Require that Self-regulatory organizations (SROs), including entities that are or are seeking to apply to be national securities exchanges, national securities associations.
Electronically file Form 1; Form 1-N; Form 15A; and Form CA-1 on EDGAR.
Rescind Form 19b-4(e) and require that information regarding listing and trading of new derivative securities products be posted publicly on the relevant SRO’s website.
Amendments would also remove the manual signature requirements for Form 19b-4.
Clearing Agencies, B/Ds, Swap Dealers
Require registered clearing agencies to post any supplementary materials to websites.
Broker-dealers, Security-based swap dealers (SBSDs), Major security-based swap participants (MSBSPs) to file Forms X-17A-5 Part III, 17-H electronically on EDGAR.
Revise FOCUS Report to harmonize, make technical changes, provide clarifications.
Also, allow electronic signatures in Rule 17a-5, 17a-12, 18a-7 filings, including FOCUS.
Other Forms, Reports or Notices
Registrants would file or submit on EDGAR notices made pursuant to Rule 17a-19 and on accompanying Form X-17A-19; notices made pursuant to Rule 3a71-3(d)(1)(vi).
Notices made pursuant to Rule 15fi-3(c); reports pursuant to Rule 15fk-1(c)(2)(ii)(A).
Also, certain notices pursuant to Rule 3a71-3(d)(1)(vi) required to be withdrawn.
Data Requirements
Registrants to make certain submissions in structured, machine-readable language.
SROs would be required to electronically post information required under Rule 19b-4(e) using custom eXtensible markup language (XML)-based data language.
The commission would create and publish language on its website for SROs to use.
SROs would be required to post a rendered PDF version of the custom XML document using a PDF renderer that the commission would also create and publish for use.
Chair and Commissioner Statements
Gensler noted proposal would help SEC more quickly analyze filings for compliance.
If adopted, would save both registrants and the commission time and resources.
Peirce supported proposal but noted registrants should not simply assume that this release represents nothing more than a transition from paper to electronic filings.
Concerned about overly prescriptive commission-mandated standards for filings.
Which could become obsolete faster than the commission can update its requirements.
Uyeda supported proposal, noted list of rules and forms affected is long, and assistance of investors and stakeholders in providing comments will be important.
Lizárraga supported, noted it will facilitate efficient analysis and dissemination of data.
Consultation
Comment period will remain open until 60 days after publication of the proposing release on sec.gov or 30 days after publication in federal register, whichever is later.
In Mar. 2023, SEC published a correction to Reg S-T electronic filing, see #167501.
Apr. 2023 Fed Reg Filing
On Apr. 18, 2023, SEC published proposal in federal register; comments by May 22.
May 2023 OpCC Comments
On May 23, 2023, OpCC published comments on SEC proposal, generally supportive.
Yet, noted certain aspects of the proposal create potential ambiguity for registrants.
Letter addressed relevant provisions, and suggested clarifications to add to final rule.
Aug. 2023 OpCC Supplemental Comment
On Aug. 17, 2023, OpCC submitted supplemental comment on proposed rulemaking.
Requests SEC to modernize the filing requirements of Rule 9b-1(b), 17 CFR 240.9b-1.
That relate to filing of the options disclosure document (ODD) with the Commission.
Dec. 2024 SEC Final Rule
On Dec. 16, 2024, SEC published final rule adopting amendments to require electronic filing of certain forms, filings, and other materials required under SEA (15 USC 78a).
Also published fact sheet on the updates to submission requirements, FOCUS Reports.
Require information currently contained in Form 19b-4(e) to be publicly posted on SRO website and remove manual signature requirements for proposed rule change filings.
Also requires clearing agency post supplemental material to website, withdrawal of notices filed for exception to counting transactions towards swap dealer determination.
Amends FOCUS Report to harmonize with other rules and makes technical corrections.
Compliance dates vary depending on the applicable form or rule, ranges from 60 days after the final rule is published in the federal register to on or after Jun. 30, 2028.
The final rule becomes effective 60 days after publication in the federal register.
