On July 12th, the SEC announced proposed rules that would amend and enhance Rule 15c3-3 (the rule that protects a customer’s cash and securities held at a carrying broker-dealer). The rules would require certain broker-dealers to increase the frequency with which they perform customer and broker-dealer reserve computations of the net cash they owe to customers and other broker-dealers (referred to as PAB account holders) from weekly to daily. Performing these computations with increased frequency would better correspond with the inflows, swings, and balances that broker-dealers currently are experiencing in the markets. Under Rule 15c3-3, carrying broker-dealers are required to have a special reserve bank account at a bank that must hold cash or qualified securities in an amount determined by a computation of the net cash owed to the carrying broker-dealer’s customers and PAB account holders. Continue reading "SEC Proposes Amendments to the Broker-Dealer..." »

On July 12th, the SEC announced that it is amending rules that govern money market funds under the Investment Company Act of 1940. The amendments involve changes and updates to Form PF and Form N-CR, including changing the format of Form N-CR to a structured data language. Continue reading "SEC Approves Money Market Fund Reforms and..." »

In June 2023, the SEC published its first required semi-annual report to Congress regarding public and internal use of machine-readable data for corporate disclosures, in compliance with the Financial Data Transparency Act of 2022 (FDTA) signed into law on December 23, 2022. The FDTA requires the SEC to submit this report to both the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives every 180 days until December 23, 2029, when the provision requiring the report concludes. Continue reading "SEC Submits Report to Congress on Public and..." »

SEC staff will hold an open meeting via webcast on sec.gov on Wednesday, July 12, 2023 at 10:00 a.m. EDT. The meeting is free and open for the public to attend. During the meeting, the Division of Investment Management will discuss Money Market Fund Reform; Form PF Reporting Requirements for Large Liquidity Fund Advisers; Technical Amendments to Form N-CSR and Form N-1A. {expires: 2023-07-13} Continue reading "SEC to Hold Open Meeting on Money Market Fund..." »

Novaworks will host a free webinar to show filers in the utilities and energy industries a simple, fast and cost-effective way to prepare and submit Form 6-Q to the FERC in the required XBRL format. The event will be held Wednesday, July 12, 2023, from 2:00 p.m. — 3:00 p.m. ET. You can register here. Space is limited, so reserve your spot today! Continue reading "Novaworks to Host Free Webinar on Filing Form..." »

The SEC will be closed Tuesday, July 4th in observance of Independence Day. The EDGAR System will not receive, process or accept filings on this day. Filings with a due date of July 4th will be due the following business day. The FERC will also be closed in observation of Independence Day. eForms will accept filings submitted on July 4th. {expires: 2023-07-05} Continue reading "Independence Day" »

The SEC's Division of Economic and Risk Analysis (DERA) has observed that filers are using tags associated with accrual items related to operating activities as presentation child elements on certain Forms 10-K and 10-Q and has offered guidance to more correctly tag these items. Continue reading "SEC Offers Guidance Regarding Correct Usage of..." »

The Financial Accounting Standards Board (FASB) staff has published GAAP Taxonomy Improvements for a proposed Accounting Standards Update (ASU), which addresses stakeholder concerns regarding comparability and complexity related to purchased financial assets. Continue reading "FASB Staff Issues Proposed GAAP Taxonomy..." »

XBRL US’ Data Quality Committee (DQC) will host an online meeting for industry leaders to discuss plans to implement rules and guidance for public companies complying with the SEC’s XBRL requirements. The 90-minute webinar will take place on Thursday, July 6, 2023 and will begin at 12:00 p.m. ET. {expires: 2023-07-07} Continue reading "XBRL US Staff to Host Data Quality Committee..." »

On June 20, 2023, the SEC voted to reopen the comment period for its December 2021 proposal, Position Reporting of Large Security-Based Swap Positions, which provides the public an opportunity to comment on supplemental analysis and data added to the public comment file. The additional findings were compiled and released in a memorandum by the SEC’s Division of Economic and Risk Analysis (DERA). The proposed rule would require expeditious reporting to the SEC of any large security-based swap (SBS) positions that exceed certain thresholds. The original comment period for the proposed rule closed on February 4, 2022. Continue reading "SEC to Reopen Comment Period for Position..." »

On June 20th, the SEC updated the EDGAR system to Release 23.2, and the system now supports multiple new XBRL taxonomies, including the 2023 version of the International Financial Reporting Standards (IFRS) taxonomy, the Resource Extraction Payments (RXP) taxonomy, and the Open-End Fund (OEF) taxonomy. These taxonomies are now also supported in the GoFiler Suite. Continue reading "SEC Issues June 2023 XBRL Taxonomies Update" »

On June 16th, the SEC announced that it will offer an EDGAR Filing Fee Beta that will allow filers and filing agents to test the technical and structured data components of the Filing Fee Disclosure and Payment Methods Modernization final rule, which was adopted in October 2021. Continue reading "SEC Announces EDGAR BETA Testing for Filing Fee..." »

On June 15th, the FERC approved a final rule intended to enhance credit risk management throughout the organized wholesale electric power markets. The FERC’s adoption of the final rule will allow electric power market operators to share credit-related information with other electric power market operators so they can better assess the credit risks of market participants. Continue reading "FERC Adopts Credit Risk Management Rule" »