The Securities and Exchange Commission (SEC) has proposed amendments to modernize its information collection and analysis methods.
Specifically, the proposal would limit the number of filings that can be submitted to the SEC electronically on EDGAR using structured data where appropriate.
Currently, registrants are required to submit many forms, filings, or other submissions in paper form. During the pandemic, many submissions were made in electronic rather than paper form, which was generally well received. Thus, in an effort to modernize the methods by which it collects and analyzes information, these proposed amendments would require registrants to make these submissions to the SEC electronically.
“We live in a digital age. In 2023, one might think that all filings to the Commission already could be made electronically. That’s not yet true,” SEC Chair Gary Gensler said. “Today, we have the important opportunity to require electronic filing for nearly all of the remaining paper filings required under the Exchange Act. I believe the proposal, if adopted, would save both registrants and the Commission time and resources.”
Specifically, the proposed amendments would require the electronic filing of forms by national securities exchanges, national securities associations, clearing agencies, broker-dealers, security-based swap dealers, and major security-based swap participants.
The Securities Industry and Financial Markets Association (SIFMA) supports the proposed changes.
“SIFMA commends the SEC for proposing electronic submission changes, moving toward implementing a modernized filing framework suitable for the 21st century. The logical and natural next step is for the SEC to also review its rules on the delivery of investor communications and foster evolution in the quality of investor communications and engagement,” SIFMA President and CEO Kenneth Bentsen, Jr. said.
The public comment period will remain open for 30 days after publication in the Federal Register or until May 22, whichever is later.