings. The rules amend Securities Act Rule 147 to modernize the safe harbor under Section 3(a)(11) and establish a new intrastate offering exemption under Securities Act Rule 147A. Regulation D is also being amended to increase the aggregate offering ceiling for Rule 504 and to repeal Rule 505.

The SEC is proposing amendments to the federal proxy rules that will require the use of universal proxies in all non-exempt solicitations in connection with contested elections of the directors. These universal proxies will include the names of both registrant and dissident nominees, which would allow shareholders to vote by proxy in a manner that more closely resembles how they would vote at a shareholder meeting. The proxy process is the way most shareholders engage in the election of directors, so these proposed changes would have a large impact on corporations with securities registered pursuant to Section 12 of the Exchange Act. The Commission has long been focused on protecting and enhancing the ability of shareholders to elect directors, and these rules concerning proxies would permit better shareholder control over director elections.

The 2017 US GAAP Taxonomy is going to introduce some rather drastic changes to the way XBRL is prepared. While these changes are proposed for only a few small sections of the taxonomy for now, it looks like this is going to be the shape of things to come for XBRL.

The next N-MFP filing due for money market funds must be submitted to the EDGAR System on the new form, Form N-MFP2. This new version of the form became effective on October 14, 2016.

The Securities and Exchange Commission has adopted final rules to modernize investment company reporting, to require registered open-end management investment companies to establish and report liquidity risk management programs, and to permit such companies to use swing pricing. The effective dates for these changes vary.

Each October, the SEC sets the filing fee rate for the fiscal year, which is the rate the SEC believes will result in collections that equal annual statutory target amounts for the SEC. For the SEC’s 2017 fiscal year, this statutory target amount is $585 million, which resulted in a fee rate of $115.90 per million dollars. Throughout the year, the SEC may make adjustments to the fee rates in order to reach their target amount. The new fee rate became effective October 1, 2016 and should be used to calculate fees for filings until September 30, 2017 or the SEC adjusts the rate.