On February 2, 2021, the SEC published “Administration of the Electronic Data Gathering, Analysis, and Retrieval System” in the Federal Register as a result of rule changes previously approved. Rule 15 under Regulation S-T establishes measures the SEC may take in governing EDGAR and promoting the integrity and reliability of EDGAR submissions. The SEC adopted the new rule to provide transparency and further substantiate the system by which it expeditiously informs filers and other relevant individuals of its activities under the rule. Pursuant to Regulation S-T, the SEC also adopted amendments that authorize the Director of the agency’s EDGAR Business Office to take actions under the new rule and under (i) Rule 13(b) concerning setting the terms of continuing hardship exemption and (ii) Rule 202 regarding the adjustment of a filing date for an electronic filing.
As a reminder, the SEC may now take the following actions regarding EDGAR submissions under Rule 15:
- inhibit acceptance or dissemination of an attempted submission that it supposes to be misleading or manipulative while assessing the circumstances surrounding the submission, and grant acceptance or dissemination if its concerns are adequately addressed
- block submissions that pose a threat to cyber safety
- rectify system or SEC staff errors
- remove or prevent dissemination of submissions made under a wrong EDGAR identifier
- prohibit the ability to submit files when there are disputes over the permission to use EDGAR access codes
- resolve similar administrative issues concerning submissions
- prevent an unauthorized submission or otherwise revoke a filer’s access
- remove, redact, or prevent dissemination of confidential, identifiable data that could result in personal or financial damage if published
We do not anticipate these changes to impact the filing process in GoFiler.
Sources:
Administration of the Electronic Data Gathering, Analysis, and Retrieval System (federalregister.gov)
