Rush of SEC Regulatory Activity Includes E-Filing Rules

Earlier this week, the U.S. Securities and Exchange Commission voted unanimously to adopt new electronic filing rules aimed at modernizing information submissions and promote more efficient storage, retrieval and analysis of filings, according to the recently released rule document.

The rule text says the amendments will modernize the SEC’s records management process and improve its ability to track and process filings.

The document also says the new amendments to the SEC e-filing rules are intended to promote efficiency, transparency and operational resiliency by modernizing how information is filed or submitted and disclosed to the public. It says publicly filed electronic submissions will be more readily accessible to the public and will be available in easily searchable formats.

“In a digital age, it is important for filers to have easy, online methods to submit information to the Commission, and where appropriate for investors to have easy, online access as well,” SEC Chair Gary Gensler said in a statement. “Electronic filing, as opposed to paper filing, makes this submission and disclosure more efficient, transparent, and operationally resilient. In light of this, these amendments benefit filers, investors, and the SEC.”

The rule changes apply to registered investment advisers, institutional investment managers and others who file or submit reports to the SEC’s Electronic Data, Gathering, Analysis and Retrieval system, or its Investment Adviser Registration Depository system. The requirements will affect three types of filings that were previously submitted on paper: confidential treatment requests for Form 13F, applications under the Investment Advisers Act of 1940 and Form ADV-NR. Form 13F and the applications will now be submitted to the EDGAR system, and Form ADV-NR will be submitted to the IARD system. The changes to Form 13F include requiring filers to provide additional identifying information—which the SEC said offers an additional security identifier—and making technical amendments to improve the quality of the data reported on the form.

The rule document says that e-filing capabilities helped address logistical and operational issues raised during the COVID-19 pandemic, and that expanding electronic submission will allow the SEC and filers to more effectively handle disruptive events in the future.

Except for the amendments to Form 13F, the new rules and form amendments will be effective 60 days after they are published in the Federal Register. The amendments to Form 13F will be effective on January 3, 2023, and the SEC is providing a six-month transition period to give filers time to prepare for the changes.

*Editor’s note: This story originally appeared in Chief Investment Officer Magazine at www.ai-cio.com.