Acting Chairman Michael S. Piwowar released a statement on February 6, 2017 regarding the reconsideration of the SEC’s pay ratio disclosure. Adopted in August 2015, compliance for the rule was delayed for companies until their first fiscal year beginning on or after January 1, 2017. As companies have started the process of implementing systems and controls to process the information needed in the disclosure, the SEC has begun to hear reports of unanticipated compliance difficulties.

On February 3rd, Congress voted to kill the controversial anti-corruption disclosure rule related to reporting requirements for publicly traded commercial oil, natural gas or mineral companies. This rule (Rule 13q-1) would have required all gas, oil, and mineral companies that are publicly traded to disclose the use of conflict minerals and any payments to foreign governments for resource rights via an XBRL exhibit on EDGAR Form SD.

On January 30, 2017, EDGAR 17.0.2 was released by the Securities and Exchange Commission. This release primarily contained updates to add two phase authentication when a filer resets a passphrase. Other changes affect Forms X-17A-5 and X-17A-5/A.

With the upcoming update to the EDGAR System, the SEC plans to introduce two phase authentication when requesting a reset for an EDGAR passphrase. Filers are advised to update their contact information on EDGAR before this change goes into effect.

On January 4th, 2017, President-elect Donald Trump nominated Jay Clayton as the next chairman of the Securities and Exchange Commission. Clayton is currently a partner at the law firm Sullivan & Cromwell, which works with investment and other Wall Street firms on mergers, acquisitions, and regulatory oversight.

There are quite a few changes that SEC filers can expect in the upcoming year. Regulations become effective and compliance dates are set that will have varying degrees of impact on financial and EDGAR reporting. Here’s a quick overview of what you can expect this year from the SEC.

Looking back at 2016, a number of developments in SEC regulations and EDGAR compliance occurred that have a significant impact on financial record-keeping, financial reporting and capital formation. We recap some of the most significant changes that happened last year before we turn our attention forward to 2017.

On December 12, 2016, EDGAR 16.4 was released by the Securities and Exchange Commission. This release primarily contained updates for Form MA and Form ABS-EE.

With the changing pace of technology, companies like Microsoft need to be vigilant about security issues. Every office has experienced it – that one user that gets a virus and the whole office becomes infected in a matter of minutes. To combat this problem Microsoft has started to force computers to update automatically. Gone are the days of Windows XP where users could continue to hit “Postpone” for weeks on end. Now we have the new Windows Update that installs and restarts your computer for you. Instead of coming into work to a virus attack, users are now unfortunately coming into work to find their documents and applications closed and their computers restarted.

On November 23, 2016, new Regulation AB II Asset-level requirements will go into effect. The SEC has encouraged registrants to test file Form ABS-EE filings prior to their first live filing and to allow time to transmit the form to the EDGAR System due to the size of the data file.

The Securities and Exchange Commission has adopted final rules to facilitate intrastate and regional securities offerings. The rules amend Securities Act Rule 147 to modernize the safe harbor under Section 3(a)(11) and establish a new intrastate offering exemption under Securities Act Rule 147A. Regulation D is also being amended to increase the aggregate offering ceiling for Rule 504 and to repeal Rule 505.

The SEC is proposing amendments to the federal proxy rules that will require the use of universal proxies in all non-exempt solicitations in connection with contested elections of the directors. These universal proxies will include the names of both registrant and dissident nominees, which would allow shareholders to vote by proxy in a manner that more closely resembles how they would vote at a shareholder meeting. The proxy process is the way most shareholders engage in the election of directors, so these proposed changes would have a large impact on corporations with securities registered pursuant to Section 12 of the Exchange Act. The Commission has long been focused on protecting and enhancing the ability of shareholders to elect directors, and these rules concerning proxies would permit better shareholder control over director elections.

The 2017 US GAAP Taxonomy is going to introduce some rather drastic changes to the way XBRL is prepared. While these changes are proposed for only a few small sections of the taxonomy for now, it looks like this is going to be the shape of things to come for XBRL.

The next N-MFP filing due for money market funds must be submitted to the EDGAR System on the new form, Form N-MFP2. This new version of the form became effective on October 14, 2016.