On December 11, 2017, EDGAR Release 17.4 was released by the Securities and Exchange Commission. This release introduces a change to allow (but not require) Asset Backed Securities filers to jointly submit Form 10-D and Form ABS-EE filings in a combined, single submission (a “Combined 10-D/ABS-EE”). New form types N-LIQUID and CERT were also added to EDGAR, among other changes.

The CFA’s Investor Forum 2017, developed by XBRL US and held in sponsorship with CFA Institute and CFA Society New York, recently explored numerous issues applicable to the use of XBRL in the financial data analysis and reporting industries. During the conference, Michelle Savage, Vice President of Communication for XBRL US, and Scott Theis, CEO of Novaworks, LLC and Chairman of XBRL US’s Domain Steering Committee, discussed an earnings release case study that discussed how building an XBRL taxonomy to represent the data held within the release could be beneficial to the financial and investment communities.

At CFA’s Investor Forum 2017, a panel of industry experts discussed case studies that illustrate XBRL’s use in accounting and financial reporting and the rationale behind its adoption. This panel discussed different ways in which XBRL is employed in the financial sector.

The SEC is proposing amendments to modernize and simplify certain disclosures requirements in Regulation S-K. These changes are based on the recommendations made in the staff’s Report on Modernization and Simplification of Regulation S-K, as required by Section 72003 of the Fixing America’s Surface Transportation Act (FAST Act). While modernizing Regulation S-K requirements and improving readability and navigability of related forms, these rules are also intended to reduce costs and burdens on registrants and discourage repetition and disclosure of immaterial information.

The recent breach at the SEC illustrates how prevalent internet cyberattacks have become. They are a ubiquitous threat, inherent to the information exchange the internet provides. Often times with little warning or even indication that the event is occurring, hackers can infiltrate secure systems and access nonpublic information that could be exploited or damaging to multiple parties. Particularly when it comes to EDGAR, a great deal of sensitive, private information is regularly exchanged between companies and the SEC. Should this information be accessed before it’s appropriate, it could lead to all sorts of undesirable consequences. Even something as simple as prior knowledge of the type of form a company is in the process of filing can result in unwanted outcomes. Therefore, it’s essential that we as filers, filing agents, and other involved parties protect ourselves from unwanted intrusions.

On September 21st, the SEC approved sets of interpretive guidelines to assist companies in their efforts to comply with the pay ratio disclosure mandate. This mandate comes from Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and companies are required to begin making pay ratio disclosures in early 2018.

The Securities and Exchange Commission (SEC), the Municipal Securities Rulemaking Board (MSRB), and the Financial Industry Regulatory Authority (FINRA) opened registration for the Compliance Outreach Program for Municipal Advisors earlier this month.

On September 20th, the SEC indicated that a cybersecurity breach that occurred in 2016 may have provided the basis through which cyber threat actors achieved illicit gains. Accordingly, SEC Chairman Jay Clayton issued a statement detailing the importance of cybersecurity to the agency and market participants. The statement also reviews the SEC’s approach to cybersecurity in an effort to mitigate the risk of further incidents.

On September 12th, 2017, SunSpec Alliance and XBRL US announced the launch of a 30-day public review period on the initial draft of the Orange Button taxonomy for solar financing.

On September 11, 2017, EDGAR 17.3 was released by the Securities and Exchange Commission. This release introduces a pilot phase for the N-PORT and N-CEN EDGAR forms. Additionally, a number of forms were adjusted to allow co-registrants to designate whether they are an Emerging Growth Company.

On August 31, 2017, the SEC named Jeffrey Harris as Director of the Division of Economic and Risk Analysis (DERA). The Commission also named Dalia Blass as Director of the Division of Investment Management.

On August 24, 2017, the SEC announced a fee rate of $124.50 per million dollars for the 2018 fiscal year. This is the fee public companies and other issuers pay to register their securities with the Commission.

Starting as early as next month, accelerated filers will need to comply with new hyperlinking rules adopted by the SEC earlier this year. These form amendments now require companies who file registration statements or reports subject to the exhibit requirements under Item 601 of Regulation S-K or who file Forms F-10 or F-20 to include a hyperlink to each exhibit listed in the filing’s exhibit index. This is intended to make it simpler for investors and other interested parties to locate the exhibits included or referenced in a filing.

The SEC recently released draft technical specifications for two new forms: Form N-CEN and Form N-PORT. With the upcoming release of EDGAR 17.3 (scheduled to be released September 11), these new forms will be implemented for testing.

The SEC has issued two releases regarding revenue recognition with an additional Staff Accounting Bulletin released by the SEC staff to update interpretive guidance regarding revenue recognition.