On May 4th, the SEC adopted amendments to its current rules and forms that will require open-end management investment companies to provide annual and semiannual reports to shareholders that are both concise and visually engaging and that highlight key information for retail investors to assess and monitor their fund investments. More information is available in the SEC’s October 2022 final rule, Tailored Shareholder Reports for Mutual Funds and Exchange-Traded Funds; Fee Information in Investment Company Advertisements. Continue reading "SEC Releases Draft 2023 Open-End Fund Taxonomy" »

On May 3rd, the SEC adopted rule amendments to Form PF that requires current reporting for certain private fund advisers and revises certain reporting requirements. Form PF is the confidential reporting form for certain SEC-registered investment advisers to private funds. Continue reading "SEC Adopts Amendments to Improve Private Fund..." »

On May 3rd, the SEC adopted rule amendments that modernize and improve disclosure about repurchases of an issuer’s equity securities that are registered under the Securities Exchange Act of 1934. Prior to the rule’s adoption, and pursuant to Regulation S-K, corporate issuers were required to file domestic forms to disclose, on a quarterly basis, any purchase made by or on behalf of the issuer of shares that are registered under Section 12 of the Exchange Act aggregated on a monthly basis. The same disclosure was required annually for foreign private issuers (FPIs) and semiannually for listed closed-end funds that are exchange traded. Continue reading "SEC Approves Amendments to Modernize Share..." »

On April 28th, the SEC reopened the comment period for its February 2022 proposal, Modernization of Beneficial Ownership Reporting. The agency also announced that its Division of Economic and Risk Analysis (DERA) released a memorandum that provides supplemental data and analysis related to the proposed amendments’ economic effects. The proposal would amend certain rules that govern beneficial ownership reporting under Exchange Act Sections 13D and 13G, which would enhance disclosure requirements, reduce information imbalances, and provide more timely information to meet the needs of investors and the market.
Continue reading "SEC Reopens Comment Period for Modernization of..." »

On May 2nd, the SEC’s Market Structure staff released updated metrics on its webpage. The SEC created the Market Structure webpage on sec.gov to promote better understanding of equity markets and equity market structure through the use of data and analytics. Continue reading "SEC Provides Updated Market Structure Metrics" »

The SEC’s Division of Investment Management has announced that it will host its inaugural “Conference on Emerging Trends in Asset Management”, which will bring together academics and members of the asset management industry. The remote conference will take place on Friday, May 19, 2023, from 10:00 a.m. to 5:00 p.m. ET. The event is free and open to the public via live webcast on sec.gov. Interested parties may register for the conference until Wednesday, May 17th. {expires: 2023-05-20} Continue reading "SEC Announces First Conference on Emerging..." »

The SEC has voted to reopen the comment period and provided supplemental information related to the January 2022 proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934. The original comment period for the proposed amendments closed on April 18, 2022. Continue reading "SEC Reopens Comment Period, Provides..." »

The SEC’s Office of Municipal Securities (OMS) has announced that it will host its 2023 Municipal Securities Disclosure Conference, which will be attended by Chair Gary Gensler, OMS staff, SEC Commissioners, and market participants. The conference will take place on May 10, 2023, from 9:30 a.m. to 5:00 p.m. ET. The event is free for the public to attend but registration is required by May 5, 2023. {expires: 2023-05-10} Continue reading "SEC Announces 2023 Office of Municipal..." »

The SEC’s Small Business Office has opened registration for its 42nd Annual Government-Business Forum on Small Business Capital Formation, which is held annually in accordance with the Small Business Investment Incentive Act of 1980. The forum is an event for members of the public and private sectors, including entrepreneurs, investors, and other leaders, to gather and discuss capital raising and develop suggestions for policy impacting emerging businesses and their investors. The remote event will take place Monday, April 24 through Thursday, April 27, with each 90-minute session beginning at 1:00 p.m. ET each day. {expires: 2023-04-28} Continue reading "SEC Announces Registration for Virtual 2023..." »

The SEC’s Division of Trading and Markets will convene a meeting on April 14, 2023 to consider reopening the comment period for proposed amendments to Rule 3b-16 under the Securities Exchange Act of 1934. The original comment period for the proposed amendments closed on April 18, 2022. {expires: 2023-04-15} Continue reading "SEC Staff to Discuss Reopening Comment Period..." »

On April 3rd, the SEC’s Office of Investor Education and Advocacy (OIEA) announced that the theme for April’s National Financial Capability Month is “Investing For Everyone”. Throughout April, SEC leadership and staff will promote free tools and resources that will be available on investor.gov. The staff will also take part in investor education events nationwide that are geared toward students, underrepresented communities, older investors, and the military. Continue reading "SEC Offers Free Investor Education Resources..." »

On March 22nd, the SEC proposed rules and amendments that would require the electronic filing, submission, or posting of certain forms, filings, and other materials required under the Securities Exchange Act. These amendments are intended to enhance the SEC’s collection and analysis of this data by proposing that a number of these forms and other materials be submitted electronically to the SEC via the SEC’s EDGAR system using structured data. Continue reading "SEC Proposes to Revise the Submission of..." »

On March 20, 2023, the SEC upgraded the EDGAR system to Release 23.1. The system now supports the 2023 reporting taxonomies. The SEC does not anticipate the removal of the 2021 versions of any taxonomies to occur before June 2023. For more information and a complete list of supported standard taxonomies, visit the Standard Taxonomies webpage on sec.gov. Continue reading "SEC Issues 2023 XBRL Taxonomies Update" »

On March 20th, the SEC’s Office of Municipal Securities updated its Registration of Municipal Advisors Frequently Asked Questions webpage to add a section, entitled Completion of Form MA, Form MA-I, and Form MA-NR. The addition is designed to enhance transparency and efficacy within the municipal advisor registration process and provide increased clarity to registrants. Continue reading "SEC Office of Municipal Securities Publishes..." »

The Financial Accounting Standards Board (FASB) will host a webinar to discuss improvements made to both the 2023 GAAP Financial Reporting Taxonomy for recently published FASB Accounting Standards Updates and the 2023 SEC Reporting Taxonomy (SRT). The improvements made were based on the 2023 Taxonomy Releases, which included compiled feedback and internal analysis. The 90-minute webinar will take place on Tuesday, April 11, 2023 and will begin at 1:00 p.m. ET. {expires: 2023-04-12} Continue reading "FASB to Host Webinar on 2023 GAAP/SRT and..." »