On May 20th, the SEC released its Draft of the EDGAR Filer Manual, Volume II: “EDGAR Filing” (Version 62). The SEC has not approved, may approve or disapprove, and may update any of the modifications within the draft. This draft Volume II of the EDGAR Filer Manual is made available to filers in anticipation of feedback and to help filers prepare for potential revisions to the EDGAR system detailed in the draft and scheduled to be implemented in EDGAR Release 22.2 on June 21, 2022. “Non-rule”-based modifications outlined in the draft will be effective June 21, 2022. For rule-based changes, refer to the effective dates of the associated final rule on sec.gov. Continue reading "SEC Publishes Draft EDGAR Filer Manual (Volume..." »

On May 24th, the SEC announced that the EDGAR system will be upgraded to Release 22.2 on June 21, 2022. 2020 versions of certain taxonomies will be removed, but all 2021 and 2022 versions of taxonomies will be available for use. The SEC reminds filers that they must use the same version year for all of the taxonomies in an EDGAR submission. Filers may not combine taxonomy versions from different years. Continue reading "SEC Announces Removal of 2020 Taxonomies" »

XBRL US has announced that it will host the second of two virtual seminars to familiarize investment management filers with the new SEC XBRL requirements under the SEC’s final rule, Securities Offering Reform for Closed-End Investment Companies, which will be effective August 1, 2022. The event will take place on Tuesday, June 7, 2022, from 3:00 p.m. to 4:00 p.m. ET. {expires: 2022-06-08} Continue reading "XBRL US to Host Second Webinar in Series:..." »

On May 19th, the FERC issued a Notice of Proposed Rulemaking (NOPR) seeking feedback on potential modifications to the way Natural Gas Act (NGA) section 4 rate case filings are submitted by interstate natural gas pipelines. NGA section 4 rate case filings are submitted by a pipeline when it seeks the FERC's approval to change its rates. The FERC expects the rulemaking would make such filings more accessible, comprehensive, and consistent. Continue reading "FERC Proposes Rulemaking for Filing and..." »

The Financial Accounting Standards Board’s (FASB) Investor Advisory Committee (IAC) will convene a meeting on Tuesday, May 24th to address matters of interest to financial statement users including income tax disclosures, digital assets, segment reporting, disaggregation of income statement expenses, and ESG-linked financial instruments. Continue reading "FASB Announces Meeting of Investor Advisory..." »

The SEC’s Division of Investment Management will hold an open meeting via webcast on sec.gov to discuss amendments to the Investment Company Names rule and enhancements to environmental, social, and governance (ESG) disclosures for investment advisers and investment companies on Wednesday, May 25th. Continue reading "SEC Staff to Discuss Investment Company Names..." »

On May 9th, the SEC announced that it has extended the public comment period concerning the proposed rules designed to improve and regulate climate-related disclosures for investors. The SEC also announced that it will reopen the comment periods for the proposed rules that would enhance protections for private fund investors as well as proposed rules to include significant Treasury markets platforms within Regulation ATS. The proposed rules have garnered much attention from a wide range of investors, issuers, market participants, and other stakeholders. The extension and reopening of comment periods allow these parties, who represent diverse views and experiences, the benefit of additional time to review and provide valuable feedback. Continue reading "SEC to Extend Comment Period for Proposed Rules..." »

The Financial Accounting Standards Board (FASB) has announced that it will convene a meeting of its Small Business Advisory Committee (SBAC). The meeting will take place on Thursday, May 12, 2022, from 1:00 p.m. – 3:00 p.m. ET. Continue reading "FASB to Hold Small Business Advisory Committee..." »

On May 3, 2022, the SEC announced the assignment of 20 additional positions to the unit charged with protecting investors in crypto markets from cyber-related threats. The newly renamed Crypto Assets and Cyber Unit (formerly known as the Cyber Unit) in the SEC’s Division of Enforcement will now be comprised of 50 dedicated positions, nearly doubling the size of this key unit. The addition of the new positions into the unit strengthens the ranks of its supervisors, investigative staff attorneys, trial counsels, and fraud analysts in the agency’s headquarters in Washington, DC and in several regional offices. Continue reading "SEC Enhances Division of Enforcement’s Crypto..." »

XBRL US has announced that it will host two virtual seminars to familiarize investment management filers with the new SEC XBRL requirements under the SEC’s final rule, Securities Offering Reform for Closed-End Investment Companies, which will be effective August 1, 2022. {expires: 2022-06-08} Continue reading "XBRL US to Host Two-Part Webinar: Mastering New..." »

On April 20, the Financial Accounting Standards Board (FASB) issued a proposed Accounting Standards Update (ASU) that includes two issues concerning reference rate reform. The first concerns the transition from referencing the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) toward new reference rates that are more dependable and stable. LIBOR is presently the most widely used reference rate in the global financial markets. The second expands the use of Secured Overnight Financing Rate (SOFR)-based interest rates available as benchmark interest rates. Continue reading "FASB Announces Proposed Updates to Reference..." »

On April 25th, the SEC announced that it has revised its list of unregistered entities that use inaccurate data to solicit mainly non-US investors. This update adds 58 soliciting entities, 11 impersonators of real firms, and one bogus regulator. Continue reading "SEC Revises PAUSE List of Firms Using..." »

The Joint Federal-State Task Force on Electric Transmission has announced that its upcoming meeting will be held on Friday, May 6th, from 10:00 a.m. to 4:00 p.m. ET. The Task Force was established by the FERC and the National Association of Regulatory Utility Commissioners (NARUC) in June 2021 and is comprised of the FERC Commissioners and ten state regulators representing the five NARUC regions. The partnership allows state and federal regulators to work side-by-side on various transmission issues. Continue reading "FERC, NARUC Announces Next Virtual Joint Task..." »

The SEC’s Office of the Investor Advocate, in conjunction with the North American Securities Administrators Association (NASAA) and AARP will host a public listening session covering a number of investing matters pertaining to American senior and older communities, including those with diminished capacity. The discussions are geared also toward seniors’ loved ones, caregivers, financial professionals and consumer advocates. The audio event, which brings together investors and the securities regulators who protect them from investment fraud, will be held on Thursday, April 28, 2022 from 10:00 a.m. to 12:00 p.m. ET. It will be streamed live on sec.gov. Continue reading "SEC, NASAA, AARP to Co-Host Older Investor..." »

The Financial Accounting Standards Board (FASB) has issued three proposed Taxonomy Implementation Guides (Implementation Guides) based on the US GAAP Reporting Taxonomy. The guides provide additional guidance and further insight for preparers using the taxonomy when creating their XBRL documents. The guides have been assessed by various advisors, including the SEC, industry resource groups, and members of the Taxonomy Advisory Group (TAG), and are neither authoritative nor the result of actions taken by the FASB. Continue reading "FASB Releases Proposed Taxonomy Implementation..." »